WFG Annual Report 2023 F

ANNUAL REPORT 2023
INNOVATE
TODAY,
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TOMORROW
CONTENTS
WOORI OVERVIEW ESG REPORT BUSINESS REVIEW APPENDIX
004 Message from the CEO 009 ESG Management 032 Group Business Portfolio 056 Organizational Chart
005 Board of Directors 012 Social Responsibility 033 Woori Bank 057 Global Network
006 Financial Highlights 015 Governance 064 Disclaimer

042 Woori Card
007 KEY Figures
044 Woori Financial Capital
2023 AUDITED FINANCIAL
045 Woori Investment Bank STATEMENTS
STRATEGY REPORT 046 Woori Asset Trust
047 Woori Savings Bank Business Results

018 Group Vision & Strategy
Fact Book
020 Group-wide Synergies 048 Woori Financial F&I
Sustainability Report
022 Digital Innovation 049 Woori Asset Management
025 Global Business

050 Woori Venture Partners
028 Risk Management
051 Woori Private Equity Asset Management
052 Woori Credit Information
Page Web
053 Woori Fund Services
Video link
054 Woori FIS

This report has been published as an interactive PDF and online website, allowing readers to move quickly and easily to
pages in the report, and including shortcuts to related web pages and video clips.
055 Woori Finance Research Institute
WOORI OVERVIEW ESG REPORT STRATEGY REPORT BUSINESS REVIEW APPENDIX FINANCIAL STATEMENT 003
01 004
005
MESSAGE FROM THE CEO
BOARD OF DIRECTORS
WOORI OVERVIEW 006
007
FINANCIAL HIGHLIGHTS
KEY FIGURES
MESSAGE FROM THE CEO

Dear Valued Shareholders and Customers,
I would like to extend my heartfelt gratitude to our shareholders and customers who In the face of these challenges, Woori Financial Group has set its sights on becom-
continuously support and trust Woori Financial Group. ing a leading financial group in 2024, focusing on "Core Competency, Synergy, and
Communication," with all group companies working together as one team. We plan to
In 2023, our unwavering commitment to supporting our customers and communi-
achieve these goals through four crucial initiatives:
ties affected by economic adversities and the prolonged effects of COVID-19 was
demonstrated through our participation in numerous financial aid initiatives and social Firstly, we aim to strengthen our core business areas—corporate finance, wealth man-
contributions, truly reflecting our dedication. agement, and global operations—and expand our non-banking portfolio to enhance
our competitiveness in capital markets. We will also explore new opportunities in con-
Moving forward, to enhance shareholder value, we repurchased and canceled treasury
vergent businesses to secure future growth drivers and expand our customer base.
shares and initiated quarterly dividends for the first time since transitioning to a hold-
ing company. These developments in our shareholder return policy underscore our Secondly, we will enhance our risk management capabilities to effectively address
commitment to shareholders who believe in and support the advancement of Woori uncertainties and upgrade our internal control systems to eliminate blind spots and
Financial Group. prioritize consumer protection.
Amid challenging environments, we established a long-term vision and strategy to Thirdly, we aim to foster synergy within the group to meet the diverse financial needs
become a more resilient and sustainable financial group. This included reorganizing IT of our customers. Concurrently, we will enhance our digital and IT capabilities, with
operations across our bank, card, and IT subsidiaries, integrating asset management plans to launch the group’s integrated app, New WON, in the second half of this year,
within the group, and enhancing numerous internal control systems to lay the founda- offering differentiated digital services and experiences.
tions for future growth.
Finally, trust will remain the cornerstone of our operations. We will proactively fulfill
While the group's financial performance fell slightly short of shareholders' expec- our social responsibilities, aiming to grow alongside our customers. Building on our
tations, our commitment to maintaining soundness and capital adequacy remained achievement of the top 'AAA' rating in MSCI ESG evaluations last year, we will maintain
steadfast, showcasing the determination of our group employees to grow into a robust our leadership in ESG management within the financial sector, including addressing
financial group. the climate crisis.
We are deeply grateful to our shareholders and customers for their unwavering sup- Respected shareholders and customers,
port, which enabled Woori Financial Group to achieve significant outcomes amidst
2024 will be a pivotal year for Woori Financial Group as we strive to advance as a lead-
challenging circumstances.
ing financial institution. Despite challenging environments, all employees of Woori Finan-
Looking ahead, we anticipate ongoing systematic uncertainties, including geopolitical cial Group are committed to working together with unity to maximize corporate value
risks and challenges related to real estate project finance. The entry of fintech compa- through exceptional management practices and to earn the trust of our customers. We
nies into the financial sector and the increasing societal role of financial institutions will sincerely ask for your continued interest, love, and support as we navigate forward.
Jong-Yong Yim
require agile responses and proactive preparation. Chairman & CEO
Thank you.
Woori Financial Group
BOARD OF DIRECTORS
Jong-Yong Yim Chan-Hyoung Chung In-Sub Yoon
Woori Financial Group Chairman & CEO Independent Director Independent Director
•B.A. in Economics, Yonsei University •Business Administration, Korea University •B.A. in Applied Statistics, Yonsei University
•M.A. in Economics, University of Oregon •Master of Finance, Korea University •Master of Accounting, Yonsei University Business School
•Former Senior Secretary to the President for Business School •Former CEO and President, Korea ING Life Insurance Co., Ltd.
Economic Affairs •Former Senior Vice President, Management •Former CEO and President, Hana HSBC Life Insurance Co., Ltd.
•Former Deputy Minister, Prime Minister’s Office Planning Office, Korea Investment & Securities
•Former General Representative Director, Korea Ratings
•Former Chairman & CEO, •Former CEO and President,
Korea Investment Management Co., Ltd. •Former Chairman of the Board of Fubon
NongHyup Financial Group Hyundai Life Insurance
•Former Chairman, Financial Services •Former CEO, POSCO Venture Capital Co., Ltd.
Commission
Su-Young Yun Yo-Hwan Shin Sung-Bae Ji

Independent Director Independent Director Independent Director
•B.A. in Economics, Seoul National University •Business Administration, Korea University •Business Administration, Seoul National University
•Master of Economics, Seoul National University •Master of Science in Financial Engineering, Illinois •Master of Business Administration, Seoul National
•Former Head of Management Planning Office, and State University University Business School
General Senior Vice President of Sales Support •Former Head of Retail Sales Division, Shinyoung Se- •Former Samil Accounting Firm
Division and Asset Management Division, Kiwoom curities •Former CEO, IMM Co., Ltd.
Securities Co., Ltd. •Former General Management Executive, Shinyoung •Former 14th Chairman of Korea Venture Capital
•Former CEO, Kiwoom Asset Management Securities Association
•Former Senior Executive Vice President, Kiwoom •Former CEO, Shinyoung Securities •CEO, IMM Investment
Securities Co., Ltd.
Eun-Ju Lee Sunyoung Park

Independent Director Independent Director
•B.A. in Communications, Seoul National University •B.A. in Economics, Seoul National University
•M.A. in Communications, Seoul National University •M.A. in Economics, Yale University
•Ph.D. in Communications, Stanford University
•Ph.D. in Economics, Yale University
•Director of the Center for Trustworthy AI
•H ead of the Social Science Research Division on •Advisory Board, Bank of Korea
<Digital Communication and Mental Health> •Advisory Board, Financial Services Commission
•Board Member, Center for Social value Enhancement
•Member of Digital Asset Private-Public Joint TF
Studies
•President of the International Communication •Associate Professor of Economics, Dongguk University
Association(ICA) •Dean, Office of International Affairs,
•P rofessor, Dept. of Communication, Seoul National Dongguk University
University
FINANCIAL HIGHLIGHTS
2021 2022 2023 YoY
Assets (KRW in trillions) Assets
Growth (KRW in trillions)
■ Loans ■ Total Assets (Including AUM)
672.5
Total Assets including AUM 594.4 640.3 672.5 5.0%
672.5
Loans 332.8 343.8 365.8 6.4% 2023 365.8
Total Equity 28.9 31.6 33.4 5.6% (KRW in trillions)

640.3
2022 343.8
Profitability (KRW in trillions)
594.4
Net Interest Income 6,986 8,697 8,743 0.5% 2021 332.8 Loan Portfolio(Bank)
Non-Interest Income 1,358 1,149 1,095 -4.7%
Net Income
NIM(Bank)(%)
1)
2,588
1.37
3,142
1.59
2,506
1.56
-20.2%
-0.03%p
Loan Portfolio(Bank) (KRW in trillions)
311
(KRW in trillions)
NIM(Bank+Card)(%) 1.62 1.84 1.82 -0.02%p 5.2
12
Cost-to-Income Ratio(%)2) 47.5 44.4 43.5 -0.9%p 13
1) NIM
6.
ROE(%) 10.58 11.54 8.25 -3.29%p
4
ROA(%)3) 0.66 0.70 0.54 -0.16%p
Asset Quality
NPL Ratio(%) 0.30 0.31 0.37 0.06%p 45.2

1.82% (Bank+Card)
3.9
Coverage Ratio(%) 192.2 217.6 220.1 2.5%p
Capital Adequacy
Capital Adequacy Ratio
Common Equity Capital Ratio(%) 11.4 11.6 12.0 0.4%p
● Large Corp. 45.2
Tier1 Ratio(%)
BIS Ratio(%)
13.3
15.1
13.6
15.3
14.1
15.8
0.5%p
0.5%p
● SME
● Retail
125.2
136.4
15.8%
(BIS Ratio)
1) Net Income, ROE : Based on Controlling interests ● Public & Others 3.9
2) Cost-to-Income Ratio : Excluding ERP expense
3) ROA : Including non-controlling interests
(As of Dec. 2023)

KEY FIGURES
Customers Global Network ESG Ratings
25.5million 24 countries 580 network

(Woori Bank)
Received "AAA"rating Received "A"rating

Conglomerates SME/SOHOs Domestic Branches from MSCI from KCGS
11 Out of
38 Large Enterprises 1.99million 711branches Credit Ratings
Total number of large enterprises where International Ratings
Woori Bank is the major creditor bank (Woori Bank) (Woori Bank)
Woori Bank
Employees
A1
Moody's
A+ S&P
AFitch
27 Republic of Korea
thousand employees
Aa2 Moody's
AA S&P
AA- Fitch
Assets Loans Deposits
Domestic Ratings
KRW KRW KRW
672.5trillion 365.8trillion 357.8trillion
(Including AUM)
AAA
NICE Investors Service
AAA
Korea Ratings Corporation
AAA
Korea Investors Service
(As of Dec. 2023)
02 009
012
ESG MANAGEMENT
SOCIAL RESPONSIBILITY
ESG REPORT 015 GOVERNANCE

ESG MANAGEMENT
Recently, non-financial performance
performance metrics
metricssuch
suchas
asenvironmental
environmentalprotection,
protection,social
socialresponsibility,
responsibility,and
andtransparent
transparent
management
management
have
have
become
become
essential
essential
indicators
indicators
of of
corporate value.
value. These
Thesemetrics
metricsemphasize
emphasizesustainability
sustainabilitybeyond
beyond just
just financial
financial performance,
performance, andand
thethe importance
importance of ESG
of ESG management
management is growing
is growing steadily,
steadily, with global
with global
institutional investorsprioritizing
institutional investors prioritizingESG
ESG considerations
considerations in their
in their investment
investment decisions.
decisions. In addition,
In addition, ESG disclosure
ESG disclosure standardization
standardization and mandatory
and mandatory reporting
reporting are beingare being
promoted
promoted by
by major
major international
international organizations
organizations and
and countries,
countries, leading
leading to
to an
an expanding
expanding demand
demand for
for ESG
ESG information
information disclosure
disclosure linked
linked to
to financial
financial performance.
performance.
In line with
with these
thesetrends,
trends,Woori
WooriFinancial
FinancialGroup
Groupaims
aimstoto
leap forward
leap asas
forward thethe
industry’s 'Leader
industry’s in ESG'
'Leader in 2024,
in ESG' building
in 2024, uponupon
building the achievements accomplished
the achievements through
accomplished through
the establishment
establishmentof
ofan
anESG
ESGmanagement
managementsystem in 2021,
system thethe
in 2021, enhancement of ESG
enhancement management
of ESG in 2022,
management and the
in 2022, andreinforcement of global
the reinforcement of ESG activities
global in 2023.in 2023.
ESG activities
Group will
will further
furtherstrengthen
strengthenits
itsESG
ESGmanagement
managementsystem
systemthrough
throughproactive
proactive compliance
compliance with
with mandatory
mandatory ESG
ESG disclosures
disclosures andand
thethe implementation
implementation of aof a
differentiated ESG strategies.
Promoting Creating Enhancing

Eco Friendly Management Social value Transparent Management
E Environment S Social G Governance
Establishment of Human Rights Management Enhancing Shareholder Value

System •Total shareholder return of 33.8% (FY2023)
•Conducted human rights impact assessments to identify poten- •Initiation of quarterly dividends & share buyback·cancellation
Climate Risk Management
tial human rights risks and transparently disclosed risk mitigation KRW 100 billion (FY2023)
•Completion of measuring group internal and financed emissions activities and results
and establishing mid-long term reduction targets to achieve 2050
Net Zero Expanding Board Diversity
•Group carbon emission plans validated by SBTi (Aug. 2023) Active Practice of Inclusive Finance
•Female board members portion 25% (As of March 2024)
•Expanded co-prosperity finance through the
『 Woori Co-prosperity Finance Package 』 •Female candidates for BOD: 45%(14.5%p increase from 2022)
Enhance ESG Finance
•Issued KRW 3.3 trillion in ESG Bond
(including KRW 80 billion Green Bond), in 2023 Expansion of Social Contributions Enhancing Corporate Culture
through Non-Profit Public Foundation •Enhanced communication between working-level employees and
top management(‘CEO Town Hall Meeting’ and etc.) and other
initiatives
Engagement in Global Initiatives 2023 ACHIEVEMENTS Visits to ESG International Organizations

In October 2023, Woori Financial Group was invited to extensive discussions on miti-
Enhanced ESG Governance
gating the climate crisis and international cooperative initiatives for restoring the planet
The ESG Management Committee of Woori Financial Group (a committee within the by several ESG international organizations, including the UNEP FI, the UN Convention to
board of directors), which oversees the ESG management of the group, receives time- Combat Desertification (UNCCD), and the International Union for Conservation of Na-
Mar. 2006 UN Global Compact ly reports related to ESG management and thoroughly reviews and manages them. ture (IUCN).
Nov. 2019 UNEP FI(UN Environment In March 2024, two female independent directors were appointed to the Board, with
Programme Finance Initiative) one—an ESG expert—appointed as the chairperson of the ESG Management Com- Advanced Human Rights Management
Jan. 2020 UNEP FI PRB(UNEP FI Principles mittee. This has enhanced the board’s diversity and expertise while also promoting In September 2023, Woori Financial Group launched a human rights management
for Responsible Banking) sustainable growth based on ESG management. system and conducted an impact assessment to protect and bolster stakeholders’
Jan. 2021 TCFD(Taskforce on Climate- rights, with the results later published on the Group’s website. It also continues to embed
related Financial Disclosures) human rights management across all subsidiaries and promote a culture of respect for
Established Group Climate Risk Response Framework
Feb. 2021 CDP(Carbon Disclosure Project) human rights. Furthermore, the Group has set forth its gender diversity goals for 2030,
Establishment of Carbon Reduction Targets Certified by the SBTi striving to enhance gender equality and expand its diverse talent pool, underscoring its
Aug. 2021 Equator Principles(EP)
In June 2023, Woori Financial Group established its carbon reduction targets, which commitment to ethical governance and social responsibility.
Aug. 2021 PCAF(Partnership for Carbon
received approval from the Science-Based Targets initiative (SBTi) in August 2023. Ad-
Accounting Financials)
ditionally, by including TCFD information disclosures in the "2022 Woori Financial Group
Sep. 2021 SBTi(Science Based Targets Co-Prosperity Finance
Sustainability Report," we provided details about the group’s climate risk management.
initiative) Through the 「Woori Co-Prosperity Finance Package 3.3」, Woori Financial Group
Jan. 2022 TNFD(Taskforce on Nature- Internalization of Group ESRM Standards proactively provided tangible benefits such as interest rate cuts for small business
related Financial Disclosures) owners, self-employed individuals, and vulnerable groups facing economic challeng-
In September 2023, Woori Financial Group introduced environmental & social risk man-
May. 2022 Business for Land(B4L) es. Additionally, we provided financial service totaling 275.8 billion KRW to assist small
agement (ESRM) standards across sectors with a significant environmental and social
business owners and self-employed individuals
Aug. 2022 PBAF(Partnership for impact, promoting a low-carbon economy through responsible asset management and
BiodiversityAccounting increased green financing.
Financials)
Oct. 2022 NZBA(Net Zero Banking

Alliance) Enhanced Global Initiatives
Dec. 2023 Obtaind an 'AAA'rating from Woori Financial Group is leading global efforts in transitioning to a circular economy
MSCI ESG assessment and conserving biodiversity. As a financial sector leader, it actively collaborates with
international organizations to develop new global standards. Notably, it is the only Ko-
rean company participating in the UNEP FI (UN Environment Programme Finance Ini-
tiative) working group on resource circulation and the circular economy, contributing to
the development of global guidance. Additionally, through an MOU with AFoCO (Asian
Forest Cooperation Organization), Woori Financial Group became the first Korean
financial institution to undertake the REDD+ (Reducing Emissions from Deforestation
and forest Degradation Plus) project in Cambodia, aiming to promote biodiversity con-
servation through sustainable forest management.
ESG Vision & Strategy PLAN FOR 2024

Certifications and Awards
Proactive Adoption of the ESG Mandatory Disclosure
ESG Vision Woori Financial Group plans to establish a cooperative ESG disclosure framework Feb. 2023 • R
eceived the Chairman of the National Policy Committee Award at the
2023 Korea Green Climate Awards
throughout the organization to proactively comply with global regulations such as
Good Finance the International Sustainability Standards Board (ISSB), the Corporate Sustainability
Apr. 2023 • Named an Excellent Company (finance category) at the 2023 JoongAng
Reporting Directive (CSRD)/European Sustainability Reporting Standards (ESRS), and
ESG Management Awards
for the Next the US SEC’s climate disclosure requirements, thus boosting the transparency and
reliability of its ESG management practices. May 2023 • R
eceived the 2023 Sustainable Leadership Enterprise Award (overall ESG
category)
Mid-to Long-term Goals
Enhanced Responses to Climate Risks
May 2023 • Honored as a Best Company at the ESG Korea Awards
With the aim of achieving carbon neutrality by 2050, Woori Financial Group is guiding
its subsidiaries in setting internal carbon reduction targets and will continuously manage Sep. 2023 • R
eceived the ESG Management Award at the 2023 Asia Today Financial
We will achieve Carbon Net-Zero within the Group their progress. It also plans to bolster climate risk management by adhering to TCFD rec- Awards
and across our asset portfolio by 2050 and provide
ommendations and intensifying related disclosures.
KRW 100 trillion in ESG financing by 2030
Nov. 2023 • W
on the Chairman of the National Policy Committee Award at the 2023
Korea Sustainable Management Communication Awards
3 Key Strategies & 9 Major Strategic Tasks Strengthening Participation in Global Initiatives Dec. 2023 • R
eceived a Presidential Commendation (overall ESG category) at the Korean
Woori Financial Group is intensifying its collaboration efforts with global initiatives and government’s 2023 Awards for Excellence in Sustainable Management
international organizations, including the UNEP FI, UNCCD, etc, to advance corporate
E Expanding Eco-friendly
Management environmental and social responsibilities. We are committed to implementing differ-
•Promoting green finance entiated strategies for the conservation of natural resources and biodiversity. In part-
•Establishing a climate change response system nership with the government of Cambodia and AFoCO, the Group is actively pursuing
•Strengthening environmental management system
projects that aim to preserve Cambodian forests, biodiversity, and improve the quality
of life for indigenous populations, thereby generating sustainable social value.
S Creating Social Value
Strengthening Co-prosperity Finance and Socially Responsible 2023 ESG Evaluations

•Expanding social finance
•Enhancing financial consumers’ rights Financing
•Establishing a culture that respects human rights and di-
Woori Financial Group is expanding its commitment to social responsibility through
2021 2022 2023
versity
co-prosperity finance initiatives and social contributions that reach out to a broad MSCI AA AA AAA*
range of stakeholders. Accordingly, the group is committed to practicing co-prosperity
G Enhancing Transparent
Management finance, encompassing financial support, to nurture co-prosperity. In addition, through DJSI
Listed on the
Asia-Pacific Index
Listed on the
Asia-Pacific Index
Listed on the
Asia-Pacific Index
its foundations, the group plans to continue supporting socially underprivileged groups
•Strengthening ESG finance management system
•Disclosing ESG information tranparently and nurturing future generations across various sectors. KCGS A A A
•Advancing ESG governance

* The AAA rating represents the highest possible tier and is attained by only the top 5% of companies assessed
in the banking sector.
SOCIAL RESPONSIBILITY
Finance Education Social Contribution Activities
2023 One Company-One School Finance Education Expanding WOORI Senior IT Leaning Center
The One Company-One School Finance Education program is a pan-financial sector To address the digital divide among the elderly and enhance their access to digital
education program targeting teenagers. In collaboration with a financial education NGO, financial services, Woori Bank established WOORI Happy IT SIlver Academy within
the program aims to enhance and standardize the quality of financial education. In 2023, community centers for elderly citizens. Following the opening of the first center in Eun-
535 elementary, middle, and high schools nationwide partnered with Woori Bank branch- pyeong-gu in 2022, five additional centers opened in 2023 in Jung-gu, Jungnang-gu,
es to deliver 516 sessions. In total, the program educated 15,627 students from 115 Gwanak-gu, Mapo-gu, and Yangcheon-gu. The plan is to further expand these IT sil-
schools in 2023. The program includes various experiential financial education activities, ver academies to other districts of Seoul and metropolitan areas in 2024.
such as mock stock trading competitions, career mentoring camps in the financial sector,
and financial knowledge contests to maximize educational effectiveness. One Company-One School Finance Education WOORI Happy IT Silver Academy List
Branch Location
Woori Bank Museum’s Finance Class for Children
The Woori Bank Museum operates a variety of finance and history education programs Eunpyeong Branch Yeokchon Senior Welfare Center Opened in 2022
for our future generations. In 2023, a total of 1,617 children participated in 89 sessions Jung-gu Branch Yurak Welfare Center
across four different programs.
Jungnang-gu Branch Sinnae Senior Welfare Center
Woori Bank Museum 2023 Programs Yangcheon-gu Branch Sinwol Welfare Center Opened in 2023
Gwanak-gu Branch Gwanak Senior Welfare Center

Program Description
Mapo-gu Branch Seongsan Welfare Center
Online financial classes for children from underprivileged backgrounds Vroom Vroom, Around the Museum
via learning materials at community childcare centers
WOORI Economics
Homeschool
•998 children from 55 centers benefited in 2023
Real-time financial classes via virtual tours of the bank and museum in
the Metaverse
Let’s Go! Bank Expe-
dition!
•148 children participated in 11 sessions in 2023
Exhibit tours and interactive financial classes for groups of young children
visiting the museum
Vroom Vroom,
Around the Museum
•371 children participated in 17 sessions in 2023
Bank History Narra- School vacation special financial classes on bank history and interactive
tor by Banker learning sessions for elementary students during school vacations
Families •100 students participated in 6 sessions in 2023 WOORI Economics Homeschool WOORI Happy IT SIlver Academy
Employee-Driven Social
Social Contribution Activities
Contribution Activities
Hosting the 26th Woori Bank Increasing Support for Pediatric Cancer Woori WON Click Donation Box Employee Volunteer Activities
Woori Art Contest Patients Woori Bank operates the Woori WON Click Donation Woori Bank’s Woori Love Sharing Center program pro-
In 2023, Woori Bank held its 26th Art Contest under Woori Bank expanded its support for children with Box on its digital channels to raise funds in support motes co-prosperity with local communities by pairing
the slogan “Creating a Better World Together, Believe cancer through the Woori Love Fund, a donation fund of those affected by major disasters and calamities. bank branches nationwide with nearby social welfare
in Woori!” The contest aimed to convey the values of created by its employees. This initiative supports med- In 2023, Woori Bank opened this donation service to centers for regular volunteer services. In 2023, a total
sharing and coexistence to children and teenagers— ical care, education, and psychological counseling for support victims of the February earthquake in Turkey of 4,620 employees participated in 527 volunteer
our future leaders. A total of 7,608 children and teen- children from underprivileged backgrounds with pedi- and Syria as well as flood victims from Korea in August. sessions at the Woori Love Sharing Center and other
agers participated in the preliminary round, and among atric cancer. In 2023, a total of 350 pediatric patients A total of 3,713 donations amounting to approximately welfare centers, while also donating KRW 500 mil-
the 349 finalists, two winners received the Minister of received KRW 200 million in support. Additionally, KRW 120 million were collected and subsequently do- lion to help support the underprivileged in local areas
Culture, Sports and Tourism Award and the Woori Bank Woori Bank supported the establishment of Naeum nated to these causes. throughout Korea.
President’s Award. Woori, a shelter for pediatric cancer patients from
outside Seoul to stay in Seoul while receiving cancer
Woori WON Click Donation Box Woori Love Fund
treatments.
Since 2003, Woori Bank has been running the Woori
Love Fund, which allows employees to voluntarily do-
Number of Fund
Event Period
Support for Pediatric Cancer Patients Donations Amount
nate a certain amount from their monthly paychecks
Turkey-Syria Feb. 12-28, KRW to the fund. In 2023, an average of 4,614 employees
3,261
2021 2023 106,100,289
participated each month, raising a total of KRW 335
Earthquake
•Support : Treatment, learning, psychological counseling
•Amount : KRW 220 million Support for
July 20-Aug 4, KRW
million by the end of the year. This fund was used to
452
•No. of Beneficiaries : 63 children
Flood Victims in
2023 13,897,681 carry out various social contribution projects aimed at
supporting underprivileged groups, with a total of KRW
Korea
2022 380 million being utilized for these initiatives.

•Support : Treatment, learning, psychological counseling
•Amount : KRW 200 million
Hosting the 26th Woori Bank Woori Art Contest Cooperating in SSAFY program
Woori Bank participated in the Samsung S/W Acade-
2023 my for Youth (SSAFY) program by Samsung Electronics
•Support : Conventional support + Shelter program (new) to foster young software talent and enhance their em-
•Amount : KRW 500 million ployability. As part of this effort, the bank selected and
•No. of Beneficiaries : 770 children then supported experienced IT/digital development
staff as mentors. Furthermore, Woori Bank employees
2024 who are SSAFY graduates provided job mentoring to
•Support : Conventional support + Shelter program (new)
share insights and tips with SSAFY participants aspir-
•Amount : KRW 500 million
ing to enter the financial sector.
Hosting the 26th Woori Bank Woori Art Contest Woori Love Sharing Center
Eco-Friendly Social Contribution Projects EMPLOYEE SATISFACTION
Charity Walk Campaign Support for Eco-Friendly Energy Installa- Woori Bank believes that happy, fulfilled employees can serve customers to their
The Charity Walk Campaign is a pedometer-based tions and Environmental Education
highest satisfaction. Since 2008, the bank has run an Employee Satisfaction
donation initiative aimed at supporting international This project involves supporting high-efficiency
Center, developing and operating a wide variety of programs. These initiatives
climate crisis efforts to limit the global temperature in- eco-friendly energy installations in outdated social
crease to 1.5℃. All Woori Bank employees collectively welfare centers. The proceeds from selling the carbon
aim to enhance job satisfaction, foster a sense of ownership, and encourage a
aimed to donate a total of 150 million steps. In 2023, credits gained are reinvested to fund environmental positive mindset towards customers.
a total of 12,430 employees participated in the cam- education for future generations, creating a virtuous
paign, which was held twice, once in the first half and cycle of social contribution. This initiative is funded
the other in the second half of the year, successfully through the Woori Love Fund, which consists of do- Employee Satisfaction and Labor-Management Cooperation Programs
achieving the step goal. nations from employees’ payroll deductions. In 2023, Every month, Woori Bank operates a range of programs to heighten employee satisfaction based on employee pref-
eco-friendly energy installations were completed at erences, including travel, hands-on activities, hobbies, and cultural activities. Through these programs, employees
two energy-vulnerable social welfare centers. In ad- gain new experiences and enjoy valuable time with their families and colleagues. Additionally, the bank organizes
Family-Inclusive Employee Volunteer dition, environmental education was conducted for a labor-management cooperation programs such as W-MEGA3 at theme parks around the country, as well as inter-
Activity: Tree-Planting at Noeul Park total of 1,000 children in daycare centers nationwide. cultural experience events that provide opportunities for overseas cultural exposure, three-day family camping events,
In April 2023, more than 50 Woori Bank employees screen golf tournaments, and local cultural festivals, all of which help contribute to higher employee satisfaction.
and their families, in collaboration with the Noeul Park
Citizen Group, volunteered in a tree-planting event
aimed at ecological restoration of the park. This once- Free Wedding Venue for Woori Bank Employees
landfill-turned-park is being revitalized to contribute to Woori Bank offers its employees the opportunity to use the bank’s headquarters auditorium as a wedding venue
the creation of a sustainable ecosystem. free of charge throughout the year. The spacious and elegantly managed facility has received a tremendous amount
of positive feedback from employees. The free use of the venue not only reduces wedding costs but also fosters a
sense of loyalty among employees, in addition to increasing productivity.
Tree-Planting at Noeul Park Support for Eco-Friendly Energy Installations

GOVERNANCE
Woori Financial Group is dedicated to fostering sustainable growth to protect the interests of stakeholders, including shareholders and consumers. We strive to uphold a
stable, efficient, and transparent governance structure. Consequently, in 2023, Woori Financial Group received an 'AAA' rating in the MSCI ESG assessment. Additionally,
we were recognized for our achievements by being included in the Dow Jones Sustainability Indices (DJSI) Asia-Pacific Index for the third consecutive year.
Governance Structure
As of the end of March 2024, the Board consists of a total of eight members (seven independent directors, one standing director). The board, including the Audit committee, is operating a total of six committees. Par-
ticularly, in order to preemptively implement ESG management strategy and execution framework, and to strengthen the group’s ESG governance, we have set up a ESG Management Committee since March 2021.
•Tasks related to the recommendation of candidates for Executive Director, Independent Directors, and members
Officer Candidates Recommendation Board of Directors
General of the Audit Committee
Committee(All independent directors) Secretariat
Shareholders’ •Fair verification of the qualifications of executive candidates as defined by relevant laws, regulations, and internal rules
Meeting
Audit Committee •Supervision of the duties of directors and management Audit
(4 independent directors) •Appointment of external auditor and request for dismissal Department
•Establishment of fundamental policies and strategies for risk management

Risk Management Committee •Determination of an acceptable level of risk Risk Management
(3 independent directors) •Approval of appropriate investment limits and loss tolerance limits Department
•Establishment and amendment of risk management standards
Board •Assessment of the adequacy of the design and operation of the performance compensation system
of Directors •Independently establish compensation policies and carry out duties
Compensation Committee
•Determination of management candidates
(8 directors) (4 independent directors)
•Performance evaluation and compensation of executives
•Managing annual reports disclosures and performance compensation updates Management
Support Department
Subsidiary Representative Director Candidate •Tasks related to the recommendation of subsidiary Executive Director candidates
Recommendation Committee (8 directors) •Role in the establishment and modification of subsidiary management succession plans
CEO
Board ESG Management Committee •Matters related to the establishment of ESG management strategic direction and policy ESG Management
(All directors) •Matters concerning important decision-making related to ESG management Department
Diversity and Expertise of the Board

Board Composition
Woori Financial Group has constituted its board of directors, the supreme decision-making body, with experts from various fields who possess a diverse range of experiences and knowledge, ensuring that it is not biased towards a specific
background or profession.
Independence Independent Standing

Director Chan-Hyoung Chung In-Sub Yoon Su-Young Yun Yo-Hwan Shin Sung-Bae Ji Eun-Ju Lee Sunyoung Park Jong-Yong Yim
Gender Male Male Male Male Male Female Female Male
Financial ● ● ● ● ● ● ●
Economics ● ● ●
Management ● ●
Accounting ● ●
Finance ●
ESG ●
Key Expertise
Insurance Business ●
Securities Business ● ● ●
VC ●
Risk ●
Digital ● ●
Communications ●
Director Since Jan. 2019 Jan. 2022 Mar. 2023 Jan. 2022 Mar. 2023 Mar. 2024 Mar. 2024 Mar. 2023
Diversity
Independent Director Candidate Pool Female Independent Director Candidate Pool
8% (Unit: %)
22% ● Law/Accounting % ● Male ● Female
25
20% ● Financial/Economics/Business Management 20
8% ● Consumer Protection
% 41% 45%
25% ● Digital/IT
12% ● ESG
%
59% 55%
12
2022
13% ● Others
22%
114 59 YoY
+4%p
13%
2023 2024
(As of Mar. 2024)

03 018
020
022
GROUP VISION & STRATEGY
GROUP-WIDE SYNERGIES
DIGITAL INNOVATION
STRATEGY REPORT 025
028
GLOBAL BUSINESS
RISK MANAGEMENT
GROUP VISION & STRATEGY

Since its inception in 1899 as a bank, Woori Financial Group has evolved alongside Korea's economic progress to emerge as a leading financial institution. With
a global presence across 24 countries, Woori Financial Group has actively expanded into global markets and diversified its operations in sectors such as credit
cards, investment banking, and asset management.
In 2024, the group will prioritize managing its risk-weighted assets and implement strong risk management practices, while focusing on businesses related to
corporate finance and asset management. Simultaneously, we will strengthen collaboration between subsidiaries to further bolster synergy among the group.
Additionally, we remain committed to fulfilling our social responsibilities, including consumer protection to the best of our ability.
Vision
Under the vision "Innovate Today, Create Tomorrow,"
Woori Financial Group aims to provide exceptional
VISION Innovate Today, Create Tommorrow
value to customers by leading the market with ex- Innovating today to deliver greater value tomorrow.
pertise and innovation. Building on our rich heritage,
we have embraced the slogan "The First Choice in
Finance" to underscore our dedication to becoming
the most trusted and respected financial institution. SLOGAN The First Choice in Finance
Therefore, we prioritize customer loyalty, trust, ex-
Inheriting our deep legacy, we are determined to become the most reliable and
pertise, and innovation as our core values. These
trusted financial institution.
values drive our commitment to placing customers
and the community at the forefront, fostering trust
through principled conduct, and leading the market CORE VALUE
as financial experts who shape the future through
innovation. CUSTOMERS TRUST EXPERTISE INNOVATION
Woori considers of Woori builds Woori has the Woori shapes the
its customers and customer trust expertise to lead future through
the community based on principles. the market. innovation.
first.
2024 GROUP STRATEGY
The management goal for Woori Financial Group in 2024 is to become a leading financial group through 「Focus on Core Competency · Synergy · Communication」. Based on a thorough
analysis of the 2024 business environment and its mid- to long-term management plans, Woori Financial Group has formulated seven strategic management objectives as follows:
Boosting Core Business Robust Strengthening Digital/

01 Competitiveness 03 Risk Management 05 IT Competitiveness
The group aims to enhance its market position in corporate banking The group will prioritize growth focused on high-quality assets Following the completion of its IT governance restructuring in January 2024, the group
by expanding its market share in new growth sectors and high-quality while ensuring capital adequacy to meet regulatory requirements. aims to swiftly stabilize and maximize the benefits brought about by this initiative. In the lat-
assets. Following its entry into the securities industry, it will strengthen It will enhance group-wide crisis management capabilities by pro- ter half of the year, it plans to successfully launch NEW WON Banking, which will enhance
the growth drivers of Woori Investment Bank and asset management actively monitoring soundness for each risk factor and implement- the competitiveness of the group-wide integrated platform. Additionally, the Group will pro-
subsidiaries to bolster the group’s presence in capital markets. Its ing risk management policies tailored to the specific conditions actively respond to promising regulatory innovation areas such as STO and CBDC, thereby
global strategy includes establishing new hubs, such as in Poland, and of each country. Simultaneously, it is dedicated to proactive risk further bolstering its capabilities.
actively fostering growth in its top three Southeast Asian subsidiaries, management in sectors poised for growth, reinforcing the group’s
which contributes 42% of the overseas profits. climate and digital risk management frameworks, and fostering
collaboration across the group for stable risk management—a cru-
cial element for the sustainable growth of the group. 06 Advancing Corporate Culture
Securing Future Growth In 2023, the group witnessed the establishment of its corporate culture innovation task
02 Foundation 04
Expanding force, directly overseen by the chairman, along with the launch of a new bank CEO appoint-
Group Synergies ment program, CEO Town Hall Meeting, and other initiatives. Moving into 2024, the group
While the group actively pursues the acquisition of a securities will intensify its efforts to develop new management, strengthen group-level training sys-
In 2023, Woori Financial Group underwent a notable paradigm tem thereby further enhancing its innovative corporate culture. Additionally, it will promote a
firm, non-bank subsidiaries will strategically focus on mid- to long-
shift towards synergy, laying a robust groundwork in capital market customer-friendly corporate culture and upgrade internal control systems.
term growth drivers to balance the business portfolio and enhance
competitiveness and venturing into new business avenues. In 2024,
efficiency. The holding company’s governance structure will be
it will further enhance its capital market competitiveness by leverag-
reorganized to promote businesses that integrate financial and
ing group-wide synergies, expanding exploration into new business
non-financial services and explore new opportunities, all while se- 07 Enhancing Trust
areas, and revitalizing its regional subsidiary networks to maximize
curing a future customer base through agile business initiatives.
synergy creation across the group.
As the importance of creating social value through finance grows, we will respond to social
demands by actively supporting mutual finance, aiming to enhance the group's brand stat-
ure. Additionally, we will establish a K-Taxonomy system and enhance our ESG competitive-
ness through active communication with investors.
GROUP-WIDE SYNERGIES
Since the establishment of the holding company in January 2019, Woori Financial Group has continuously incorporated new subsidiaries and expanded group
synergies. By fostering collaboration between subsidiaries across various business sectors and promoting synergy, Woori Financial Group has enhanced its
capabilities as a comprehensive financial group, advancing financial services and maximizing profitability. The Synergy Council, comprising the holding company
and all 14* subsidiaries, leads group-wide collaboration and communication, effectively generating tangible and practical synergy effects.
* The number of subsidiaries declined from 15 in 2023 to 14 in 2024 following the merger of Woori Global Asset Management into Woori Asset Management in 2024.
Enhanced Group-wide Synergies Strengthening Synergy Competitiveness
14 subsidiaries
Existing subsidiaries
(As of Jan. 11, 2019)
Newly acquired and established
non-bank subsidiaries (Mar. 2024)
Continued efforts to grow
the non-banking sector
WOORI BANK
WOORI CARD
WOORI FINANCIAL CAPITAL * Woori Investment

Securities(temporary
WOORI INVESTMENT BANK
name) scheduled to
WOORI ASSET TRUST Securities launch in Aug. 2024
2019
WOORI SAVINGS BANK
WOORI FINANCIAL F&I
WOORI ASSET MANAGEMENT

Life Non-life
WOORI VENTURE PARTNERS Insurance Insurance
2020
WOORI PRIVATE EQUITY ASSET MANAGEMENT
WOORI CREDIT INFORMATION
WOORI FUND SERVICES

"Expand existing industries
WOORI FIS
simultaneously"
WOORI FINANCE RESEARCH INSTITUTE 2022 2023
2023 ACHIEVEMENTS
Enhanced Group-Wide Synergies and Exploring New Opportunities and 2024 GROUP STRATEGY
Collaborations Strengthening Synergy Competitiveness
In its fifth year since the establishment of the holding In 2023, the group initiated several regional projects to
In 2024, aiming to establish itself as a premier financial group, Woori Financial Group
company, Woori Financial Group’s 15 subsidiaries ini- unearth new business opportunities for group subsid-
iaries. This included agreements with the provinces of is concentrating on bolstering the competitiveness of its subsidiaries and enhancing
tiated a total of 35 synergy projects in 2023, yielding
significant results through cross-selling and affiliate Chungcheongbuk-do (November 2023) and Gyeo- its capacity to deliver comprehensive financial solutions. To achieve this objective,
marketing campaigns. To foster synergies, the group ngsangnam-do (December 2023), thereby expanding
detailed action plans have been formulated under four core strategies:
systematically managed key issues and projects business opportunities across the group. The group
through a variety of meetings: the Group Synergy operated ‘Dino Labs’ in these partner regions to discov-
Meeting for subsidiary CEOs, the Group Synergy er and promote local startups, while the bank worked Expanding Strengthening
Council for executives responsible for synergy tasks, to support local SMEs and the group increased venture
and the Regional Synergy Council for regional manag- investments to promote corporate value chain-driven 01 our Group-Wide
Shared System
02 Capital Market
Competitiveness
ers to gather on-site feedback. sales and marketing activities.
In addition, the group supported synergy creation To enhance synergy and competitiveness in the capital
among subsidiaries by organizing a synergy idea con- markets, initiatives were undertaken to expand the sales Promoting Synergy Discovering
test and running a synergy bulletin board. These initia- of subsidiary fund products through banking channels.
tives, along with the operation and management of the Notably, there was an increase in Woori Asset Manage- 03 Marketing Among
Subsidiaries
04 New Synergy
Businesses
Group-Wide Joint Marketing System, laid the founda- ment's fund sales via the bank, and the group strategi-
tion for seamless cross-selling and affiliate marketing cally expanded its asset management subsidiaries by
between subsidiaries. adopting a more active stance in making investments,
including in pensions.
At the same time, we have expanded the Woori Regional Synergy Council from four to nine regions and established
a Group Synergy Working Council for working-level staff from all subsidiaries. These initiatives are designed to in-
crease the opportunities for front-office feedback, streamline business discovery, and strengthen the management
of synergy projects across the Group.
Furthermore, the holding company will bolster collaboration among subsidiaries, especially during the integration of
new subsidiaries through M&A activities, such as those involving securities and insurance companies. This strategy
aims to drive growth by increasing market share in both the banking and non-banking sectors.
The merger between Woori Asset Management and Woori Global Asset Management, initiated in the second half
of 2023, was completed on January 29, 2024. This merger is expected to boost the AUM size, achieve economies
of scale, and improve operational efficiency, with Woori Financial Group continuing to support Woori Asset Manage-
ment to further strengthen its competitiveness.
Looking ahead, Woori Financial Group will actively seek acquisition opportunities in business areas we do not cur-
rently operate in, such as securities and insurance, focusing on targets that enhance corporate and shareholder
value. Additionally, we will consider further M&A opportunities to boost the competitiveness of our existing business
portfolio and elevate our market position.
DIGITAL INNOVATION
Woori Financial Group has established 'expanding customer-centric digital financial platforms' as its management objective, aiming to reinforce its growth
potential and core competencies. This strategic move aligns with the response to regulatory trends favoring innovation and addresses the increased market
uncertainties resulting from high interest rates, high inflation, and low growth.
The Group has devised strategic pathways centered on ‘Next-generation Digital Innovation’, ‘Enhancing Technological Competitiveness’, and ‘Fortifying its
Foundation for Digital Innovation’. By expanding its digital customer base and optimizing its platform, Woori Financial Group aims to strengthen its core strengths,
all the while actively adapting to evolving policies and exploring diverse avenues for growth.
MAUs of Digital Channels 2023 Management Objective
Next-generation
Digital Innovation
12
million users Enhancing Technological
(As of Dec. 2023)
Competitiveness
Fortifying its Foundation
Woori WON Woori WON

for Digital Innovation
Banking Card
Group-Wide Universal Banking Expansion of the External Ecosystem
DIGITAL INNOVATION To initiate the Group's Universal Banking Service, Woori Financial Group’s startup discovery and nurtur-
scheduled to launch in the second half of 2024, a ing program, DINNOlab (Digital Innovation Lab), is driv-
dedicated organization was established to commence ing its future digital business through a variety of col-
the project following consultations regarding '(ten- laborations with startups. Since its inception in 2016,
tative name) New WON'. This financial platform will DINNOlab has offered customized programs tailored
seamlessly integrate the Group’s key financial and to the situation and needs of businesses, from busi-
non-financial services, while providing: ① customized ness advancement to partnerships and investments.
financial services to individual customers; ② essential By 2023, it had discovered a total of 137 promising
non-financial services for daily life; and ③ key services startups and supported 42 collaborations with Group
from Group subsidiaries. To achieve this, the platform subsidiaries. In addition, an investment support system
will prioritize user-friendliness, with plans to expand tailored to the entire growth cycle of companies has
the platform ecosystem through active partnerships been established to hone investment functions. Plans
with industries such as mobility and healthcare. are also underway to continue expanding the neces-
sary support for external fintech and innovative start-
ups and to strengthen group linkages, including the
establishment of centers in South Gyeongsang and
Group IT Governance Innovation
After completing a significant overhaul of its IT gover- North Chungcheong provinces to support the creation
nance, Woori Financial Group established a Biz-IT col- of local entrepreneurial ecosystems.
2023 ACHIEVEMENTS laboration framework. To enhance IT competitiveness
and the software development process, developers
Technology Innovation and New Businesses Digital Competency-Building
who were previously part of the IT subsidiary have been
To deliver a differentiated customer experience, the Woori Financial Group introduced compulsory digital reassigned to various departments within the Bank and Certifications and Awards
Group launched Woori WON Certification, the first training courses along with the 'Woori DT Assess- Card subsidiary. By internalizing development tasks, the
cloud computing-based certification service in the ment' test to enhance the digital skills of its workforce. efficiency of platform and system development and
Korean bank sector, and opened a customer data Collaborating with academic institutions, Woori estab- operations has been increased. This adjustment will es-
platform to collect and utilize real-time customer be- lished the Woori Digital Academy to provide courses tablish an agile work method capable of responding in a
havioral data from both direct and indirect channels. related to digital business planning, big data, artificial timely manner to rapidly changing digital trends.
Furthermore, through strategic external partnerships intelligence (AI), and emerging digital technologies.
and collaborations, the Group opened a dedicated These initiatives target the identification and devel-
Woori Bank Metaverse for the purpose of carrying out opment of talent from essential subsidiaries, including 2023 Metaverse ESG Awards,
consultations with SOHO owners and as a digital train- Woori Bank, Woori Card, and Woori FIS, cultivating
Excellence Award from the Director of the
ing venue for employees. Also, the Woori WON Bank- internal specialists who will drive digital finance inno-
Information and Communication Technology
ing now features an NFT wallet capable of issuing and vations.
Planning and Evaluation Institute
storing NFTs, thereby enriching the digital customer
experience with cutting-edge technologies. - Organized by IT Chosun Daily
DIGITAL STRATEGIES FOR 2024
By 2024, Woori Financial Group aims to substantially boost its digital competitiveness by leveraging the comprehensive capabilities of its Group platform. The strategy involves
entering into large-scale partnerships with different industries and launching direct businesses to expand the new customer base and create new revenue streams, thus
spearheading future innovations and driving new growth engines. Based on this, three major strategies have been established: the expansion of new business-based financial
ecosystems, enhancement of Group digital competitiveness, and continuous strengthening of digital innovation.
Expanding the Financial Ecosystem Enhancement of Group Digital Continuous Strengthening of Digital
through New Businesses Competitiveness Innovation
The Group will propel new business initiatives through strategic alli- To enable the Group's Universal Banking services, we aim to efficiently Woori Financial Group will enhance AI capabilities, including generative
ances, direct business ventures, and the identification of promising conclude the 'New WON (temporary name)' project. This will entail AI, and foster business innovation. Furthermore, to proactively address
firms for investment or collaboration. Sector-specific strategies will seamlessly integrating the core financial and non-financial services of shifts in Digital Tech trends, policies, and regulations, we intend to con-
be formulated, along with measures to facilitate the activation of new Group subsidiaries, leveraging the Group's digital and IT capabilities sistently monitor advancements and enhance expertise for effective
business ventures within the Group and its subsidiaries, taking a pro- for successful execution. We will establish a dedicated operation team change management. At the same time, the Group will continue to cul-
active stance to lead these changes and innovations. Additionally, the for Group Universal Banking to implement a collaborative marketing tivate digital specialists who possess a broad range of digital/IT skills.
Group will broaden the domestic and international reach of its startup system, facilitating the sharing of marketing information to optimize
discovery and nurturing program, DINNOlab, while establishing spe- synergies among subsidiaries. Additionally, the introduction of a Group
cialized investment funds for DINNOlab companies to enhance their data platform for data collection, storage, utilization, and management
investment capabilities and business support. will establish the groundwork for data-driven management.
GLOBAL BUSINESS
Woori has actively expanded into the global markets since November 1968 when it became the first domestic commercial bank to establish an overseas branch
in Tokyo. As of the end of 2023, it possesses a global network spanning 24 countries with a total of 580 Networks. Currently, under the "2nd home" strategy, we
will focus on developing the three major subsidiaries in the high-growth region of Southeast Asia by pursuing balanced growth in retail and corporate banking.
Woori America Bank AO Woori Bank(Russia)
Overseas Subsidiaries
Woori Bank China Limited
Overseas Branches
Tutu Finance-WCI Myanmar
Representative Offices Woori Finance Myanmar
London Poland
Hungary WB Finance Co., Ltd.(Cambodia)
New York Seoul

Japan
580
Los Angeles
Total Networks
Bahrain Woori Global Markets Asia
(in 24 countries)
UAE India Limited (Hong Kong)
Bangladesh
Woori Wealth Development
14 Overseas
Subsidiaries Malaysia
Singapore
Bank (Philippines)
15 Overseas
Branches
PT Bank Woori Saudara
Indonesia
8 Overseas
Sub-branches
Sydney
Banco Woori Bank Woori Bank
7 Representative
Offices
do Brazil S.A. Europe Gmbh(Germany) Woori Bank Vietnam
(As of the end of 2023)

Woori Bank has actively expanded into internation- 2023 ACHIEVEMENTS retail products and services. The bank has also devel-
al markets since November 1968 when it became oped a variety of digital offerings tailored to local needs, Key FOREX Performance Results
increasing customer convenience through strategic
GLOBAL BUSINESS
the first domestic commercial bank to establish an
overseas branch in Tokyo. As of the end of 2023, it Strategic Global Expansion to Secure Sus- partnerships with leading local fintech firms and intro- Import/Export
possesses a global network spanning 24 countries tainable Growth ducing services tightly integrated with daily life, such as
(Unit: USD billion)
In 2014, Woori Bank initiated Woori Saudara Bank in electronic financial services and payment solutions.
with a total of 469 branches. Currently, under the 2021 393.5
"2nd home" strategy, we will focus on developing the Indonesia, marking the first cross-border acquisition
three major subsidiaries in the high-growth region of of a foreign-listed bank by a Korean commercial bank. Solid Compliance and Internal Controls 2022 455.4
Southeast Asia by pursuing balanced growth in retail This expansion continued with the establishment of a
Vietnamese subsidiary in 2017, the second such ven- As local financial authorities' compliance requirements
and corporate banking. This entails boosting retail increase, we are broadening joint on-site inspections
2023 420.3
ture by a Korean bank. By June 2018, Woori Bank had
competitiveness through localizing our customer base by collaborating with relevant headquarters depart-
expanded its footprint into Cambodia by acquiring WB
and organizational structure, alongside augmenting
high-quality assets for financial stability.
Finance, and in 2021, it upgraded its Cambodian oper- ments. We are bolstering internal controls and incident
prevention through routine thematic inspections.
YoY △7.7%
ations to a commercial bank, solidifying its position as
For international trade related businesses, due to chal- a regional financial leader. In November 2018, the es- Moreover, through collaboration with relevant depart-
tablishment of Woori Bank Europe GmbH in Germany ments, we identify areas for improvement and review
lenging market conditions in 2023, Woori Bank's ex- Remittance
then further broadened its operational base in Europe. support measures, enhancing our global compliance
port and import transactions decreased by 7.7% year-
capabilities. Additionally, we're committed to enhanc- (Unit: USD billion)
over-year, amounting to $420.3 billion. Additionally, Woori Bank has also enhanced its global partnerships, ing professional expertise with external training pro- 2021 193.0
remittances increased by 9.5% to $316 billion, and for- securing stable credit lines and leading financial sup- grams for compliance personnel.
eign exchange transactions surged by 67.2% to $3.3 port initiatives for both overseas Korean companies
2022 288.7
billion. and top-tier local entities. The bank fosters global
trade through a variety of financial instruments, includ- INTERNATIONAL TRADE BUSINESS
2023 316.0
ing purchased foreign exchange, banker’s usance L/C Enhanced EXIM Finance
Certifications and Awards transactions, and payment guarantees, thus stimulat-
ing international trade finance. Leveraging marketing initiatives aimed at bolstering
sales activities, Woori Bank has been actively promot- YoY + 9.5%
In emerging markets, Woori Bank aggressively local- ing its import and export finance services. Additionally,
izes its retail offerings and targets premier local busi- the bank strategically supported industries such as
nesses, whereas in developed markets, it leverages its aerospace and defense through targeted marketing Currency Exchange
inter-corporate network to bolster its competitive edge efforts and direct engagement with companies.
in sectors such as investment banking and foreign ex- (Unit: USD billion)
The Banker ’s 2023 Bank of the Year change, thereby driving optimized asset growth. 2021 0.9
for South Korea Advancements in Digital FOREX Products
and Services 2022 2.0
This marks the tenth time Woori Bank has received
this award since 2000, including three consecutive
Digital Competitiveness Enhanced in Global In 2023, Woori Bank significantly improved retail
years from 2016 to 2018. Notably, in 2020, Woori
Markets FOREX services through the Woori WON Global Bank- 2023 3.3
Bank was the first bank in Korea to sweep awards In key regions of Southeast Asia—such as Indonesia, ing platform. We implemented on-site due diligence
in three categories—global, Asia, and Korea—ele-
vating its international stature.
Vietnam, and Cambodia, Woori Bank has continuously
innovated its mobile banking solutions to align with local
for initial EXIM transactions, formalized marketing ex-
pansion, and enhanced internal controls with overseas YoY + 67.2%
consumer trends and expanded its range of remote remittance risk assessment scoring system.
GLOBAL STRATEGIES FOR 2024
Network Expansion Leadership in Digital Strengthening Global Boosting Core Competencies in the
and Strategic Focus in Initiatives and New CIB Business EXIM, Global Investment
Southeast Asia Digital Ventures
In 2024, Woori Bank is poised to implement tailored Simultaneously, the bank will enhance the digital Focused on key CIB hubs such as Hong Kong EXIM - In 2024, Woori Bank will enhance its core competitiveness by
growth strategies in high-growth nations such as platform capabilities of its top three Southeast Asian and Singapore, our strategy involves expanding promoting all-in-margin business for export-import inactive companies.
Indonesia, Vietnam, and Cambodia. In Indonesia, subsidiaries. It aims to establish the groundwork for our high-quality asset portfolio through selective The "New Growth Finance 2.0" strategy will target around 3,000 ex-
the bank aims to diversify its loan asset portfolio, attracting new customers through non-face-to- management of investment banking deals and en- port-import and newly established companies among its lending cus-
establish a derivatives desk, and enhance corporate face channels, leveraging the electronic know your hancing funding capabilities. The Bahrain branch tomers, including 406 with no previous transactions with the bank. The
finance capabilities to achieve balanced growth customer (eKYC) automated process, while also en- will extend support to businesses entering Saudi bank aims to expand its export-import business using the specialized
between retail and corporate banking. In Vietnam, riching service offerings via open API partnerships. Arabia, while the Dubai branch aims to strengthen "Export Enterprise Momentum Package," targeting 2,475 promising ex-
efforts will concentrate on improving retail credit Expansion endeavors will further entail widening the its operations in the Middle East by boosting invest- port companies selected by the Financial Services Commission.
competitiveness through innovative non-face-to- customer base through increased QR code payment banking assets in the region. In the Americas
Global Investment - Following the launch of its Global Investment
face processes and expanding the retail network, ment-related sales activities. and Europe, our network of established branches
WON Center in Gangnam in July 2023 and Gwanghwamun in March
while localizing customer interactions and organi- and corporate partnerships will facilitate corporate
With the international payments market expanding, 2024, the bank aims to lead new capital transaction channels by inte-
zational practices to strengthen retail operations. In lending and top-tier investment banking services.
Woori Bank launched an overseas ATM withdrawal grating efforts with its IB Group, New Growth Headquarters, and affili-
Cambodia, initiatives such as increasing deposits, Additionally, the upcoming launch of a new branch
service in Thailand in December 2023. Initially linked ated companies, providing specialized services for venture companies.
fortifying delinquency management, and introduc- in Poland in 2024 will cater to the financial needs of
to Korean won accounts, this service will extend to Additionally, it will capitalize on capital market opportunities through
ing premium branches aim to enhance asset quality the battery and defense sectors.
Indonesia, the Philippines, and Hong Kong in the first aggressive collaborations with asset management firms, legal, and ac-
and overall health.
half of 2024, followed by 17 additional countries, counting entities.
With its 469 networks across 24 countries, Woori including the U.S. and Japan, in the latter half of the
Overseas ATM service - With the growth of the overseas payment
Bank is now planning to expand its global network year, aiming for a global reach of 21 countries by the
market, Woori Bank launched an overseas ATM withdrawal service in
by opening new networks in Poland and India in end of 2024. December 2023. Currently available in Thailand, the service will ex-
2024. The new networks in Pune and Ahmedabad
pand to Indonesia, the Philippines, and Hong Kong in early 2024, and
will further solidify business operations in India, while
to 17 more countries, including the U.S. and Japan, in the latter half of
the Polish networks will cater to growing financial
2024, making it accessible in 21 countries worldwide.
needs stemming from tighter bilateral partnerships,
Also, Woori Bank will improve currency exchange productivity at Incheon
including K-Defense exports and collaborative re-
International Airport by aligning services with international travel routes,
construction projects in Ukraine.
expanding non-face-to-face exchange capabilities, and increasing staff
to better manage operating hours, thereby boosting its market share.
RISK MANAGEMENT
In 2023, high interest rates persisted throughout the year following a rapid increase in interest rates. This led to an increase in defaults, particularly in vulnerable
sectors struggling to withstand high interest rates. Consequently, financial authorities signaled additional capital regulations such as countercyclical capital
buffers and stress buffers to strengthen the loss-absorbing capacity of financial institutions. As such, efficient capital allocation and management based on
limited capital became even more crucial. Accordingly, Woori Financial Group proactively engaged by maintaining a robust group risk management system,
diligently overseeing both stability and capital adequacy, and actively responding to and managing evolving regulatory reforms.
2023 ACHIEVEMENTS Woori Bank

In efforts to enhance capital adequacy, Woori Bank
In response to deteriorating financial conditions, the These measures included a complete overhaul of managed its risk-weighted assets (RWAs) and
As uncertainties in the global and domestic markets
group also increased the frequency of liquidity moni- the leave-of-absence system and the establishment strengthened its risk management system. Additionally,
persisted, the group adjusted its crisis level from
toring, diversified funding sources, and strengthened of comprehensive accident prevention guidelines. the bank enhanced its credit risk calculation factors,
level 1 to level 2 to maintain stable risk management.
interest rate risk management across the non-bank- Additionally, to enhance practical internal control resulting in a reduction of RWAs by approximately
It continued to conduct the Group Crisis Response
ing subsidiaries. These measures enabled the Group activities at business sites, the bank independently KRW 2.7 trillion in 2023, and thereby achieving a 25
Committee meeting, with the Chief Risk Officers
to maintain industry-low non-performing loan (NPL) appointed 『Internal Control Specialists at the Gen- basis-point improvement in the BIS capital ratio. RWA
(CROs) of all financial subsidiaries participating,
and delinquency ratios, ensuring stable operations. eral Manager Level』 under the jurisdiction of each calculation was further optimized by adopting Basel III’s
holding 16 meetings annually to sustain comprehen-
business headquarters. A new 『Unethical Business new methodology for market risk calculations. In par-
sive control. It approved new loans prudently through In accordance with the 『Act on the Structural Im-
Practice Score System』 for general managers was ticular, the bank managed market sensitivities related to
analysis of vulnerable sectors and implemented provement of the Financial Industry』, Woori Financial
also introduced to increase vigilance at business derivatives to enhance its responsiveness to significant
proactive post-management. Particularly, to ensure Group was designated as a systemically important
sites. market volatilities, such as sudden foreign exchange
thorough management of real estate portfolios, it financial institution and subsequently submitted a
rate increases.
introduced guidelines and adopted a five-tier classi- government-mandated Recovery Plan. To comply Woori Financial Group has completed a group-wide
fication system for "sustainable businesses" across with the requirements from the Financial Supervisory emissions metrics system to manage climate risks. With respect to credit risk management, the bank
all business sites to prepare for potential defaults. Service (FSS), the group collaborated with related The total emissions for 2022 were measured at strategically managed industry portfolios, resulting
departments and subsidiaries to update the plan. 52.67 million tons from the subject exposure of KRW in a 1.3%p year-on-year increase in the proportion
Furthermore, the group prioritized the management
226 trillion out of the Group’s total assets of KRW of expansion-targeted sectors, while emphasizing
of capital adequacy and liquidity. While enhancing In line with the Financial Supervisory Service's 『In-
high-quality assets. At the same time, the bank
the group's capital adequacy through controlled novative Measures for Internal Control in the Banking 480 trillion.
conducted thorough inspections of domestic and
growth, the group improved its capital ratios by in- Sector』, the bank implemented various improve-
international commercial real estate (CRE) assets
corporating the Basel III regulatory updates concern- ments in accident prevention.
and implemented stress tests for overseas CRE to
ing market and operational risks.
continuously identify and manage high-risk assets.
Risk Management Governance

The Group’s risk management organization comprises the holding com- GROUP-WIDE RISK MANAGEMENT STRATEGIES
pany and subsidiaries sharing authorities and functions. While each sub-
sidiary independently operates risk management committees, the holding
Woori Financial Group has set its 2024 risk management strategy as 『Strengthening Risk Competitiveness and
company’s risk management committee is the highest decision-making
body for the Group-wide risk management policies. Establishing an Optimal Management System』 to effectively respond to internal and external uncertainties. To
achieve this, the group has identified four strategic directions: ① Strengthening the group's crisis response
capability, ② Responding to risk-related regulations, ③ Enhancing its portfolio management policies, and ④
Board of Directors
Managing risk for sustainable growth.
Risk Management
Committee
CEO
Strengthening the group's crisis Responding to risk-related
Risk Management Group Risk Management response capability regulations
Division Council
Firstly, to strengthen the group's crisis response capability, we will Secondly, in addressing regulatory risks, the group plans to establish
risk manage vulnerable sectors and actively restructure our prod- appropriate growth and capital funding plans that take into account
ucts. We will establish a real-time response system for each risk capital buffers. It will also systematically manage liquidity and interest
Risk Management Risk Model Validation factor identified in stress tests and induce a soft landing through the rate risks in preparation for regulatory normalization and smoothly
systematic management of high-risk assets. implement sector-specific regulatory requirements.
Department Department
Enhancing its portfolio management Managing risk for sustainable

policies growth
Thirdly, the Group will enhance its portfolio management policy to Lastly, the group will focus on risk management for sustainable
focus on high-quality assets, minimizing the impact on capital ratios growth. To prepare for risks in new business areas, we will estab-
while achieving qualitative growth in corporate finance in response lish a group-wide digital risk management system. For climate risk
to mid- to long-term asset portfolio shifts. Additionally, it is enhanc- management, we will develop financed emission metrics and set the
ing its global operations’ risk management policy, adopting a differ- direction for portfolio management policies. Additionally, we will con-
entiated approach to address the distinct needs of each country. tinuously activate and enhance collaboration and exchange systems
across the Group.
Compliance Risk Management

RISK MANAGEMENT STRATEGIES FOR 2024 : WOORI BANK Woori Bank will enhance its compliance expertise to maintain the bank's
integrity through the following four measures.
Woori Bank has set its 2024 risk management strategy centered around the following strategic directions : Firstly, the bank will enhance its system-based inspection methods. In the
headquarters, we will analyze risk factors in the IB, derivatives, and fund
① Enhance its crisis response capabilities for ongoing readiness, ② Proactive credit risk management,
settlement sectors and add them to the inspection items. For branches, we
③ Upgrade its risk management systems, ④ Strategically respond to changes in risk-related regulations and will conduct inspections reflecting risky transaction scores and composite
policies. rules. Additionally, we will systematically manage by enhancing the custom-
er risk assessment model in the anti-money laundering department and
expanding the scope of KYC sample inspections.
Enhance its crisis response Proactive credit risk management
Secondly, to bolster compliance monitoring capabilities, Woori Bank will
capabilities for ongoing readiness for each asset type enhance internal control-related education. We will conduct timely internal
control education programs tailored to specific targets, provide internal con-
trol training for branch control managers by business unit, and collaborate
with external organizations to establish a new AML expert course aimed at
Firstly, the bank aims to enhance its crisis response capabilities for Secondly, Woori Bank will implement proactive management of cultivating professional expertise.
ongoing readiness. We will establish a pre-response system for credit risks for each asset type. We will optimize operations and
Thirdly, in order to shift employee perceptions and encourage integrity
each market factor based on the stress test, manage liquidity risk management tailored to each industry based on enhanced industry
in sales practices, a new merit scheme will be introduced for branches
and interest rate risk at appropriate levels considering interest rate analysis, support qualitative growth of the corporate portfolio and
demonstrating outstanding internal control performance.
uncertainty, and refine the monitoring and management of high-risk proactively manage default risks, particularly among borrowers with
assets for both the bank and its customers. weak repayment capacity. Lastly, in accordance with regulatory guidance, we will establish a 「Respon-
sibilities Map」 and develop a system to efficiently support the implementa-
tion of internal control responsibilities.
Upgrade its risk management Strategically respond to changes in

systems risk-related regulations and policies
Thirdly, the bank plans to upgrade its risk management systems. Lastly, Woori Bank will strategically respond to changes in risk-relat-
While advancing the risk management system at its global opera- ed regulations and policies. It will manage its capital ratio, particularly
tions, it will also establish a risk management system for new digital RWAs, and stably adopt new Basel regulations, while also linking its
ventures. Reflecting the shifts that have already taken place in the climate risk management to the group’s climate change response
financial landscape, the new credit scoring models will also heighten system.
its screening capacity.
04
032 Group Business Portfolio 048 Woori F&I
033 Woori Bank 049 Woori Asset Management
042 Woori Card 050 Woori Venture Partners
BUSINESS 044
045
046
Woori Financial Capital
Woori Investment Bank
Woori Asset Trust

051
052
053
Woori Private Equity Asset Management
Woori Credit Information
Woori Fund Service
REPORT 047 Woori Savings Bank 054
055
Woori FIS
Woori Finance Research Institute

GROUP
Korea BTL Infrastructure Fund 99.88%
BUSINESS Woori Bank
Woori Card
100%
100%
Woori America Bank
Woori Bank (China) Limited
100%
100%
PT Bank Woori Saudara Indonesia 1906, Tbk 84.20%
PORTFOLIO Woori Financial Capital 100%

AO Woori Bank
Banco Woori Bank do Brazil S.A.
100%
100%
Woori Global Markets Asia Limited 100%
Woori Bank Vietnam Limited 100%
Since transitioning to a financial holding company in Woori Investment Bank 100%
Woori Wealth Development Bank Coporation 51.00%
2019, Woori Financial Group has consistently aimed to
Woori Finance Myanmar Co.Ltd. 100%
increase the proportion of non-banking sector revenue Woori Asset Trust 96.75%
Woori Bank (Cambodia) PLC 100%
in its business portfolio through subsidiary acquisitions Woori Bank Europe Gmbh 100%
Woori Savings Bank 100%
and establishments. From 2019 to 2022, the Group
Woori Finance Indonesia Tbk 84.51%
acquired asset management, real estate trust, capital, TUTU Finance-WCI Myanmar Co., Ltd 100%
Woori Financial F&I 100%
and savings bank businesses, and established an NPL
WFBS Financial Stability Private Equity Fund No.1 92.73%
investment company. In March 2023, the Group acquired
Woori Asset Management 100% Woori Venure Partners US, Inc. 100%
Woori Venture Partners (formerly Daol Investment),
KTB NHN China Private Equity Fund 33.33%
a top-tier venture capital firm, incorporating it as a Woori Venture Partners 100% KTBN GI Private Equity Fund 5.00%
subsidiary.
In the second half of 2023, the Group completed Arden Woori Apparel 1st Private Equity Fund 0.47%
Woori Private Equity Asset Management 100%
Woori-Dino No.1 PEF 19.61%
the full acquisition of Woori Investment Bank and
Green ESG Growth No.1 Private Equity Fund 6.05%1)
Woori Venture Partners, previously publicly listed Woori Credit Information 100%
Woori Financial Stability Private Equity Fund No.1 9.09%2)
companies, via a comprehensive stock-exchange 1)30.26%(including shares held by Group Companies)
2)36.36%(including shares held by Group Companies)
agreement, thereby attaining complete ownership. This Woori Fund Services 100%
strategic move enhanced the efficiency of the Group’s

First-level Subsidiary
portfolio, increased profits from controlling stakes, and
strengthened group cohesion.
Woori FIS 100%
14
Second-level Subsidiary
22
Woori Finance Research Institute 100%
(As of Mar. 2024)

WOORI
No. of Retail Banking Customers
RETAIL BANKING
PLAN FOR 2024 (Unit: 1,000 persons)
2023 ACHIEVEMENTS
2021 24,145
BANK In 2023, Woori Bank strengthened the competitiveness of

its core products and services, including deposits and loans,
resulting in a significant surge in its retail customer base. By
In 2024, Woori Bank established plans to secure sustainable
growth in its retail customer base. Following consultation
on medium to long-term strategies, Woori Bank introduced
2022 24,533
the end of December 2023, the retail customer count had two new metrics focusing on 'Future Customers' and 'Core 2023 24,949
www.wooribank.com soared to 24.9 million individuals, marking a noteworthy Customers'. These indicators are poised to play pivotal roles
Founded in 1899, Woori Bank utilizes its

increase of 4.2 million since the end of 2022. Moreover, the
number of active customers rose to 10.1 million, reflecting an
in facilitating Woori Bank's pursuit of sustainable growth.
YoY + 1.7%
The 'future customers' segment refers to prospective customers
extensive domestic and international uptick of around 6 thousand customers from the previous ranging in age from infants to college students, identified as having
network, along with its digital platform, year. Additionally, the bank successfully implemented a cus- high potential for future financial transactions. In contrast, core cus- Total Retail Banking Deposits
to drive its operations. Our strategic tomer behavior-based marketing system to refine customer tomers are distinguished by their potential for low-cost deposits
(Unit: KRW trillion)
focus includes enhancing core business management and employed advanced marketing tools for and high revenue contribution. This latter segment will be meticu-
2021 113.6
competitiveness, securing future growth, specialized sales support. Furthermore, by introducing com- lously categorized into salary workers, seniors, and deposit holders,
managing risks proactively, boosting digital petitive strategic products in deposits and loans, the bank ensuring targeted and effective management.
2022 124.7
and IT capabilities, improving management achieved considerable expansion in its customer base.
To enhance its customer base, Woori Bank has launched tailored
efficiency, and strengthening social Woori Bank made significant strides in enhancing its digital marketing initiatives and customer engagement activities target- 2023 132.2
responsibility. At Woori Bank, customer infrastructure to align with the increasing focus on digital ing the conversion of salaried workers and senior individuals into
+ 6.0%
satisfaction is our highest priority. We are channels. This was evident in the surge of monthly active primary transaction customers. Additionally, the bank has formed a
dedicated to implementing customer-centric users (MAU) for the 'WON Banking' Application, reaching
YoY
dedicated unit for future customer promotion, tasked with identify-
practices and delivering innovative financial around 8.2 million by December 2023, reflecting a rise of ing new business prospects and implementing focused marketing
services that seamlessly integrate into all around 862 thousand users compared to the previous year. tactics spanning various potential customer segments, from infants Total Retail Banking Loans
aspects of our customers' lives. Looking
Simultaneously, the bank initiated a development project for to the unemployed population.
ahead, we remain committed to adapting to (Unit: KRW trillion)
the ‘New WON Bank' application, scheduled for launch in These strategic efforts resulted in a net increase of 167 thousand
the evolving market landscape and fostering 2021 139.9
2024, and has commenced a thorough overhaul of its cus- future customers and 290 thousand core customers in the first
mutual growth.
tomer interaction platforms. quarter of 2024.
2022 135.0
Furthermore, the bank is committed to transcending traditional
Retail Customers financial boundaries by engaging in cultural content marketing 2023 137.1
initiatives such as e-sports sponsorships and invigorating part-
+ 1.6%
(thousand persons) nership businesses. These efforts aim to secure retail customers
2022 2023 YoY
YoY
not only through financial avenues but also through non-financial
Total 24,533 24,949 +1.7%
means.
Core 5,104 5,387 +5.5%
PLAN FOR 2024 management has now become an essential element of By 2023, Woori Bank was also providing institutional
CIB
business operations. Woori Bank will support the ESG ini- banking services as the primary bank for 105 out of 347
In 2024, Woori Bank’s CIB Group aims to generate tan-
tiatives of large corporations by entering into ESG agree- public institutions designated by the Ministry of Economy
CORPORATE gible results that befit its reputation as a leader in corpo-
ments and providing tailored products. and Finance. As of 2024, key clients included the Ministry
rate finance. As such, it will dramatically increase its total
of Land, Infrastructure and Transport, Korea Post Service,
2023 ACHIEVEMENTS deposits and loans and enhance revenue by providing Through these measures, the bank will fulfill its social
NPSF, Korea Land & Housing Corporation, Korea Railroad
financial products and services that meet market and responsibilities and continually create win-win growth for
In 2023, Woori Bank continued to broaden its corporate Corporation, and Korea Exchange. The bank also serves
customer needs. both the bank and customers alike.
banking operations, tapping into the established network as the treasury bank for 14 district offices in Seoul. As of
of its large corporate clients to reach their employees, To achieve this goal, it will first expand credit support for FY2023, Woori Bank was handling a total volume of de-
supply chains, and overseas branches. The bank also fo- high-quality corporations to assist in their growth and posit and loan transactions amounting to KRW 27.4 trillion,
INSTITUTIONAL BANKING
cused on initiatives such as digitizing its corporate finance serve as a cornerstone for the development of the Korean with over 5,000 institutional clients.
operations and forming cross-industry alliances to contin- economy. 2023 ACHIEVEMENTS Woori Bank operates a specialized team of system opera-
ually expand its corporate client base. Second, it will deliver products catering to customer needs tions experts within its Institutional Department, delivering
Woori Bank is actively expanding its transactions with
Guided by its 2023 business strategy, which was aimed in areas such as CIB, foreign exchange and derivatives, top-tier financial solutions for governmental and public in-
governmental agencies, local governments, and major
at restoring its market leadership in corporate and invest- electronic finance, and retirement pensions, practicing a stitutions' policies and projects. In 2023, the bank support-
public institutions. It has positioned itself as a financial
ment banking (CIB), the bank preemptively catered to customer-first approach in all its business activities. ed several key government initiatives, such as the Ministry
institution that collaborates with local residents through a
the funding needs of corporations, achieving substantial Third, it will tap into the captive network of large corpo- of Employment and Labor’s jobseeker allowances program,
diverse range of social contribution projects aimed at de-
results both quantitatively and qualitatively. As of the end rate clients through its Total Marketing strategy, providing and served as the integrated EZ Baro bank for the National
veloping the communities where it operates. Since March
of the year, its total balance of deposits and loans grew by diverse financial solutions not only to large corporate em- Research Foundation of Korea. Leveraging its advanced
2018, it has served as the primary bank for the National
KRW 19.8 trillion, or 14.6%, over the previous year to reach ployees but also cooperating SMEs. cash management systems, Woori Bank also secured
Pension Service Fund (NPSF), one of the world’s top three
KRW 155.0 trillion, with net operating profit reaching a re- MOUs with several institutions, including Sports Toto and
Finally, it will contribute to the spread of corporate ESG pension funds, managing assets totaling KRW 1,036
cord high of KRW 988.3 billion, topping its previous year’s the SME Corporate Pension Fund, once again demonstrat-
practices, as environmental, social, and governance (ESG) trillion. In 2022, Woori Bank successfully renewed its con-
record by an astounding 5.9% YoY growth. ing its effectiveness as a specialized institutional bank.
tract as the primary bank for the NPSF.
Since its inception as a national bank in 1915, Woori
Bank’s Institutional Banking Group has evolved into the
Corporate Deposits/Loans and Net Operating Profit premier local government bank in Korea. Beyond basic
Total Deposits/Loans Net Operating Profit budget management, it partners in significant regional
development projects. The bank is unique in its expertise
(Unit: KRW billion) (Unit: KRW billion) of fund management systems, which has created a high
2021 130,521 2021 641 entry barrier for the treasury banking business for insti-
tutions in Korea. In 2022, despite competitive bids for the
2022 135,221 2022 933
Seoul Metropolitan government’s treasury, Woori Bank
2023 155,042 2023 988 successfully retained the treasury services for Seoul’s 14
district offices, reaffirming its unparalleled market position
+ 14.6% + 5.9%
as a bank that operates a world-class treasury manage-
YoY YoY ment computer system.
PLAN FOR 2024 of IB business opportunities across our global network, includes increasing high-quality loan assets, enhancing
INVESTMENT BANKING
resulting in IB operational revenue exceeding KRW 340 financial arrangement performance, and amplifying CIB
Although 2023 saw increased profitability for Woori Bank
2023 ACHIEVEMENTS billion in 2023. collaboration efforts across group subsidiaries.
due to rising interest rates and a growth in interest-earn-
ing assets, 2024 is projected to see a slight dip in profit- Furthermore, Woori Bank augmented its portfolio with su- Amid global capital market volatility, the IB division is com-
Fortifying IB Market Dominance and
ability as a result of sluggish economic recovery and fall- perior investments through strategic collaborations with mitted to maintaining meticulous risk management and
Investments in Innovative Ventures
ing interest rates. In response, Woori Bank is prepared to top-tier global asset management firms. The bank active- robust internal control systems, laying the groundwork for
(CIB Business Division)
maintain a balance between optimal liquidity provisioning ly engaged in aircraft financing, overseas infrastructure, sustainable growth. This involves strengthening collab-
In 2023, Woori Bank’s Investment Banking (IB) division power & energy projects, and the expansion of structured oration across Group companies, including investment
and stringent risk management for institutions and local
boosted its non-interest income by enhancing businesses finance offerings. Issuing floating rate notes (FRNs) via banking, capital, asset management, and venture capital
governments. As the bank with the greatest number of in-
related to M&A acquisitions, power and energy/infrastruc- Woori Global Markets Asia Limited reinforced both short- operations. Additionally, the IB Group is establishing a
stitutional clients in Korea, Woori Bank is set to strengthen
ture projects, and real estate developments. Selective term profitability and the pursuit of forward-looking in- comprehensive G&CIB (global and corporate investment
its digital and non-face-to-face financial services, broad-
principal investments in high-quality assets also contrib- vestments in prospective growth avenues. banking) collaboration framework with the bank’s corpo-
ening its service offerings to enable more convenient
uted to this growth. Additionally, the IB Group expanded rate & institutional banking division (corporate, SME, and
transactions for employees of public institutions, which Woori Bank has also been at the forefront of fostering
its global presence by establishing global IB centers in global) to further enhance its CIB capabilities and foster
falls in step with ongoing digital transformations through- innovation-driven financial ecosystems and propelling
strategic regions. Despite challenging market conditions, synergies across the group.
out the financial sector. Additionally, the bank is poised to the growth of pioneering enterprises. Since their indus-
our competitive edge in acquisition financing and equi-
enhance profitability through strategic actions that include try-pioneering inception at the end of 2018, the Scale-
ty investments drove significant operating income and
leveraging its customer base for sales, capturing new Up Investment Team and Innovation Growth Investment
non-interest earnings. Total Assets of
business opportunities in government-led projects, pre- Team have spearheaded investments in innovative
Investment Banking Operations in 2023
empting the digital institutional market, expanding institu- With the strategic establishment and operation of global growth companies, supporting the government’s initiative
tional sales capabilities, and bolstering internal controls. IB desks in financial hubs—the Americas, Europe, and to create a financial ecosystem conducive to innovation (Unit: KRW trillion)
Asia—the bank also saw remarkable growth in global IB growth. In fact, Woori Bank had executed a total of 103 di-
assets and profits. This enabled consistent leveraging rect investments in innovation growth companies through 15.0(56.6%) ● Balance Sheet Assets
12 rounds of public offerings by 2023. 11.5(43.4%) ● Off-Balance Sheet Assets
Major Partners
PLAN FOR 2024

Major Local Major Ministry/Public
Government Partners Institution Partners
Maximizing Group-Wide Synergies to
Strengthen the IB Division
14
Ministry of Land, Infrastructure and Transport, Korea Disease Control & Prevention Agency, Ko-
rea Post, National Pension Service, National Health Insurance Service, Korea Housing Finance
In 2024, the IB division is poised for substantial growth.
Serving as a pivotal business sector for achieving synergy
26.5
District Offices in Seoul
Corporation, Korea Land & Housing Corporation, Seoul Housing and Communities Corporation,
Total Assets
within the group, it will maintain a steadfast focus on es-
Korea Electric Power Corporation, KOTRA, Korea Railroad Corporation, Korea Exchange, Korea
tablishing a lasting foundation for long-term profitability,
Securities Depository, Korea Public Finance Information Service, Korea Workers’ Compensation
& Welfare Service, Korea Transportation Safety Authority with strategic objectives centered on efficient capital
management and robust revenue base construction. This
PLAN FOR 2024 LCR (Liquidity Coverage Ratio)

FINANCIAL MARKETS Enhancing Foreign Exchange and
Derivatives Business Competitiveness
Proactive Liquidity Management and LCR
2023 ACHIEVEMENTS Woori Bank effectively adapted to evolving global market
LCR(Foreign Currency)
Stability Enhancement
dynamics and expertly managed risks at an optimal level
Stable Liquidity Management To address global financial market volatility, Woori Bank
while reinforcing its derivatives trading operations.
In anticipation of the scheduled phase out of financial de- will maintain stable management of liquidity indicators, 162.8%
regulations, the Financial Markets Group proactively man- F/X Dealing Division including LDR, LCR, and NSFR. The bank will also proac- 147.0%
aged its funding and liquidity in 2023, aligning its liquidity Woori Bank proactively responded in an agile way through tively manage liquidity to minimize funding volatility in the 125.8%
121.1%
ratios with domestic regulatory standards. The ratios an in-depth analysis of domestic and international F/X wake of the gradual phase-out of financial deregulation.
include the loan-to-deposit ratio (LDR), integrated liquid- market developments as it navigated all the fluctuations By steadily increasing retail deposits, issuing marketable
101.3% 101.3%
ity coverage ratio (LCR), foreign currency LCR, net stable in global financial markets. Notably, the bank served as CDs, and securing committed lines, the bank aims to en- 101.0%
100.8%
funding ratio (NSFR), and foreign currency mid- to long- a market maker that leveraged its high market shares in sure stable operation of bank-wide liquidity and enhance
term funding ratio. Also, in response to the F/X market the Seoul foreign exchange market in 2023, with USD/ profitability through strengthened management of funding
modernization policy, an electronic F/X trading platform, KRW and CNY/KRW market shares standing at 6.9% and investment portfolios. Furthermore, the bank will allo-
Woori WON FX, was launched, thus enhancing transac- and 14.3%, respectively. Woori Bank also launched an cate bank-wide resources to prepare for the restructuring
tion stability with a real-time market rate auto-hedging electronic F/X trading platform in line with the government of the F/X market (opening the domestic F/X market to
system. policy to advance Korea’s F/X market structure. foreign investors and extending F/X market operating 1Q23 2Q23 3Q23 4Q23
hours) to ensure a stable market position and enhance its
In addition, our active IR efforts have successfully attract- Derivatives Division
competitiveness.
ed premier investors, raising KRW 400 billion (5.14%) in
Woori Bank has established a secure foundation for its
subordinated bonds in May and KRW 300 billion (5.38%)
derivatives trading operations by proactively responding
in hybrid bonds in October, thereby heightening bank-
to various market variables, including exchange rates, in-
wide operational stability.
terest rate fluctuations, and liquidity trends. Also, the bank
Capitalizing on the growing demand for environmentally supports SME customers who may lack expertise in F/X
conscious and socially responsible investments at home risk management with tailored solutions through consult-
and abroad, Woori Bank issued sustainable bonds totaling services for SMEs on managing foreign exchange and
ing KRW 400 billion in won-denominated subordinated interest rate risks.
bonds and USD 600 million (equivalent to KRW 770
billion) in senior bonds. This issuance contributed to rais- Securities Division
ing the bank’s brand reputation and to saving on funding Woori Bank enhanced the yield on bond investments
costs. through proactive portfolio management and efficient
market responses while generating non-interest earnings
by increasing investments in securities. Additionally, con-
tinuous ESG bond investments and participation in policy
funds contributed to enhancing the bank’s social brand
image.
Furthermore, Woori Bank conducts regular internal control

ASSET MANAGEMENT
training for WM professionals to establish responsible and
ethical sales protocols. It has also expanded the selection
WEALTH MANAGEMENT
of next-generation PBs and implemented systematic
2023 ACHIEVEMENTS training programs based on job levels, thereby strength-
ening its foundation for cultivating specialized talent.
Strengthening the Wealth Management
Business Foundation
PLAN FOR 2024
In 2023, Woori Bank launched a specialized wealth
management channel, ‘Two Chairs W’, and strategically Enhancing Competitiveness through the
deployed experienced PB branch managers to deliver Unified Wealth Management Group
top-tier wealth management (WM) services tailored to
In December 2023, the Investment Product Strategy
customer needs. By the end of December 2023, the
Group was integrated into the Wealth Management (WM)
number of PB clients (customers with a monthly average
Group to unify bank-wide WM operations and enhance
balance of at least KRW 100 million in deposits) reached
market dominance. This integration is expected to create
286,422. PLAN FOR 2024
synergies by combining the core functions of WM strat- TRUST & PENSION
Woori Bank established a foundation for customer-centric egy development with the product and portfolio strategy In 2024, the Trust Department is determined to lead the
2023 ACHIEVEMENTS
portfolio management that can offer different types of capabilities of the Investment Product Strategy Group. market by continuously adapting to the evolving finan-
asset portfolios according to each customer’s investment This strategic move will position us as a leading WM-spe- Under the strategic goal of reinforcing its core compe- cial landscape and meeting clients’ asset management
profile. Additionally, the bank developed an in-house cialized bank. tencies in the trust business, Woori Bank’s Trust De- needs. In step with the rising sale of money market trust
investment product evaluation model (WISE) that can To proactively respond to evolving customer needs, the partment heightened its product competitiveness in products, which bolster the bank’s non-interest income,
quantify the past performance and expected returns of bank will enhance services for ultra-high-net-worth in- 2023. Amid growing market volatility, the department Woori Bank plans to enrich its customer-centric portfolio
investment products, ensuring stable product sourcing dividuals while also strengthening services for existing focused on marketing stability-oriented products, such management strategies. This will involve introducing new
and management. affluent clients. This dual approach aims to boost our as exchange-linked trusts (ELTs) and exchange-traded products and diversifying product lineups to stay aligned
competitive edge and secure sustainable growth by funds (ETFs). It also expanded its lineup of fixed-income with current market conditions, ensuring its role as a lead-
In the trust division, the bank introduced products that are
expanding the PB client base, with a focus on delivering products to cater to the varied needs of customers. This er in prudent asset management.
focused on stability through early redemption and low bar-
riers, and supported by enhanced marketing efforts from superior wealth management services. customer-centric investment approach has effectively In addition, Woori Bank acknowledges that trust ser-
headquarters. With its mutual fund operations, the bank boosted customer yields and profits. vices are not merely about asset accumulation but are
Woori Bank will actively adapt to market changes and
strengthened its lineup of fixed income products to cater establish portfolio-centric business strategies to enhance As the trust business in Korea evolves from traditional integral to wealth management and intergenerational
to the growing preference for risk-free investments amid profitability through sustainable growth. By prioritizing financial product sales to a burgeoning trust management wealth transfer. To better serve these needs, the bank
global volatility. The bancassurance operations enhanced customer-centric wealth management over sales-driven sector, Woori Bank has ramped up its marketing campaign will enhance its comprehensive property trust contracts
its fixed-rate pension insurance offerings with competitive approaches, the bank will expand portfolio management for its proprietary brand, ‘Woori Show Your Love Trust and services. By fostering long-term partnerships with its
interest rates, while the asset custody sector achieved new and reinforce comprehensive sales processes to protect Services’. This campaign has significantly strengthened clients, Woori Bank aims to deliver stable and integrated
custody of KRW 13.8 trillion in 2023, driven by a strategy investors, thus establishing ourselves as a trusted wealth financial services, leveraging trusts as a key component of
brand recognition and set the stage for providing compre-
centered on low-risk, high-yield quality assets. management specialist bank. its offerings.
hensive total care service for client assets.
SME BANKING Expansion of Support for New Growth

Sectors
2023 ACHIEVEMENTS In order to strengthen its role in the financial market, Woori
Bank expanded its financial support to new growth sectors
As of the end of 2023, Woori Bank managed loans total-
in 2023 in pursuit of future growth drivers by identifying
ing KRW 125.2 trillion and deposits of KRW 77.6 trillion for
high-potential industries. As part of this effort, it established
nearly 1.99 million SME customers. Total assets grew by
the New Growth 1 and 2 Corporate Banking Divisions as
KRW 7.1 trillion, with a prime asset ratio of 84.4% through
organizations dedicated to identifying new growth sec-
a proactive reduction of KRW 1.4 trillion in potential
tors and generating new opportunities for investment and
non-performing assets and the expansion of prime SME
finance to high-growth potential companies. The new di-
loans. Additionally, the bank disbursed KRW 30 trillion
visions pursued direct marketing by leveraging the Group’s
in new funds, 91% of which was directed towards prime
network for private equity and venture capital firms.
SME borrowers. Its contribution to guarantee institutions
increased by KRW 34.3 billion year on year to KRW 100 The launch of the Woori Growth Engine Loan increased
billion, with guaranteed loan assets rising by KRW 850 finance to high-tech firms with low credit records. The
billion. Furthermore, Woori Bank committed KRW 2.6 tril- bank was also the first Korean commercial bank to adopt
lion to support eco-friendly green finance and safety net an innovation growth intelligence system (IGS) that makes
finance initiatives. use of data from emerging businesses benefiting from
policy finance, thereby enhancing branch-level targeted
marketing efforts. Through these initiatives, the bank sup- Total SME Loans
Support for Establishing ESG Efforts
plied KRW 7.9 trillion in new funding.
at SMEs
(Unit: KRW trillion)
Establishment of SME-tailored Channels In 2023, Woori Bank commenced business consulting 2021 110.5
services for SMEs to aid them in establishing a sus-
In the latter half of 2023, Woori Bank launched special-
tainable business environment and ESG management
ized SME channels within the Specialized Complexes for 2022 118.1
systems. Specifically, the Woori ESG self-check service
Advanced Strategic Industries, with the aim of fostering
Prime Asset Ratio (SMEs) assisted SMEs to quickly diagnose their E (environment),
future growth drivers and heightening SME marketing 2023 125.2
S (social), and G (governance) grades and preparedness
(As of the end of 2023) capabilities. Also, new Business Prime Centers opened
level online. Through partnerships with specialized con-
in the Banwol and Sihwa, Changwon and Noksan, and
84.4 % Namdong and Songdo regions, focusing on specialized sulting agencies, the bank also supported SMEs with their
introduction to ESG management and strategy-building
YoY + 6.0%
marketing strategies for new corporate customers located
in nearby industrial complexes. To hone their competi- via the Woori ESG consulting service. By revamping the
tive edge, these centers were granted enhanced credit Woori ESG Practice Partner Company Win-Win Loan and
No. of SOHO & SME Customers approval authority that was supported by dedicated launching a new product called the Woori ESG Practice
loan review teams. They also offered expanded benefits, Partner Company Mutual Growth Loan, the bank actively
including preferential interest rates and fee reductions. supported the government’s ESG and mutual growth pol-
icies, while also fostering ESG management and mutual
1.99 million
During the second half of 2023, these centers collectively
disbursed KRW 320.5 billion in new loans. growth among large corporations and SMEs.
PLAN FOR 2024 Leading the Supply Chain Market service was launched. Leveraging the Group’s accumulated
DIGITAL BANKING
In 2023, Woori Bank successfully attracted 11,649 new expertise, a high-quality financial language model trained on
Rebuilding Our Reputation as a
member companies to its supply chain finance platform financial data was developed in-house, enhancing the bank’s
Corporate Banking Powerhouse DIGITAL BANKING
OneBizPlaza, which offers procurement management competitiveness in financial AI. Furthermore, collaboration
In 2024, Woori Bank is dedicated to rebuilding its reputa- with external platforms for the testing of new technologies,
solutions for SMEs. The bank also initiated its WBP The 2023 ACHIEVEMENTS
tion as a corporate banking leader. To that end, the bank such as NFTs and proactive responses to industry and policy
Next project in 2023 to strengthen its electronic purchas-
is strategically increasing its SME financing by focusing Woori WON Banking Achieves 8.18 Million changes, are ongoing.
ing and financial services, focusing on user-centered
on new growth sector financing and setting SME-special- MAUs
system improvements. Today, it continues to expand its
ized centers within industrial complexes. Continuing the By the end of 2023, Woori WON Banking had reached
membership base by providing preferential interest rates Expand the Platform Ecosystem through
marketing initiatives that it began in 2023, Woori Bank will 8.18 million monthly active users (MAUs). This achieve-
through exclusive deposit products and establishing part- Strategic Partnerships
extend its financial support particularly to robust SMEs
nerships with a wide range of associations and organiza- ment represents an increase of 2.53 million, or 45%, from Woori Bank is actively pursuing strategic alliances with
across six core industries. The bank will provide compet-
tions. 5.65 million MAUs in April 2022, less than two years ear- different industry sectors to strengthen its financial and
itive interest rates and adjust loan limits flexibly according
lier. Efforts continue to make Woori Bank’s digital financial non-financial portfolio and broaden customer interaction
to industry type, directing its financial resources primarily Government Policies and Inclusive Finance services more accessible and convenient for an increas- points. In September 2023, through a partnership with a
towards these six strategic sectors. In addition, Woori
In complete alignment with government’s inclusive fi- ing number of customers. healthcare company we diversified our non-financial ser-
Bank will expand its presence by opening more Business
nance policies, Woori Bank is dedicated to fulfilling its vices by launching a healthcare service that can be easily
Prime Centers—its specialized SME channel—in industrial
social responsibilities by supporting financially under- A Leader in Digital Innovation Technologies accessible within the WON Banking APP. In the financial
complexes across regions that include Jeolla Province,
served individuals. In February 2024, the bank completed In November 2023, Woori Bank became the first Korean bank sector, the bank has expanded sales channels for public
Daegu City and North Gyeongsang Province, Ulsan City,
a cashback program in which it returned KRW 170.6 to establish a customer data platform (CDP). This enabled the finance products through platform company links and
as well as in the Seoul Metropolitan areas of Pangyo and
billion in interest to 210,000 self-employed individual cus- collection and analysis of customer behavior data across all established a new loan transfer service, enhancing con-
the Seoul Digital Industrial Complex. These centers will
tomers who had been paying an interest rate exceeding channels, enabling the bank to provide more timely and cus- sumer convenience and increasing the accessibility of the
launch the exclusive Woori CUBE Loan-X (Biz Prime),
4% during the rate hike period. Moving forward, the bank tomized services.Additionally, in September of the same year,
bolstering competitive support through advantageous bank’s products and services.
plans to continue this support with additional quarter- a generative AI-based employee knowledge consultation
interest and fee rates.
ly cashbacks throughout the year. Furthermore, Woori
Bank’s SME Financial Cost Reduction Program is actively
Enhancing Marketing on ME Customers
supporting interest rate reductions for SMEs that are
Woori Bank is strategically intensifying its marketing efforts
experiencing distress yet maintaining normal operations,
aimed at ME customers to reinforce its position as a leading
reinforcing our commitment to mutual growth finance.
corporate banking powerhouse. The bank has established
dedicated sales channels specifically for MEs in new
growth sectors and is reorganizing its support divisions
to optimize sales assistance. Additionally, Woori Bank will
introduce new loan products and time deposits specifically
tailored to the needs of MEs in these sectors. This initiative
is designed to enhance the bank’s focus on MEs, offering
customized financial solutions and consulting services to
more effectively support prospective MEs.
PLAN FOR 2024 and deposit products, with plans to expand its operational PLAN FOR 2024 Woori WON Banking Monthly Active Users (MAUs)
coverage over time. Additionally, in response to regulatory
Bolstering Customer-Centric Platform Com- IT Operational System Enhanced (Unit: persons)
innovations such as security token offerings (STOs) and a
2021 5,644,612
To meet diverse business needs and enable rapid devel-
petitiveness
central bank digital currency (CBDC), proactive business
To strengthen non-financial services, the bank is ex- models are being explored and active participation in the opment, an agile operational system will be introduced.
2022 7,315,445
panding strategic alliances with companies from diverse government-led MyData 2.0 initiative is being planned, In addition, an integrated construction project for an IT
industries, such as mobility, real estate, cloud-based en- which in turn will secure more future growth drivers for the development management system will be pursued as the
2023 8,177,124
terprise business, education, and distribution. Plans are Group in the process. scope of in-house development tasks is gradually ex-
also in place to continuously discover new business op- panded to maximize the effects of IT governance restruc-
portunities in order to provide new customer experiences,
including expanding integrated electronic wallet services
turing. An enhancement in IT capabilities and increased
YoY + 11.8%
IT SUPPORT operational efficiency are anticipated to come about from
and participating in government projects that are digi- these efforts.
tizing public services. At the same time, efforts are being 2023 ACHIEVEMENTS
focused on digital capabilities such as data, AI, and UI/UX New Technology Framework and Group-
Strengthening Technological Competitive-
for the successful launch of New WON Banking and the Wide Cloud System
ness and Synergies
implementation of universal banking. We will deploy dedicated staff for standard frameworks
2023 was a historic milestone for Woori as it became the
and cloud management to the construction of the New
first in the banking sector in Korea to establish its own
WON Banking project. The development of a smooth
Securing Future Competitiveness through
framework and a Group-wide joint cloud system. Through
software development work environment will be facilitated
Technology Innovation and New Business
the standard framework, it achieved the internalization of
through an open-source sharing portal, promoting col-
Initiatives
technology and standardization of the development en-
Since the establishment of the Group’s Customer Data laboration and knowledge sharing among developers. A
vironment. Simultaneously, the creation of the Group joint
Platform (CDP) in September last year, change manage- flexible IT infrastructure will subsequently be established
cloud platform heightened the utilization of IT information
ment initiatives have been promoted to enable its active with the construction of a platform as a service (PaaS)
resources.
use across the bank, with the aim of providing customers and public-based hybrid cloud.
with more optimized services. The platform will also con- Advancement in Quality Control and
tinue to be used to proactively identify and address cus- Strengthened Internal Controls
Advanced IT Quality Management System
tomer pain points during financial product enrollment and To secure a global standard quality management system,
To create a monitoring environment with no blind spots,
transaction processes, thereby increasing customer sat- Woori Financial Group will obtain certification for the inter-
the adoption of a global IT test model was actively pur-
isfaction. Moreover, Woori Bank’s AI banker—a first in Ko- national standard regarding IT service management, the
sued, thus securing an advanced quality management
rea’s financial sector to use generative AI technology—en- ISO 20000. This certification will internationally validate
system. The IT internal control management system and
ables natural consultations based on an understanding of the Group’s provision of secure IT financial services, en-
business management were also reinforced to identify IT
financial operations and conversational contexts. Starting hancing the operational level of IT and improving external
risks in advance and establish a stable operating environ-
in April 2024, the AI banker will be linked with the WON trust.
ment.
Banking chatbot to initially offer suggestions for savings
PLAN FOR 2024

IT SECURITY REAL ESTATE
The rise in global cyber threats has highlighted the need
2023 ACHIEVEMENTS 2023 ACHIEVEMENTS
for enhanced internal controls over information security at
Cyberattacks are evolving with alarming levels of sophis- Woori Bank’s overseas branches. As such, the bank is set In 2023, Woori Bank's Real Estate Finance Business Group
tication. The latest, notable developments have shifted to establish an integrated security management system marked a number of significant achievements, securing
from executable files like EXE, to sophisticated attacks us- for its international entities to strengthen its response to second place in the mortgage loan market share while
ing non-executable document files essential for business cyber threats from around the world. This involves cen- sustaining its predominant top spot in the National Hous-
activities, such as MS Office, HWP, and PDF. To combat tralizing the management of security operations centers ing and Urban Fund (NHUF) market share. In alignment
these advanced threats, Woori Bank has deployed a (SOCs) that had previously been managed separately by with government initiatives to support policy finance, the
document file malware detection system that employs each overseas subsidiary, enabling a unified approach bank contributed to stabilizing housing for lower-income
multi-scanning technology to discern vulnerabilities in against security threats from outside. Furthermore, to families. Additionally, Woori Bank made contributions to the
these files and actively detect new threats. This system industry-wide cooperative financing initiative aimed at re-
ensure consistent cybersecurity standards, entities with
is part of a multi-tiered defense strategy that includes ducing the interest burden on home loan borrowers amidst
lower cybersecurity maturity will further strengthen their
primary antivirus protection, a secondary advanced per- a high-interest period. Recognized for its ability to offer a
security systems to meet the high standards of cyberse-
sistent threat (APT) response system, and a tertiary docu- diverse array of real estate finance products, the bank was
curity employed throughout Korea.
ment file malware detection system, all of which enhance selected for the fourth consecutive time since 2008 as the
the bank’s capabilities to counter malware attacks that At the same time, the increasing trade of financial infor- treasury bank for the NHUF, acknowledging 15 years of
bypass traditional security measures. mation on the dark web has underscored the urgency of continued excellence in service.
monitoring illegal transactions and protecting sensitive cor-
Additionally, Woori Bank has implemented an external IT ven- In 2023, the Real Estate Finance Group also laid the
porate data from exposure on black markets. Woori Bank
dor monitoring system to reduce security risk factors at source. foundation for the complete digitalization of its real estate
plans to leverage dark web threat intelligence services to
This system continuously monitors and analyzes various sys- financing. This initiative included the renewal of its flagship
tem logs to detect any potential violations of information secu- set up a comprehensive security monitoring system. This
remote mortgage product, Woori WON Home Loan, and
rity compliance by external IT vendors. By developing specific system will continuously monitor for any leaked information the enhancement of the electronic home registration pro-
violation scenarios which consider both internal and external being traded on the dark web and other platforms, quickly cess. Furthermore, the group launched the Real Estate Fi-
personnel characteristics, the bank has shifted from manual, respond to breaches of sensitive information such as cus- thereby strengthening its capacity to provide profession-
nance Digital Center ACT, which centralized the operations
reactive internal control systems to an automated, continuous tomer account details, close the unnoticed loopholes, and al consulting services directly and more conveniently to
of loan brokers and non-face-to-face mortgage operations.
internal control framework, thus bolstering its preventative block malware infections to minimize risk exposure. customers. Moreover, the bank will continue to develop its
measures against information security incidents. specialized Real Estate Platform, which aims to offer a rich
PLAN FOR 2024 array of valuable real estate content to clients. In addition, as
the treasury bank for the NHUF, Woori Bank holds exclusive
For 2024, the Real Estate Finance Group is poised to en-
rights to sell Urban Housing Regeneration Project package
hance its position as a leading bank in real estate finance,
products, while at the same time promoting comprehensive
with its strategy focusing on administering hyper-personal-
marketing strategies for each project site. Through these
ized services to capture any market opportunities emerging
differentiated operations, Woori Bank is dedicated to main-
from the deregulation of loan migrations. It also plans to
taining its top position in both NHUF market share and its
augment the function of the Real Estate Digital Center ACT,
status as a highly rated treasury bank.
WOORI
2023 ACHIEVEMENTS Transaction Volume
Woori Card's transaction volume has been steadily in- Woori Card is strengthening its competitiveness by pro- (Unit: KRW billion)
creasing due to the rise in memberships, collaboration actively adapting to the evolving landscape, innovating 2021 92,850.1
CARD with Woori Bank in affiliate marketing, and its proactive

expansion into the digital payment sector. Simultaneously,
the company is consistently expanding its financial as-
products, fostering collaboration among Group subsidiar-
ies, and elevating digital and global capabilities.
In 2023, Woori Card fortified its grounds for growth and

2022 98,245.5
sets, long-term credit card loans, through its high-quality profitability by establishing its own payment network. The 2023 103,089.6
customer portfolio. Furthermore, since 2016, it has been company laid the foundation for becoming a competitive
www.wooricard.com
+ 4.9 %
diversifying its revenue streams by venturing into install- credit card entity by employing hyper-personalized mar-
ment payments, leasing, and credit loan services, further YoY
Woori Card was established following its keting strategies based on extensive big data customer
bolstering its long-term financial outlook. analysis and enhancing its user-centric digital platform.
spin-off from Woori Bank in April 2013
to strengthen the Group’s credit card In 2023, total assets increased by approximately KRW 1.4 Following the launch of Woori Finance Indonesia in 2022, Operating Revenue
operations as well as the competitiveness trillion YoY due to the expansion of revenue-generating the company further expanded its business footprint in
of its non-bank sector. Woori Card has the financial assets. Despite deteriorating market conditions the subsequent year through partnerships in the Indone- (Unit: KRW billion)
extensive network and customer base of such as rising funding rates and declining asset quality, sian market, encompassing both retail and Fintech sec- 2021 1,528.7
Woori Bank, and is now actively exploring the company achieved a consolidated net income of tors, while also reinforcing its IT infrastructure to ensure
KRW 111 billion through proactive risk management and heightened business and digital competitiveness. 2022 1,836.8
new business opportunities in pursuit of
cost-efficiency efforts.
growth. Maintaining customer value as the
2023 2,099.8
foremost priority throughout its business
+ 14.3 %
operations, the company consistently
advances its product and service offerings YoY
to align with customer demands. Woori
Card is broadening its market presence
through distinctive product line expansions
and synergistic collaborations with affiliated
subsidiaries, while concurrently fortifying its
digital and global competencies.
Moreover, as a fore-runner in the Korean credit card in- PLAN FOR 2024
dustry to embrace co-prosperity initiatives, Woori Card
In 2023, the Korean credit card industry witnessed a Additionally, the company plans to increase its business
initiated and executed a KRW 220 billion co-prosperity
slowdown in growth and a notable decline in asset growth competitiveness by revitalizing its genuine product lines,
financial support program. Additionally, it set industry
rates. This was attributed to factors such as reinforced strengthening its dominance in the corporate credit card
standards for social contribution through credit finance,
management of household debt and high funding rates, market, automating processes enhancing cost efficiency,
offering cashback programs and marketing support to all
resulting in elevated borrowing interest rates and credit and improving its asset. We also aim to explore new glob-
its SOHO clients.
cost ratios, ultimately negatively impacting profitability. al markets and expand non-interest income, especially fee
As market uncertainties, including escalating funding and commission income, to cultivate new future growth
Woori Card Net Income
rates, declining asset quality, and decelerating sales revenue models.
(As of the end of 2023) growth may persist in 2024, credit card companies are Moreover, by refining credit rating models, we intend to
likely to experience some heightened pressure on prof- proactively manage high-risk customer groups, such
KRW 111.0 billion

itability. In response, Woori Card intends to bolster its
steadfast management framework, prioritizing proactive
as multi-debtors and individual business operators, and
enhance risk management capabilities in preparation for
risk management and cost optimization strategies, to market uncertainties by expanding high-efficiency debt
effectively navigate the unpredictable environment. Fur- recovery operations and implementing preemptive recov-
Woori Card Transaction Volume thermore, the company plans to augment its foundational ery strategies.
business competitiveness through the successful estab-
lishment of an autonomous credit card enterprise, with the
KRW 103.1 trillion

overarching objective of securing new avenues for growth.
2023 Seoul Economy Best 2023 Korea National Brand 29th Korea Financial Innova- 13th Asia Today Financial 2023 Promotion of
Banker Award Awards: Top NCI (Credit Card tion Awards – Service Innova- Awards 2023 Eco-Friendly Technology and
Category) tion Award (Financial Products Consumption Contribution
category) for the Consumer
Date: March 30, 2023 Date: April 4, 2023 Finance Sector Date: September 22, 2023 Date: December 14, 2023
Organizer: S
eoul Economic Daily, Organizer: D
ongA.com, Hankyung. Organizer: A
sia Today Organizer: M
inistry of Environment,
Date: October 23, 2023
SEN Seoul Economic TV com, iMBC Korea Climate
Organizer: M
oney Today Environment Network
competitiveness across various business sectors and seas expansion and business diversification”. This strategy
WOORI
2023 ACHIEVEMENTS
building a solid foundation for revenue generation through will include uncovering and leveraging future growth mo-
Woori Financial Capital has significantly strengthened its
new business ventures. The company is also enhancing mentum to ensure our competitive advantage and aggres-
core business not only by reinforcing networks with major
its digital system and platform, and advancing its capabil- sively targeting growth industries.
FINANCIAL partners but also forging new ties to other leading com-
panies. At the same time, it has intensified its customer
retention efforts, making concerted efforts to target cus-
ities in proactive risk management, positioning itself as a
leader in both the financial and digital realms.
Third, the company plans to expand its creation of syn-
ergies. This involves enhancing synergy effectiveness
tomers upon their product maturity, while simultaneously through business integration within the Group, establishing
CAPITAL expanding its loan portfolio. Additionally, Woori Financial

Capital has driven the development of new growth en-
PLAN FOR 2024
Under its corporate vision of “Surpassing greatness to reach

an integrated management system, and expanding the
operation of strategic investment funds to foster synergies
that permeate throughout the Group.
gines through effective management of CVC funds and
www.woorifcapital.com the pinnacle,” Woori Financial Capital will emerge as the indus-
laying the groundwork for overseas business expansion. Fourth, in an effort to accelerate digital innovation, the com-
try’s top capital firm by employing the following five strategies.
The company has also boosted its digital leadership pany will enhance systems for data collection, analysis, and
Automotive finance holds significant First, the company will enhance core business competitive- utilization, paving the way for new business ventures. It will
by upgrading the digital processes in auto finance, es-
importance within Korea’s specialized crdit ness by diversifying its corporate finance portfolio and building also institute a comprehensive management system for
tablishing a company-wide digital transformation (DT)
finance sector. With evolving perceptions of product capabilities targeted at SMEs, thereby laying founda- customer channels and digital transformation tasks across
framework, launching new digital business initiatives, and
car ownership and increasing competition tions for expanding corporate credit business. This includes the company.
stabilizing the product lineup on its digital platform. More-
optimizing lending business architecture, enhancing the Woori
within the auto finance market, the outlook over, the company has bolstered its robust management Lastly, Woori Financial Capital is committed to strengthen-
WON Car platform, and strengthening alliance and sales
suggests limited growth potential for this practices by creating specialized units tailored to each ing solid management by enhancing its risk management
channels to broaden its auto finance capabilities.
business area. In response, capital firms business function and enhancing proactive risk manage- and crisis response capabilities to better handle economic
are diversifying their business models ment systems. Second, the company will dedicate securing future growth fluctuations, as well as advancing system-based internal
engines. As 2024 will serve as the inaugural year for leaping controls and fostering a culture of proactive compliance.
by venturing into personal and corporate Overall, Woori Financial Capital has secured the neces-
into the global markets, we plan to keenly touch upon “over-
finance, actively adapting to the growing sary momentum for sustainable growth by heightening
prevalence of digital operations amid
intensifying competition in the digital front.
Woori Financial Capital’s Financial Performance Woori Financial Capital’s Non-financial Highlights
Woori Financial Capital is poised to lead the
industry with its five business strategies— (Unit: KRW billion, %, %p, consolidated)
enhancing core business competitiveness, Certifications and Awards Social Contribution Activities
securing future growth engines, expanding 2021 2022 2023
YoY
June 9, 2023 7th consecutive certification of Consum- Donations
Change
synergies, accelerating digital transformation, er-Centric Management (CCM) by the Fair •KRW 5.12 million to Hope Joyagdol (February 22, 2023)
Trade Commission and Korea Consumer •KRW 1,175 million to Woori Financial Future Foundation (November 15,
and reinforcing robust management Total Assets 10,259 12,581 12,417 △1.3%
Agency 2023)
practices. June 28, 2023 Woori WON Car – Winner of a 2022 Kore-
Net Income 140.5 183.3 127.8 △30.3% •KRW 176 million to Woori Multicultural Foundation (November 15, 2023)
an Consumer Award (automobile category, •KRW 588 million to Community Chest of Korea (December 8, 2023)
NPL Ratio(%) 1.20 1.22 2.37 +1.15%p 2nd straight year)
Financial Support
Dec. 8, 2023 Induction to the Hall of Fame for CCM by
ROA(%) 1.69 1.51 0.83 △0.68%p the Korea Fair Trade Commission and Ko- •Principal repayment deferrals through debt repayment deferment: 319
rea Consumer Agency borrowers, deferring a total of KRW 34.5 billion in repayments in 2023
ROE(%) 15.74 12.53 6.39 △6.14%p
WOORI
2023 ACHIEVEMENTS PLAN FOR 2024 Total Loan Balance (including bills sold)
Strengthening the Core Business Woori Investment Bank has formulated an aggressive (Unit: KRW billion)
growth strategy to secure its position as a key player in the
In 2023, the company fortified its core business by bol- 2021 4,956.9
INVESTMENT stering its corporate finance division and expanding its

retail clientele, aiming to achieve significant growth and
establish itself as a strong investment bank.
capital markets within the group. Its strategy for 2024 re-
volves around enhancing its investment banking compet-
itiveness and expanding total corporate finance services.
2022 5,503.5
The four pillars include:
BANK This expansion included the creation of Corporate Fi-

nance Division 2, an increase in staffing, and an enhance-
ment of its debt capital market (DCM) operations. These
First, Enhancing Corporate Finance Competencies:
WIB intends to strengthen its relationship management
2023 6,484.3
(RM)-based sales and heighten its corporate finance ca-

+ 17.8%
www.wooriib.com initiatives led to a notable jump in total lending (including
pabilities to serve as the Group’s primary deal provider.
commercial papers), by KRW 980.9 billion, marking a YoY
Woori Investment Bank (WIB) provides 25.8% hike in DCM revenue. Additionally, the company Second, Building a Balanced Business Portfolio:
enhanced its deposit-taking operations through the The company is set to bolster its retail operations and
‘One-Stop’ comprehensive financial
expansion of digital channel-centered products and ser- capabilities in managing fixed income, commercial paper
services including investment banking and
vices, which resulted in a KRW 365.2 billion increase in management, and investment banking, aiming for a more Deposit Balance (including CP deposits, CMA trust funds)
commercial banking services. The bank’s
deposit volumes over the previous year. balanced business portfolio.
service includes deposit-taking(CMAs, etc.), (Unit: KRW billion)
corporate loans, structured financing, and Third, Advancing Infrastructure for Business Expansion:
2021 3,366.4
In order to support its business expansion efforts most
securities investments. In 2023, the company Capital Increase to Expand Growth Potential
effectively, WIB will upgrade its IT and risk management
strengthened its core businesses, including In December 2023, WIB undertook a significant capital 2022 3,928.3
infrastructures.
its investment banking operations, while increase of KRW 500 billion, elevating its equity to the
Finally, Innovating Corporate Culture:
strengthening its digital customer base, level of a mid-sized securities firm. This enhancement 2023 4,296.0
WIB is committed to reform its corporate culture by re-
aligning its management goal of becoming bolstered its operational limits and ensured stability in
forming its HR practices to be performance-based, and by
a "Competitive Investment Bank via Solid regulatory ratios, thus honing its competitive edge in the
enhancing its internal controls standards. Through these
Growth". For 2024, the company plans to capital markets.
+ 9.4%
strategic initiatives, Woori Investment Bank is poised to
increase its competitiveness in the capital
become a leader in providing integrated financial services YoY
markets, broaden its investment banking that meet the evolving needs of its clients and market.
operations, and reinforce Group synergies to
boost performance.
Proactive Risk Management
WOORI
2023 ACHIEVEMENTS
Company-wide risk management capabilities will be enhanced by establishing a new orga-
Despite a downturn in the real estate market and heightened risks in ongoing projects, 2023
nization dedicated to managing project sites with land trust issues and maintaining ongoing
beat expectations. Trust deposits of KRW 58 trillion and an operating profit of KRW 44.8 billion
dedicated task force teams.
ASSET positioned the company to be in the mid to leading performer in the industry. Based on its sound
financial status, Woori Asset Trust’s credit rating improved from A-/Positive to A/Stable.
In terms of operations, secured trust products in collaboration with the Group has expanded, no-
Corporate Culture Innovation
A more progressive culture of openness and communication will be fostered, enhancing
objectivity and fairness in the HR department and advancing internal controls to establish a
TRUST tably through the introduction of the Woori CUBE Loan-X, the first product of its kind designed to
create Group synergies. The business base has broadened by securing more projects related to
policy led youth housing rental REITs near the subway areas and small-scale urban redevelop-
zero-accident organizational culture.
ment projects in metropolitan areas. Woori Asset Trust Financial Highlights

www.wooriat.com
In order to curtail risks stemming from the ongoing real estate market crises, the company’s risk
In 2023, amidst challenging market management frameworks and internal controls were bolstered. Task force teams continue to
CAGR
conditions, Woori Asset Trust was able manage project sites with land trust issues as the company monitors real estate trends to monitor (Unit:KRW billion) 2021 2022 2023 YoY Change
(2021-2023)
potential risks. IT system upgrades and strengthened internal controls have also contributed to
to achieve sound financial performance, Trust Deposits 44,492 51,419 58,074 +6,654 (+12.9%) 14.2%
significant business process improvements.
including stable revenue and enhanced Operating Revenue 94.2 137.1 130.0 △7.1 (△5.2%) 17.5%
credit rating. This was possible via expanding As a result of these efforts, trust assets and operating revenue have shown a three-year com-
Total Equity 168.4 227.5 258.2 +30.7 (+13.5%) 23.8%
its business in REITs, securing policy led pound annual growth rate (CAGR) exceeding 10%, with ROE and ROA at the top end of the in-
dustry, at 13.3% and 9.8%, respectively.
urbanization projects, and launching new
collateralized trust products in collaboration
Key Financial Indicators by Trust Company
with the Group. PLAN FOR 2024
Net
The focus for 2024 is on strengthening the foundation for sustainable growth through differentiat- (Unit: %, KRW million) ROE(%) ROA(%) NCR(%)
Income
ed sales capabilities and solid management, with the following five strategic tasks set to be carried Woori Asset Trust 13.3 9.8 1,284.0 32,297
out: Hana Asset Trust 15.9 13.9 847.0 80,914
Enhanced Revenue-Generating Capacity Shinhan Asset Trust 15.2 11.9 927.0 53,430
All business divisions are committed to generating new revenue sources, with a particular Shinyoung Real Estate Trust 12.3 10.3 1,229.0 12,073
focus on non-land trust segments that are more viable for orders and revenue generation
Korea Investment Real Estate Trust 9.9 7.6 1,324.0 21,152
under current market conditions.

Korea Asset Investment Trust 9.4 7.8 370.0 78,865
Korea Trust 8.4 6.5 877.0 16,970
Portfolio Diversification Daeshin Asset Trust 8.2 6.2 851.0 13,206
The business base for debt-based and hybrid land trusts will be strengthened, while the Daehan Real Estate Trust 3.9 2.3 894.0 14,895
scope of urban redevelopment projects will be broadened to diversify revenue sources Korea Real Estate Investment and Trust 2.9 1.6 306.0 25,247
through portfolio restructuring. Mugunghwa Trust 1.5 0.9 379.0 3,992

KORAMCO REITs and Trust 0.7 0.5 543.0 3,129
Expanded Group Synergies Kyobo Asset Trust △7.3 △6.1 1,306.0 △29,497
Joint sales promotions will continue, further solidifying the foundation to bring about greater KB Real Estate Trust △24.3 △12.2 518.0 △84,073
Group synergies through branch training and marketing.
Note) D
ata from the Korea Financial Investment Association e-Disclosure Service (As of Dec. 31, 2023, based on 14 trust compa-
nies)
potentials. This includes implementing digital bank booths
WOORI
2023 ACHIEVEMENTS Total Assets (consolidated)
and expanding robotic process automation (RPA) to
Despite economic challenges stemming from uncertain- increase efficiency, alongside building an integrated infor- (Unit: KRW billion)
ties in the financial market, the bank managed to expand mation system for digital financial services. 2021 1,444.5
SAVINGS its total loans by KRW 240.8 billion compared to the pre-
vious year. This growth was achieved through strategic
portfolio restructuring and targeted marketing efforts, PLAN FOR 2024
2022 1,786.5
specifically focusing on prime loans. As a result of this
BANK strategy, the bank saw a year-on-year increase in loan

interest income of KRW 20 billion.
Amid regulatory and economic challenges, as well as
intensified competition in non-face-to-face channels,
WSB plans to enhance its core business competitiveness,
2023 1,938.9
In an effort to improve the company’s financial health,

www.woorisavingsbank.com
WSB enhanced its credit scoring system (CSS) for retail
strengthen its inclusive finance framework, and pursue
sustainable growth. YoY + 152.4billion
credit loans while carefully managing the loan balance. In
As a financial institution catering to To strengthen its crisis management capabilities, the bank
fulfilling its social roles as a financial institution, the bank
the retail and small to-medium-sized will introduce a behavioral scoring model (BSS) and a
disbursed KRW 424.9 billion in policy related finance
enterprises, Woori Savings Bank focuses products to help the financially marginalized groups. As debt collection model. By developing a sophisticated risk
on enhancing financial convenience and a result, its inclusive finance balance grew by KRW 149.0 management system, it aims to establish a foundation for
boosting savings through its core services billion year over year. in recognition of these accom- qualitative growth.
such as deposits and loans. The bank joined plishments, the bank received a commendation from the
Moreover, it will continue to expand its social roles while
Woori Financial Group in March 2021. Since Chairman of the Financial Services Commission in the
focus improving its earnings through selectively growing
then, it has been striving to solidify its inclusive finance category.
assets centered on risk management. At the same time, it
position as a leading savings bank in Korea, Due to the ongoing slowdown in the real estate market, will pursue a risk-based portfolio management strategy to
actively responding to market changes, and WSB reduced its exposure to project financing (PF) reduce high-risk assets.
achieving sound internal growth through and bridge loans, focusing instead on securing safer
Finally, to strengthen its digital competitiveness, it will fo-
robust risk management and balanced assets through selective marketing on prime corporate
cus on enhancing IT operations management, infrastruc-
portfolio. borrowers.
ture, and process innovation.
Additionally, WSB strengthened its proactive risk
management, including enhancing its retail credit rat-
ing models and more effectively managing potential
non-performing loans (NPLs). This effort, combined with
Oct. 2023 inancial Services Commission
F vigorous recovery initiatives and bad debt write-offs, re- Woori Savings Bank Financial Highlights
Chairman’s commendation for
sulted in a year-end delinquency rate of 3.24% (industry
exemplary practices of inclusive
average: 6.55%) and an NPL ratio of 3.53% (industry
finance
average: 7.72%), thus maintaining its asset stability well (Unit: KRW billion, %) 2021 2022 2023 YoY Change
above the industry average.

Total Assets (consolidated) 1,444.5 1,786.5 1,938.9 8.5%
WSB also accelerated its digital transformation to height-
en its competitiveness and augment all future growth
Total Loans (consolidated) 1,255.1 1,472.5 1,710.9 16.2%
WOORI
2023 ACHIEVEMENTS PLAN FOR 2024
Finally, to proactively respond to changes in the business en-

Woori Financial F&I’s total investments in 2023 reached KRW Woori Financial F&I has set forth its 2024 management goals
701.9 billion and were distributed across several sectors: KRW as “Level-Up Core Business Competitiveness” and “Strength- vironment, Woori Financial F&I is set to enhance self-checks
and employee training, establish a comprehensive IT internal
FINANCIAL 612.9 billion in commercial banks’ NPLs, KRW 22.6 billion in

private contracts from non-bank financial institutions, KRW
57.0 billion in LP investments through funds, and KRW 9.5
en Organizational Structure,” aiming to continually heighten
its market competitiveness. The company plans to bolster its
market position by expanding participation in public tenders
control system, and fortify its risk management framework by
standardizing risk indicator assessments and reporting proce-
billion in unsecured NPLs from savings banks. The company and discovering high-yield investment opportunities like NPL dures.
F&I initiated its first corporate restructuring (CR) investment to

diversify its investment avenues. Additionally, it was the first
negotiated contracts and CR in the non-bank financial sector,
while also enhancing Group synergies through joint invest- Credit Rating
company in the industry to secure limited partnership status ments with subsidiaries. It will also focus on maximizing profit-
www.woorifni.co.kr for a private equity fund, creating a solid foundation for invest- ability by establishing specialized organizational units, contin- (As of the end of 2023)
Woori Financial F&I was established in

January 2022 as a specialized investment
ment discovery. The company also completed its registration
with the Financial Supervisory Service as an asset manager
and has been actively hiring experts to further internalize asset
uously recruiting experts, and developing internal guidelines
for efficient asset management.
Moreover, the company plans to conduct a feasibility study of

A-stable
Korea Investors Service, Issuer Credit Rating
company for NPLs (Non-Performing Loans) management since then.
new IT system developments to support continued growth,
and CR(Corporate Restructuring), with the To secure stable investment funding, Woori Financial F&I secure specialized personnel, and operate training programs Total Investment Assets
aim of enhancing the Group’s non-banking raised a total of KRW 470 billion in 2023. This included man- to reinforce its internal organizational structure. Externally,
business portfolio and capitalizing on the aging a total of KRW 175.0 billion, with a controlled limit to Woori Financial F&I will intensify its ESG management activi-
NPL market, which is highly expected to offset the potential for idle funds, maximize flexibility in funding, ties by fostering continuous engagement in social contribution
grow significantly in the future.
In 2023, its second year of operations, Woori

and minimize funding costs.
In its commitment to ESG management, the company regular-

activities and encouraging employee participation.
KRW 701.9billion
ly conducts social contribution activities, supporting financial
Financial F&I has solidified its presence in
and asset-building capabilities for youth that are preparing
the market, expanding investments by over
for their independence. This support is carried out in collabo-
1.8 times year-over-year, attributed to a
ration with local governments and welfare organizations, and
stable financial structure and synergy with
includes partial funding for housing deposits and educational
the group. Looking ahead to 2024, Woori programs on real estate contracts. Internally, the company
Financial F&I aims to enhance market share is dedicated to enhancing its corporate culture through im-
through increased investment and portfolio provements to its evaluation and compensation systems,
diversification, while also strengthening our expanded employee communication programs, introduction
organizational structure, expanding ESG of employee-friendly programs, and the strengthening of its
management, and driving corporate culture internal control systems.
innovation to lead the industry.
WOORI
As of the end of December 2023, and following its merger with Woori Global Asset WAM is refining its investment strategies by asset type and enhancing collaboration
Management, WAM’s total net asset value (NAV) surged by KRW 12,447.7 billion, or with Group subsidiaries to bolster profitability and expand its AUM. In addition, it is
ASSET 40.5%, year on year, reaching KRW 43,158.3 billion. Its AUM market share edged up by
0.57%p from the previous year’s 2.13% to 2.70% at the close of FY 2023. This growth in
AUM was primarily fueled by slowing interest rate hikes and robust investment returns.
accelerating the growth of the asset management business by strategically attracting
joint investments (seed funding) from Group subsidiaries in key areas, such as pension
funds, EMP, ETFs, and alternative investment products.
MANAGEMENT Strategically, the merger integrated the expertise and resources of both companies,
enhancing the value and services offered to investors and solidifying its presence in the
asset management sector both domestically and internationally. Indeed, a significant
Through the merger, Woori Asset Management is focused on achieving balanced
growth between traditional and alternative investment assets. While it is prioritizing
the sale of pension and public funds for traditional assets, the company is also striving
shift occurred in Woori Asset Management’s portfolio composition, which had been to boost the competitiveness of its alternative investment portfolio by curating funds
www.wooriam.kr
heavily concentrated on bond investments—accounting for 89.0% before the merger based on premium assets in sectors like real estate, infrastructure, overseas alternatives,
at the end of 2022—as it now moved towards one that was more diversified, with the and investment finance. As a latecomer to the ETF market, WAM is poised to establish a
Woori Asset Management (WAM) is a comprehensive
bond composition reduced to 79.1% by the end of 2023. Throughout 2023, and with competitive edge through innovative product development as it aims to increase AUM
asset management company offering a variety of the aim of achieving balanced growth and cultivating future growth drivers, the com- via strategic digital marketing and an expanded sales network. WAM is committed to
services, including fund management, investment pany inaugurated the New Growth IB Division and ventured into new businesses, such laying a robust foundation for long-term growth in key areas such as retirement pension
advisory services, and discretionary investment as global investments and pension investment consulting, in pursuit of new revenue funds and ETFs, enhancing product competitiveness through the recruitment of top-ti-
management. Coupled with its expertise in alternative streams. Also, WAM reaffirmed its leadership in ESG fund management by obtaining er professionals, and strengthening product development and sourcing capabilities, all
investments to create new growth engines, its merger ESG fund certification for the second consecutive year. while leveraging Group synergies.
with Woori Global Asset Management in January 2024 is
expanding the company’s foothold in the global market.
Woori Asset ManagementFinancial Highlights AUM
(Unit: KRW trillion) (Unit: KRW trillion)

2021 2022 2023
2021 27.39
Certifications and Awards AUM 27.39 30.71 43.16
Domestic Equities 2.15 2.02 2.89 2022 30.71

・Money Today’s 2023 Korea Funds Awards Domestic Bonds 16.42 15.39 16.97
- Fund Manager of the Year
Fund of Funds 0.50 0.69 1.49 2023 43.16
+ 40.5%
・Maeil Business Daily’s 9th Korea Retirement Pension Awards 2023
MMF 7.96 11.94 17.17
- Best Domestic Fund YoY
Derivatives/Alternative Investments 0.36 0.67 4.64
・KG Zeroin’s 2023 Korea Fund Awards
- Special Award in the ESG category)
・Morning Star’s 2023 Morningstar Awards Market Share
- Best Bond House Award)
(Unit: %)
・The Bell’s 2023 Korea Wealth Management Awards
2022 2.13
- Bond-Type Fund Management Company of the Year)
・The Bell’s 2022 Korea Wealth Management Awards
- Bond-Type Fund Management Company of the Year) 2023 2.70 YoY + 0.57%p
* 2023 figures are aggregate figures of Woori Asset Management & Woori Global Asset Management (Woori Global
Asset Management has been merged since Jan. 2024)
WOORI
2023 ACHIEVEMENTS PLAN FOR 2024 Fund Commitment Amount by Year
As of the end of 2023, Woori Venture Partners was managing In 2024, following Woori Venture Partners’ integration into (Unit: KRW billion)
15 funds with a total committed capital of KRW 1.44 trillion, Woori Financial Group, we embark on a significant leap
2021 2022 2023
VENTURE with over 40 Korean and international institutions participating

as limited partners in these funds. Even though there was a
year-on-year decline in ROI driven by a fall in the valuations
forward, with plans to support the growth of venture com-
panies through active investment execution and value en-
hancement activities, while also focusing on the creation of
VC
PEF
Total
1,124.5
40.0
1,164.5
1,419.3
40.0
1,459.3
1,400.3
40.0
1,440.3
of KOSDAQ-listed growth stocks amidst rising interest rates, synergies within the Group. The company aims to exceed
PARTNERS Woori Venture Partners remains committed to creating a

sustainable profit structure. The company plans to focus on
the performance of the past two years by realizing excel-
lent investment results and an Internal rate of return (IRR) Fund Commitment Amount by Year
launching new funds and expanding venture investments to of over 25%, including through major portfolio companies
www.woorivp.com nurture high-quality venture companies. Despite the challeng- such as Toss (Viva Republica) and Zomato (an Indonesian (Unit: KRW billion)
ing management environment for venture companies due to grocery delivery company), as well as through the liquida-
2018 853.5
Woori Venture Partners Co., Ltd., originally prolonged high interest rates and reduced liquidity, the com- tion of two successful funds: the KTB China Platform Fund
established as Korea Technology
Development Inc. in 1981, is Korea’s first-
pany actively supports the growth of promising venture com-
panies into unicorn companies by continuously discovering
and the KTBN Venture Fund No.7.
The company will also continue to focus on forming new

2019 883.5 CAGR 11.0%
generation venture capital firm with over four new investment opportunities and making strategic follow-on
funds to build a future revenue base, especially through 1,119.5
investments.
2020
decades of experience. In 2023, it became a Group-affiliated fund formations that seek to expand syn-
subsidiary of Woori Financial Group and was Today, Woori Venture Partners invests in startups across vari- ergies and align interests within the Group for long-term
rebranded as Woori Venture Partners Co., 2021 1,154.5
ous sectors, including ICT, biotech/healthcare, deep tech, and growth. There are plans to pursue the formation of various
Ltd. The company actively conducts venture consumer goods, with the cumulative number of companies funds, including global funds and secondary funds in order
investments not only in Korea but also 2022 1,459.3
in its portfolio surpassing 2,000. Of this total, more than 300 to diversify investment strategies.
through its investment hubs in Silicon Valley, have now gone public. Some of the top portfolio companies
Woori Venture Partners will also continuously make efforts
Shanghai, and Singapore. include Viva Republica (fintech), Woowa Brothers (food tech),
2023 1,440.3
to expand the global investment geographies. The com-
Moloco (AdTech), 42dot (autonomous driving), Nextin (semi-
pany signed MOU with Mubadala Capital, which is the
Corporate History conductor equipment), Neuromeka (collaborative robots), wholly owned asset management subsidiary of Mubadala
Dexter Studios (VFX), Wanted Lab (recruitment platform), and Investment Company, one of the most renowned sover-
1981・ Founded as Korea Technology Development Inc.
Bmonument (cosmetic manufacturing).
1988・Expanded into the U.S. market (a first among Korean eign wealth funds in the Middle East, with the purpose
VC firms) of discovering co-investment opportunities and creating
2000・Renamed KTB Network Co., Ltd.
Certifications and Awards synergies between both Groups. This strategic partnership
2006・Expanded into China (a first among Korean VC firms) will enhance access to global investment deals in various
2008・Captive spinoff of the VC Division from the KTB Net- ・Woori Venture Partners received a Minister of SMEs sectors and facilitate significant growth through aligning
work and Startups Award (VC organization category) at the with Mubadala’s global network.
2011・Authorized as an SME investment company 2023 Venture Investment Activation Merit Awards
2021・Listed on KOSDAQ ・Executive Director Shin Tae-kwang received the Best
2022・Renamed Daol Investment Co., Ltd. Investment Deal Award (biotech category) at the 2024
2023・Incorporated into Woori Financial Group (renamed Korea Venture Capital Awards
Woori Venture Partners Co., Ltd.)
WOORI PRIVATE
In the face of challenging economic conditions domestically and internationally, Woori Woori PEAM aims to continuously achieve both quantitative and qualitative growth in
PEAM actively pursued new investment opportunities in 2023, ensuring both stability 2024, with the goal of strengthening core business competitiveness and establishing
EQUITY ASSET and profitability. This effort led to the launch of new funds totaling KRW 241.0 billion
(KRW 110 billion in PEFs and KRW 131 billion in AI) and executing new investments
of KRW 268.5 billion throughout the year (KRW 136.5 billion in PEFs and KRW 132
a foundation for growth as a top-tier PE house.
The PEF division plans to maximize investment outcomes by rigorously carrying out
“value-enhancement” initiatives for portfolio companies and continuing to generate
billion in AI).
MANAGEMENT As of the end of 2023, the PEF division was managing 8 funds with a committed
capital of KRW 968.7 billion. A blind fund1) of KRW 110 billion focused on pre-/
excellent results through successful investment execution in the three blind funds it
established between 2022 and 2023. Furthermore, by discovering excellent invest-
ment projects targeting large and mid-sized enterprises, we aim to solidify our posi-
post-restructuring corporate rejuvenation investments was established with major tion as a leading player in the PEF market by focusing on the establishment of large-
www.wooripe.com
institutional investors’ capital, contributing to the increase in total AUM. Additionally, scale project funds.
two blind funds established in 2022 enabled KRW 136.5 billion in new investments
2)
Established in October 2005, Woori Private Equity Asset For its part, the alternative investment division will focus on generating stable out-
in high-quality companies in new growth industry sectors.
Management (Woori PEAM) is a first-generation private comes through meticulous post-management of existing investment projects while
The alternative investment sector, which was operating 18 funds with a total commit- continuously expanding its business in the corporate investment sector (credit/sec-
equity manager in Korea. Encompassing the managing
ted capital of KRW 1,346.2 billion by the end of 2023, has been diligently uncovering ondary funds) beyond existing real estate, infrastructure, and fund of funds, thereby
of private equity fund (PEF) operations and hedge fund
high-quality investment projects and expanding the corporate investment sector enhancing profitability.
management (alternative investments), Woori PEAM
despite challenging market conditions. In fact, the establishment of the Woori New
contributes to the Group’s scale-out efforts in its IB Growth Credit No. 1 General Private Investment Trust (a private loan fund) totaling
operations. 1) Woori Corporate Financial Stability No. 1 Private Investment Limited Partnership (established in De-
KRW 70.5 billion and aimed at investing in promising SMEs, the Woori PE Secondary
cember 2023, KRW 110 billion)
No. 1 General Private Investment Trust totaling KRW 60.5 billion and focused on fol-
2) Green ESG Growth No. 1 Private Investment Limited Partnership (established in May 2022, KRW
low-on investments, and the activation of the secondary market (LP share liquidation) 165,244 million), NH Woori New Growth Alpha No.1 Private Investment Limited Partnership (estab-
have all been successful in demonstrating tangible results. Since starting operations lished in June 2022, KRW 220 billion)
in July 2016, the alternative investment sector has maintained thorough pre-/post-
risk management without incurring any investment losses.
Certifications and Awards Funds Commitment by Year
(Unit: KRW billion)

June 2023 Designated as the outsourced chief investment officer (OCIO) for 2021 2022 2023 YoY
Korea Asset Management Corporation’s Corporate Restructuring
Year-end Balance 382.8 858.7 968.7 12.8%
Fund PEF
Cumulative Commitment Amount (including dissolved funds) 1,394.1 1,913.5 2,023.5 5.7%
Year-end Balance 1,192.6 1,215.2 1,346.2 10.8%

AI
Year-end Balance 1,575.4 2,073.9 2,314.9 11.6%

Total
WOORI
2023 ACHIEVEMENTS
Stable Financial Soundness Industry-Leading Percentage of Revenue from Non-affiliates

Woori Credit Information earns the largest percentage of revenue from its non-af-
As of 2023, Woori Credit Information had remained a zero-debt firm. Also, the
CREDIT company has consistently generated profits since its inception. Furthermore, the
company has kept its stable financial soundness, boasting the lowest level of
liabilities and largest asset size among all Korean credit information firms affiliated
filiates relative to its peers, further proving its high level of competitiveness. The
company has long reinforced its business viability by sustaining a diversified cli-
entele list outside the holding company and by expanding its business domains.
INFORMATION with financial holding companies.
Total Assets PLAN FOR 2024
Woori Credit Information is committed to strengthening market competitiveness

(Unit: KRW billion)
and fostering future growth with the following strategic initiatives:
Company A 34.0
First, is securing a competitive advantage.
www.wooricredit.com The company will enhance its core competencies in debt management by improving
Company B 41.4 data utilization and organizational evaluation standards. It plans to expand investi-
gation services and expedite credit guarantee operations to consolidate the revenue
Woori Credit Information’s main lines of business Woori 45.7 base in the non-collection sector.
consist of debt collection, credit investigation, and Second, is expanding the revenue base.
asset management. Since its establishment as a credit By sustaining partnerships with key policy finance institutions and pursuing new ven-
information company in Korea, it has established itself
as the frontrunner in the industry. Over the years, the
KRW 45.7 billion
tures such as in the certified electronic document business, the company aims to
boost its non-Group customer base.
company has maintained stable financial soundness, with Third, is enhancing efficient management.
The company is set to complete its next-generation debt management system proj-
lowest level of liabilities and largest asset size among all
ect, significantly upgrading its IT infrastructure and strengthening organizational ex-
credit information firms in Korea affiliated with financial Debt-to-equity ratio pertise to promote profit-driven and efficient management.
holding companies. Presently, Woori Credit Information Fourth, is establishing a future-oriented corporate culture.
is diversifying its revenue streams beyond cross- Dedicated to advancing ESG management both domestically and internationally,
selling effects within the Group, aiming to strengthen its
independent competencies while effectively preparing
48.9% 39.6% 21.2% Woori Credit Information will enhance its internal control system, strengthen the fi-
nancial consumer safety net, and develop a forward-looking organizational culture
Company A Company B Woori grounded in employee consensus.
for any unforeseen market uncertainties. Moving
forward, the company will continue to maintain its Certifications and Awards
leadership by leveraging its strong marketing capabilities Non-affiliate sales contribution
and exceptional management efficiency. ・Winner in the ESG category at the Digital Chosun Ilbo’s 12th Corporate Social
Responsibility Awards
18.7% 0.0% 27.8% ・Winner in the ESG category at the 12th Corporate Social Responsibility Awards :
Organized by Digital Chosun Ilbo
Company A Company B Woori
WOORI
In spite of being a latecomer in the administrative management industry, Woori WFS plans to appeal further to its clients with the company’s proven technological
Fund Service is constantly expanding its customer base attributed to advanced prowess and system development capabilities of its ETF administrative manage-
FUND systems that demonstrate stable performance, with assets under management
(AUM) now surpassing KRW 170 trillion. In 2023, the company built a synergy-in-
ducing system through collaboration efforts with Group subsidiaries and continued
ment system. By the first half of 2024, the company aims to complete its UI and
functionality improvement project for the FundOne System, continuously enhanc-
ing the system to ascend to a top-tier position in the general administrative man-
to operate its Work-Life Balance Vacation System to retain high-caliber profession- agement industry. Its goal is to increase the entrusted assets of clients and surpass
SERVICE als for long-term employment. At the same time, it kept up with its systematic job
training to enhance employee job satisfaction and strengthen internal controls and
KRW 183 trillion in AUM, while also making a concerted effort to attract new clients
and retain existing ones.
system upgrades.
In addition, the ETF administrative management service launched in 2023 will
www.woorifs.co.kr
In April 2023, the company became the third private administrative manager to focus on effective marketing strategies to attract new ETFs from Woori Asset Man-
complete an ETF administrative management system, venturing into the market agement and other asset management clients handling ETFs, with the aim of es-
Woori Fund Service provides diverse administrative
through a contract with one of the Group’s subsidiaries, Woori Asset Manage- tablishing itself as a significant third player in the ETF administrative management
services and has been established under Article 254 of ment. The entire process of the system development and market entry represents market, which is currently dominated by two competitors. Next, WFS will initiate full-
the Financial Investment Services and Capital Markets a milestone in terms of realizing Group-wide synergies through inter-subsidiary scale marketing efforts for digital asset administrative management services based
Act. These services encompass fund accounting, collaboration while also branding its competitive systems on future customers. on its DABAS system (following the implementation of the Act on the Protection of
establishing reference prices for collective investment Furthermore, the digital asset administrative management system—launched as an Virtual Asset Users), as it aims to provide fair and reliable information to investors,
vehicles, and offering general administrative support industry first in 2021—has successfully attracted new clients such as Coredax and protect client assets, and contribute to a healthy market environment. We will also
for real estate investment trusts (REITs). After the LB Protocol, establishing an initial market for the service. WFS is also preparing new launch services for our Integrated Virtual Asset Disclosure Service Platform, which
successful development of the next-generation FundOne services through a digital asset credit/technology evaluation disclosure consortium has been under development since the end of 2022, through multilateral agree-
system, the company continues to innovate by creating alliance, advancing its leadership in the digital asset administrative management ments like CryptoDart—a next-generation electronic disclosure platform providing
new systems and nurturing talented individuals. sector. fair assessment information on virtual assets—as we continuously create new reve-
nue streams.
In April 2023, WFS enhanced its competitiveness by

launching ETF administrative management services. Net Income Shareholder’s Equity
Additionally, the company pioneered digital asset

(Unit: KRW billion) (Unit: KRW billion)
business accounting services in Korea, as regulated
under Article 2, Section 1 of the Special Financial 2021 3.6 2021 20
Information Law, covering transactions such as the sale,
purchase, and exchange of digital assets by virtual asset 2022 3.9 2022 22
service providers (VASPs). It has also developed a digital
asset business accounting solution (DABAS) system that
2023 3.5 2023 25
has allowed it to lead the way in the evolving financial
market.
YoY △9.7% YoY + 10.7%
WOORI
2023 ACHIEVEMENTS
Management Goal for 2024
In 2023, Woori FIS pursued five strategic directions to achieve the management goal
of “Culture Change, Technology Challenge”: leading future technology, enhancing
FINANCE customer service, expanding growth foundations, innovating organizational culture,

and advancing risk management. Key initiatives included the successful restructuring
of IT governance to boost Group synergies, executing in-house SI projects to bolster
New Jump to THE N.E.X.T.
Strategic Objectives
digital support frameworks, establishing a Group-wide in-house cloud platform to
INFORMATION spearhead future technologies, enhancing customer service satisfaction through our
in-house relationship management organization, and strengthening incident-specific
response systems to achieve an annual record of zero outages.
SYSTEM PLAN FOR 2024

New
Change
New
Challenge
Jump
Up
Flexible &
Stable Woori
www.woorifis.com For 2024, the management goal is “New Jump to THE N.E.X.T.”, with plans to achieve
four strategic objectives: bringing about new changes, overcoming new challenges,
advancing to the next level, and realizing a flexible & stable Woori. Key tasks will in-
Woori Finance Information System(Woori FIS) specializes
clude the introduction of a new performance-based HR system, timely enhancement
in managing the integrated IT systems for Woori
of the new WON banking system to boost our digital platform’s technological edge,
Financial Group, providing both internal and external identification and strategic development of new growth foundations in DX blind spots
systems integration (SI), infrastructure, and data within Group subsidiaries, and the cultivation of a collaborative culture through active
services. As a leader in digital finance technology, the participation in ESG-driven technology management that is caring and humane.
company focuses on innovation across all IT domains. Through these efforts, Woori FIS is committed to becoming the most dependable
IT/Digital Best Partner of Woori Financial Group, striving to significantly enhance the
Group’s business competitiveness.
Certification Extended onJune 24, 2023

Korea’s first financial IT service provider to obtain internationally recognized ESG
certifications, the ISO 14001 (environmental management system) / ISO 45001
(occupational health & safety management system
Certification Extended onOct. 28, 2023

orea’s first financial holding company subsidiary to obtain the ISO 27017 (interna-
K
tional cloud security standards)
growth drivers for the Group, 5) fostering the Group’s low-cost, high-efficiency pro-
WOORI
2023 ACHIEVEMENTS
cess innovations, 6) promoting a comprehensive corporate culture transformation,
In 2023, Woori Finance Research Institute successfully completed carrying out
and 7) bolstering the Group’s crisis management capabilities. On top of that, WFRI
five management strategies: 1) strengthening its responsiveness to changes in the
will also promote full-scale innovation in the working process.
FINANCE internal and external business environment, 2) upgrading its in-house consulting
competencies, 3) supporting the Group to reinforce global network competitiveness,
4) backing up the Group’s ESG management research, and 5) upgrading its own re-
Key initiatives for the year include supporting the database-building of promising
SME borrowers and performing research to enhance CIB competitiveness, all in
a bid to help the Group realize its vision of restoring its reputation as a corporate
search output and utilization.
RESEARCH In addition, establishing an Issue Monitoring Center has only reinforced WFRI’s re-
sponse system for timely grasping key domestic and international developments and
banking powerhouse. WFRI will also support research on management-related is-
sues for the Group’s global network, uncover new business opportunities, and fos-
ter partnerships with global institutions. Efforts will be made to boost non-interest
promptly reporting this information to executives. In-depth analyses of domestic and
INSTITUTE international economic conditions, financial market conditions, and key industry-spe-
cific opportunities and risks were conducted throughout the year, supporting Group-
income through the creation of a Wealth Management Product Map and enhance
private banking (PB) capabilities.
Moreover, WFRI plans to develop strategies to drive digital transformation, new

wide macro research activities.
businesses, and ESG win-win finance within the Group. Research comparing the
www.wfri.re.kr WFRI performed consulting for key business activities as well, including wealth man-
management efficiency of major international banks will further back up the Group’s
agement & investment management trend analysis and research for reinforcing CIB
drive for cost-effective, high-efficiency innovation. Furthermore, WFRI will establish
Woori Finance Research Institute (WFRI) was founded competencies and financial platform activation. It also supported the Group’s ESG
a Group Corporate Culture Health Diagnostics System to facilitate comprehensive
management tasks and conducted comprehensive research across all aspects of
on December 26, 2012 under the vision of innovating corporate cultural transformation.
ESG, focusing on environmental impacts, ESG management systems, and ESG fi-
today to create tomorrow. Committed to the stable Finally, Woori Finance Research Institute will leverage external expertise and broad-
nance. Additionally, WFRI managed the Group Corporate Culture Health Diagnostics
growth of Woori Financial Group and the development en its information sources to enhance its research capabilities. This approach will
System development project.
of Korea’s financial industry, WFRI carries out research ensure robust support for the Group’s evolving needs in corporate culture, global
In addition to research on enhancing the competitiveness of the Group’s international
activities in all aspects of finance and economic affairs, issues, and corporate finance.
network, WFRI organized the Woori Global Forum to keep Group employees informed
such as the business strategies of financial companies, about global trends and financial markets.
the financial sector, and financial markets, as well as
In 2023, WFRI published 470 reports, primarily focusing on key management issues—a
macroeconomic issues. Through both field-oriented significant increase from the 417 reports it published in 2022. The institute also operat-
and global research activities, the institute supports ed an external advisory body to enhance its research expertise and mandated plagia-
the effective management decisions and business rism checks on all research reports to improve the quality of the research output.
operations of Woori Financial Group. Serving as a guide
to establish the optimal directions for relevant financial
PLAN FOR 2024
policies, WFRI is positioning itself as a trusted opinion
leader in the Korean financial industry. Woori Finance Research Institute has set its management goal for 2024 at
strengthening its role as a key think tank, aligning with the Group’s goal to become a
leading financial group. To that end, WFRI has formulated seven strategic manage-
ment objectives: 1) conducting research to enhance corporate finance competi-
tiveness, 2) supporting global business growth, 3) developing strategies to diversify
non-interest revenue sources, 4) carrying out in-depth investigations into future
ORGANIZATIONAL CHART
General Officer Candidates
8 Unit Shareholders’ Meeting Recommendation Committee
Audit Committee Audit Unit
Board of Directors Secretariat Board of Directors

19 Department Risk Management Committee
CEO Compensation Committee
Subsidiary Representative Director

Candidates Recommendation Committee
CORPORATE CULTURE
Board ESG Management Committee
& LEADERSHIP CENTER
Management
Strategy Planning Unit Finance Planning Unit Growth Support Unit Digital Innovation Unit Brand Unit Risk Management Unit Compliance Officer
Support Unit
Strategy & Planning Finance & Management Synergy Business Future Innovation Public Relations Risk Management Management Support Compliance Audit
Department Department Department Department Department Department Department Department Department
Business Portfolio Accounting ESG Management Finance Technology Brand Strategy Risk Model Validation
Department Department Department Department Depatment Department
IR ICT Planning
Department Department
GLOBAL NETWORK
Woori Bank
Network Phone Address Network Phone Address

USA
New York Agency 1-212-949-1900 245, Park Ave. 43rd Floor, New York, NY 10167, USA
Woori America Bank 1-212-244-3000 330 5th Avenue New York, NY 10001, USA
LA Branch 1-213-620-0747~8 3360, West Olympic Blvd. Suite 300, LA, CA90019, USA Manhattan Branch 1-212-244-1500 330 5th Avenue New York, NY 10001
London Branch 44-207-680-0680 9th Floor, 71 Fenchurch Street, London, EC3M 4BR,UK Flushing Branch 1-718-886-1988 136-88 39th Avenue Flushing New York, NY 11354, USA
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105-7110 Japan
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Hong Kong Branch 852-2521-8016 Suite 1401, Two Pacific Place, 88 Queensway, Hongkong Palisades Park Branch 1-201-346-0055 225 Broad Avenue Palisades Park, NJ 07650, USA
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Bahrain Branch 973-17-223503 P.O. Box 1151, 4th Floor, Entrance 1, Manama Centre Building, Manama, Bahrain
Annandale Branch 1-703-256-7633 Seoul Plaza 4231 Markeham St. Annandale, VA 22003, USA
Woori Bank Bangladesh Country Office 88-02-5881-3270 Suvastu Imam Square, 65 Gulshan Avenue, Dhaka - 1212, Bangladesh Bayside Branch 1-718-224-3800 215-10 Northern Blvd. Bayside, NY 11361, USA
Ellicott City Branch 1-443-973-3690 100352 Baltimore National Pike Ellicott City, MD 21042, USA
Dhaka Branch 88-02-5881-3270~3 Suvastu Imam Square (1st & 4th Fl.) 65 Gulshan Avenue, Dhaka, Bangladesh
Wilshire Branch 1-213-382-8700 3540 Wilshire Blvd. Unit 104, Los Angeles, CA 90010, USA
DEPZ Customer Service Center 880-2778-8030 Dhaka Export Processing Zone(Old Area), Ganakbari, Ssvar, Dhaka-1349, Bangladesh Olympic Branch 1-213-738-1100 3360, West Olympic Blvd. Suite #300, LA, CA90019, USA
Ayub Trade Center, Holding # 1269/B, Sheikh Mujib Road, Agrabad Commercial Area, Fullerton Branch 1-714-521-3100 5731 Beach Blvd., Buena Park, CA 90621, USA
Chittagong Sub-Branch 880-931-728221~4
Buena Park Branch 1-714-534-6300 6940 Beach Blvd #D-124, Buena Park, CA
Gosaildanga, Ward #36, Double Mooring, Chattogram, Bangladesh
Paradise Tower(Ground Floor) Plot 11, Sector 3, Uttara Model Town,Uttara, Dhaka 1230, Centreville Branch 1-703-988-9555 13832 Braddock Road. Centreville, VA 20121, USA
Uttara Sub-Branch 880-2896-2125~6
Irvine Branch 1-949-885-3760 14252 Culver Dr. #G, Irvine, CA 92604
Bangladesh
Torrance Branch 1-310-974-1880 2390 Crenshaw Boulevard, Units C Torrance CA 90501 USA
Mirpur Sub-Branch 880-2902-1061~2 Padma Bhaban(First Floor), 1/9 Mirpur Road Pallabi, Mirpur-12, Dhaka-1216, bangladesh
San Jose LPO 1-415-652-9476 2328 Walsh Ave, Santa Clara CA 95051 USA
Narayanganj Sub-Branch 880-2769-2031~34 Adamjee Export Processing zone, Shiddhirganj, Narayanganj-1431 Bangladesh Northern Branch 1-929-362-3330 164-25 Northern Blvd. Flushing NY 11358, USA
Motijheel Sub-Branch 880-2471-21001~04 AA Tower, 23, Ground Floor, Motijheel C/A, Dhaka Dallas LPO 1-972-810-0166 1028 MacArthur Dr.Suite #108, Carrollton, TX, 75007
Chicago LPO 1-224-938-9553 1247 Milwaukee Ave, Suite 207, Glenview, Illinois, 60025
Kawranbazar Sub-Branch 880-2446-12238~41 A.H.N Tower, Ground Floor, 13 Biponon C/A, Sonargaon Road, Bagla Motor, Dhaka Seattle LPO 1-206-948-6691 11900 N.E. 1st Street, Suite 300, Building G, Bellevue, WA 98005
Chittagong Customer Service Center 880-3133-3340362 BEPZA Building, 1st floor of Zone Services Complex in Chattogram EPZ(CEPZ) Dallas Branch 2405 S. Stemmons FWY, Lewisville, TX 75067
Duluth Branch 1-770-624-5930 3360 Satellite Blvd., Suite 14, Duluth, GA 30096
"Gaesong Industrial District Phase 1, 25 - 1 Business Support Center, 1st Floor 103
Gaeseong Branch 001-8585-2300~2 CHINA
1st Floor, Bongdong-Ri, Gaeseong, Hwanghae-Do, North Korea"
Floor 11-12, Block A Building 13, District4, Wangjing East Park, Chaoyang District Beijing China
Sydney Branch 61-2-8222-2200 Suite 21.02, 126 Phillip Street, Sydney, NSW, Australia Woori Bank China Limited 86-010-8412-3000
100102
1102A, Level 11, The Gate Building, East Wing, P.O. Box 506760, DIFC, Dubai, United Arab Head Office Business Department 86-010-8441-7771 Floor1 Block B Building 13 District4 Wangjing East Park Chaoyang District Beijing China 100102
Dubai Branch 971- 4-325-8365
Emirates Beijing Branch 86-010-8453-8880 1801-3, 1801-4, Samsung Building, No.31, Jinghui Street, Chaoyang District, Beijing, China
Unit 601, 6th floor, Birla Centurion, Century Mills Compound, Pandurang Budhkar Marg, 104B,502, Dongfangchunyi Building 1, 5F, Eshan Avenue 505 Pudong New Area, Shang-
Woori Bank India Regional Headquarters 91-22-6263-8100 Shanghai Branch 86-021-5081-0707
Worli, Mumbai, Maharashtra-400030, India hai,200122, China
Lotte India, 2nd Floor, No.4/169, Rajiv Gandhi Salai(OMR), Kandhanchavadi, Perungudi 86-0755-3338- 1001,1002,1003,1004,1008 ,Hon Kwok City Commercial Center, Fuming Road, Futian District,
Chennai Branch 91-44-3346-6900 Shenzhen Branch
Taluk, Chennai-600096, Tamil Nadu, India 1234 Shenzhen, China
86-0512-6295-
1st Floor, Salcon Platina Building, MG Road, Sector-28, Sikanderpur, Gurga- Suzhou Branch 6F Building #58 Suzhou Center, Suxiu Road,Suzhou Industrial Park, Jiangsu, China
Gurgaon Branch 91-12-4270-6703 0777
on-122001,Haryana, India
NO.1 Building, Aocheng Commercial Square, Binshui West Road, Nankai District, Tianjin, 300381
Unit 601, 6th floor, Birla Centurion, Century Mills Compound, Pandurang Budhkar Marg, TianJin Branch 86-022-2338-8008
Mumbai Branch 91-22-6263-8100 CHINA
Worli, Mumbai, Maharashtra-400030, India

Shanghai Puxi Sub-Branch 86-021-5208-1000 1F, Maxdo Center, NO.8 Xingyi Road, Changning District, Shanghai, 200336, China Purwakarta Branch 62264-8227474 Jl. Basuki Rahmat No. 94, Purwakarta/41114
Beijing Wangjing Sub-Branch 86-010-8471-8866 1F,NO.10, FURONG STREET, CHAOYANG DISTRICT, BEIJING 100102, CHINA Subang Branch 62260-421014 JL. Ahmad Yani No. 36/41211
Shanghai Wuzhonglu Sub-Branch 86-021-6446-7887 1C, Liaoshen Building, 1068 Wuzhong Road, Minhang District, Shanghai, 201103, China Karawaci Tangerang Branch 6221-55772345 Ruko Pinangsia Blok H No. 1 Lippo Karawaci Kel. Cibodas Tangerang/15139
86-0755-8826- Garut Branch 62262-544672 Jl. Ahmad Yani No.33/44117
Shenzhen Futian Sub-Branch Room 107, Daqing Building, NO.6027 Shennan Road, Futian District, Shenzhen 518040, China
9000 Medan Branch 6261-42007100 Jl. Zainul Arifin No. 53A
Shanghai Jinxiujiangnan Sub- Makassar Branch 6241-18001859 Jl. Gunung Latimojong, Ruko Metro Square Blok E No. 1
86-021-3432-1116 No.101-1, 102 MT BLDG, 3999 Hongxin Road, Minhang District, Shanghai,China, 201101
Branch Bandar Lampung Branch 6272-15604961 Jl.. Raden Intan No. 80 D-E, Bandar Lampung , Lampung
Beijing Shunyi Sub-Branch 86-010-8945-2220 1-107A GangXin JiaYuan Shunyi District Beijing 101300 China
Pekanbaru Branch 6276-1579-5047 Jl. Jendral Sudirman No. 628, Pekanbaru, Riau
86-0411-8765-
DaLian Branch 2F-218, Yoma IFC, NO.128 Jinma Road, Dalian Development Area, Dalian, P.R. China 116600 Manado Branch 6243-1707-0025 Jl. Piere Tendean B1 No.12, Manado, North Sulawesi
8000
Buah Batu Sub-Branch 6222- 7306347 Jl. Buah Batu No. 58 Bandung/40265
86-0512-5636-
Zhangjiagang Sub-Branch B104/B205 Huachang Oriental Plaza, 11 Renmin East Road, Zhangjiagang Jiangsu, 215600 China Kopo Sub-Branch 6222-5436802 Komp Ruko Mas J-9 Jl. Kopo Cirangrang/40225
6696
86-512-028-6557- No.302-306, 3F, Ping'an Fortune Center, No.1, Renmin South Road(Section 3), Chengdu, Sich- Cimahi Sub-Branch 6222-6634656 Jl. Raya Cibabat No. 310 Cimahi/40213
Chengdu Branch Sukajadi Sub-Branch 6222-2021761 Jl. Prof. Dr. Surya Sumantri Kav. 6, Bandung, West Java
2336 uan,China,610041
1801, 18th Floor, Building A3, Wisdom Valley, No. 17-5 Hong Kong Road, Economic and Technologi- Soekarno Hatta Sub-Branch 6222-7509905 Jl. Soekarno Hatta No. 618 F/40286
Weihai Branch 86-0631-599-6000
cal Development Zone, Weihai City, Shandong Province, China Pemuda/Rawamangun Sub-Branch 6221-47862070 Jalan Paus No 91F, Pulogadung, Jakarta Timur
Tianjin Heping Sub-Branch 86-022-8776-9000 36th Floor, China Life Finance Center, 38 Qufu Road, Heping District, Tianjin, 300042, China Sumedang Sub-Branch 62261-206527 Jl. Prabu Geusan Ulun No.76/45311
Shop 2, First Floor, Jinjia International Building, No.10, GuiHua Street Branch Road, JiangBei District, Serang Sub-Branch 62254-224142 Jl. KH. Abdul fatah Hasan No.53 Kel. Cipare Serang/42124
Chongqing Branch 86-023-6152-2222
ChongQing, China, 400000 Commercial Center Cikarang Sub-Branch 6221-89328838 Ruko The Capitol, Kawasan Industri JABABEKA, Jl. Niaga Raya Blok 2 C, Bekasi, West Java
Room 202, 2 / F, Building B1, Shanghai International Trade Center, No. 1599 New Jinqiao Road, Kramat Jati Sub-Branch 6221-8002895 Jl. Pondok Gede Raya No. 12
Shanghai Jinqiao Sub-Branch 86-021-6882-0608
Pudong, Shanghai, China
Kebon Jeruk Sub-Branch 6221-53660160 Jl. Kelapa Dua Raya(RayaPanjang) No.2, Rt 008, Rw 002 Kel. Kelapa Dua Kec. Kebon Jeruk/12130
26F, Tower A, Tianyuangang Center, C2, North Road, East Third Ring Road, Chaoyang District,
Beijing Sanyuanqiao Sub-Branch 86-010-8440-7177 Pajajaran Sub-Branch 6222-20565353 Jl. Pajajaran no. 85, Bandung, West Java
Beijing, China
Room 2605-2608, Office Tower 1, Forum 66, No.1-1 Qingnian Street, Shenhe District, Shenyang Lembang Sub-Branch 6222-2784797 Jl. Grand Hotel Lembang No.25 Bandung/40391
Shenyang Branch 86-024-8186-0808 Deltamas Cikarang Sub-Branch 6221-89972635 Ruko Palais De Paris Blok. D
City, Liaoning,China
1 Unit 07, 21/F, Qianhai Shimao Financial Center, No.3040 Xinghai Avenue, Qianhai Shenzhen-Hong Majalengka Sub-Branch 62233-8285460 Jl. KH. Abdul Halim No.447 Majalengka/45411
Shenzhen Qianhai Sub-Branch 86-755-3683-0888
Kong Coorperation Zone, Shenzhen,China Kuningan Sub-Branch 62232- 8880938 Jl. Dewi Sartika No.4/45512
INDONESIA Indramayu Sub-Branch 62234-276236 Jl. DI. Panjaitan No.103/45212
T. Bank Woori Saudara Indonesia
P Cibubur Times Square Blok B1/1 Jl. Alternatif Cibubur KM 3 Kel. Jatiraya, Kec. Jastisampurna Beka-
6221-50871906 Treasury Tower 26th, 27th FL. District 8 SCBD Lot 28 JI.Jend. Sudirman Kav. 52-53, Jakarta 12190 Cibubur Sub-Branch 6221-84305050
1906 Tbk si/17435
Corporate Branch 6221-50871888 Treasury Tower 26th, 27th FL. District 8 SCBD Lot 28 JI.Jend. Sudirman Kav. 52-53, Jakarta 12190 62264-8385171/
Cikampek Sub-Branch Jl. Terusan Sudirman No. 6B(Sudirman Center)/41373
Diponegoro Branch 6222-87831906 JL. Diponegoro No,. 28, Bandung, West Java 8385172
Cirebon Branch 62231-242006 Komplek Cirebon Super Blok (CSB) Mall Office Park Kav. No. 11 Jl. Cipto Depok Sub-Branch 6221-7522091 JL. Margonda raya Ruko Aarden, Depok, West Java
Bogor Branch 62251-8377887 Jl. Pangkalan Raya No. 8, Warung Jambu - Bogor/16151 Salatiga Sub-Branch 62298-311828 Ruko Wijaya Square B5 Jl.Diponegoro No. 110 Salatiga/50711
Surapati Core Branch 6222-87241326 Komp Surapati Core F-01-02 Bandung Sidoarjo Sub-Branch 6231-8922842 JL. H. Sunandar 6 No. 1, Sidoarjo, East Java
Surabaya Branch 6231-5041906 Jl. Raya Darmo No.89, Surabaya, East Java Mojokerto Sub-Branch 62321-383444 Jl. Gajah Mada No.85B/60319
Semarang Branch 6224-3521906 Ruko Imam Bonjol Square Kav 4 - Kota. Semarang 62263- 260941,
Cianjur Sub-Branch Jl. Abdulah Bin Nuh No.15/43253
260943
Tasikmalaya Branch 62265-2351906 Ruko Plaza Asia Blok A5-A6, Jl. HZ. Mustofa No. 326 - Tasikmalaya/46126
6221-
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7403205,7443335
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Sumber Sub-Branch 62231-8330618 Jl. Dewi Sartika No. 57 Sumber/45611
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Bantul Sub-Branch 62274-367514 Jl. Jenderal Sudirman No. 130 Kabupaten Bantul/55713
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gerang/15610
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Solo Branch 62271-633600 Jl. Ronggo Warsito No. 53 Kota, Solo - Jawa Tengah/57131 62293-
Magelang Sub-Branch Ruko Metro Square Blok F No.25/56172
Tangerang city Branch 6221-29529226 Tangerang City Business park Blok F/50 Jl. Jend. Sudirman No.1 Tangerang/15118 326498/326499
Pelembang Branch 62711-315828 Jl. Basuki Rahmat No. 886 A - Palembang/30127 Padalarang Sub-Branch 6222-6803940/41 Jl. Raya Padalarang No.463 H/40553
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Singaparna Sub-Branch 62265-543111-3 Jl. Raya Timur No.45 Singaparna/46416 Klaten Sub-Branch 62-272-3359557 JL. Pemuda No. 254, Klaten , Central Java
Ciamis Sub-Branch 62265-772221 Ruko Jl Pasar Manis No. 35 -Kab. Ciamis Pasuruan Sub-Branch 62-343-561-4700 JL.. Pahlawan No 44, Pasuruan, East Java
Sleman Sub-Branch 6227-4505-1025 JL. Magelang Km 10, Sleman, Yogyakarta Pati Sub-Branch 6229-5410-1614 Jl. Diponegoro No. 53, Pati, Central Java
Losari Sub-Branch 62231- 8832738-39 Jl. Letjen S. Parman No. 20 Kecamatan Pabuaran , Kab. Cirebon Jawa Barat Sumenep Sub-Brancch 62-3428-6762234 JI. Trunouyo No. 244 Sumenep
Bekasi/Pondok Gede Sub-Branch 6221-82611045-46 Jl Raya Jatimakmur Blok A No. 20 Pondok Gede, Kota Bekasi Ruko Taman Jatimakmur Indah Pelabuhan Ratu Sub-Branch 62-266-6249715 Jl. Siliwangi Rt/Rw 02/18, Desa Pelabuhan Ratu
Kudus Sub-Branch 62291-4249241 JL. AKPB Agil Kusumadya No. 104 A, Kudus, Central Java Posco Cilegon Sub-branch 62254-369755 Annex Building Lt. 1 Jl. Afrika No.2 Krakatau Posco Cilegon/42435
Pamanukan Sub-Branch 62260-551773 Jl. Eyang Tirtapraja No.54 Kab.Subang/41254 Union Square Cikarang Sub-branch 6221-89909797 Ruko Union Square Blok A No.6 Lippo Cikarang, Cikarang Selatan
Majalaya Sub-Branch 6222-85963799 Jl. Alun-alun utara/Jl. Tengah komp ruko permata majalaya Blok C6/40382 Sadang Sub-Branch 62264-8220180 Sadang Terminal Square No.07,08,25 Jl. Raya Sadang Purwakarta/41181
Baleendah Sub-Branch 6222-6320-6012 JL. Raya Banjara No. 232, Baleendah, Bandung, West Java Cikajang Sub-branch 6262-576094 Jl. Raya Cikajang No. 80 Garut
Megablock Cilegon Sub-Branch 62254-8484772 Jl. Raya Ahmad Yani Komp. Cilegon Green Megablock D3 No. 17 - Kota. Cilegon Kendal Sub-branch 62294-644704 Jl. Raya Utama No.9 weleri kendal
Rangkasbitung Sub-Branch 62252-203612 Jl Hardiwangun No.6 B Rangkasbitung - Kab. Lebak Wonosari Sub-branch 62274-3950673 Jl. KH. Agus Salim No.71A Wonosari - Kab Gunungkidul
Tabanan Sub-Branch 62361-814160 Jl. Bypass Insinyur Soekarno No 17, Tabanan, bali Purbalingga Sub-branch 62281-895553 JL. Letkol Isdiman No. 4, Purbalingga, Central Java
Surabaya /Darmo Boulevard Sub-Branch 6231-7381906 Office Park II B.2 No.11 Sragen Sub-branch 62271-895014 JL. Sukowati No. 93 Beloran, Sragen, Central Java
Soreang Sub-Branch 6222-5896880 Jl. Raya Soreang No.412/40900 Bintaro Sub-branch 6221-7374685 Jl. Veteran Raya no 42D, Bintaro, South Jakarta
Ujung Berung Sub-Branch 6222-7834128 Jl AH Nasution No. 28 - Kota.Bandung Probolinggo Sub-branch 6233-54491787 Ruko Manunggal No. 2, Jl. Soekarno Hatta
MERR Sub-Branch 6231-8480454 JL. Ir. H. Soekarno No. 360, Surabaya, East Java Pandeglang Sub-branch 6225-35554739 Jl. Raya Labuan KM 1
Luragung Sub-Branch 62223-2870016 Jl. Siliwangi No. 62, Ds. Luragungtonggoh, Kec. Luragung, Kab. Kuningan Pasar Atom Sub-branch 6231-3503350 Jl. Pangampon No. 75
62265- Citra Raya Sub-branch 6212-9014270 Ruko Cikupa Niaga Mas Blok A No. 12
Pangandaran Sub-Branch Jl. Parapat, Desa Pangandaran, kec pangandaran kab ciamis/46396
630400,630010 Ahmad Yani Sub-branch 6221-3831-7066 JL. Ahmad Yani, Komplek Ruko Central Niaga Kalimalang Bekasi, West Java
Purwodadi Sub-Branch 62292-423399 JL. Ahmad Yani No. 223, Grobogan, Central Java
Pondok Kelapa Sub-branch 6221-86941678 JL. Inspeksi Kali Malang Komplek Billy & moon MLBZ Kav No. 3F, Duren sawit, East Jakarta
Leuwiliang Sub-Branch 62251-8640297 Jl. Raya Jasinga 11A Kel. Cibeber, Kec. Leuwiliang Kab Bogor/16640
Ciracas Sub-branch 6221-87735005 JL. Raya Lapangan Tembak No. 63 , Cibubur, East Jakarta
62265- Jl. Perjuangan No.80 Kp.Karanganyar Rt. 04 Rw. 05 Desa Pakemitan Kec Ciawi Kab. Tasikmala-
Ciawi Tasikmalaya Sub-Branch Jepara Sub-branch 6291-4290507 Jl. Pemuda No. 21 D-E
455163,455167 ya/46156
Banjarnegara Sub-branch 6286-5963716 Jl. Letjend S Parman No. 29
Cilacap Sub-Branch 62282-534474 JL. Letjen Suprapto No.4, Cilacap, Central Java
Ruko Cempaka Mas Regency Block B-2. JL Soekarno Hatta Kel Kepuhkembeng Kec Peterongan.
Purworejo Sub-branch 62-75-321457 JI. Ahmad Yani no.93, Purworejo
Jombang Sub-Branch 62321-878906 Brebes Sub-branch 6228-3451-1421 JL. Jend. A. Yani no 71, Brebes, Central Java
Jombang, East Java
Banjar Sub-Branch 62265-740838 JL. Letjen Soewarto No.160, Banjar, West Java Karanganyar Sub-branch 62-271-6882712 Jalan Raya Palur Jurug RT 004/RW 001 Desa Ngringo, Kec. Jaten, Kab. Karanganyar
Boyolali Sub-Branch 62276-323655 Jl. Pandanaran No.179 B Kab.Boyolali/57313 Ungaran Sub-branch 6224-3532-2017 Jl. Gatot Subroto No. 232 Ungaran ,Semarang, Central Java
Radio dalam Sub-Branch 6221-7211005 JL. Radio dalam raya No.4 Kel. Gandaria Utara Kec. Kebayoran baru Jakarta selatan/12160 Gading Serpong Sub-branch 62-21-5421-2159 Jl. Boulevard Raya Gading Sepong, Ruko Alexandrite 3, No.21, Kabupaten Tangerang
Singaraja Sub-Branch 62362-25098 Jl. Ngurah Rai No. 16 Singaraja Kelurahan Kendran Kecamatan Buleleng/81112 Dalem Kaum Sub-branch 6222-4211906 Jl Dalam Kaum No. 5 - Kota.Bandung
Manonjaya Sub-Branch 62265-380510 Jl. RTA. Prawira Adiningrat No.214 A Desa Manonjaya kec.Manonjaya-Tasikmalaya Pasar anyar Sub-branch 62251-8574423 Jl. Sawojajar No.12 B, Kota. Bogor
Surabaya Utara /kertajaya Sub-Branch 6231-99452669 JL. Raya Gubeng No. 68 Ruko 21 , Surabaya, East Java Asabri Bandung Sub-branch 6222-7279740 Jl. Citarum No.6, Bandung, West Java
Batu Sub-Branch 62341-513709 Jl. Brantas No.49 Batu-Malang/65314 Cililitan Asabri Sub-branch 6221-80876494 Jl. Mayjen Sutoyo No.11 Gedung PT Asabri (persero) Jl. Cililitan - jakarta Timur/13630
Palimanan Sub-Branch 62231-343950 Jl. Otto Iskandardinata No.503 Palimanan Asabri Sub-branch 62-31-82517971 Jl. Gayungan PTT, No. 43, Surabaya – 60235, Gedung Kantor Asabri Surabaya
cibadak Sub-Branch 6266-531915 Jl. Raya Suryakencana RT 03 RW 08, Cibadak - Kab. Sukabumi Asabri Semarang Sub-branch 62247-6403870 JL Perintis Kemerdekaan No3. Kel Pudakpayung Kec Banyumanik. Semarang, Central Java
Kemang Pratama Bekasi Sub-branch 62254-369755 Jl. Niaga Raya Blok P No.22C RT 001/021 Kel. Bekasi Bojonergoro Sub-branch 62-353-311271 Jl. Untung Suropati Ruko Adipura Block A-11
Wates Sub-Branch 6227-4504-1027 JL. Kolonel Sugjono No. 4, Wates, Yogyakarta 62262-429000,
Darmaraja Sub-branch Jl. Raya Darmaraja No.253 desa Darmaraja, Kec Darmaraja Kab.Sumedang/45372
62265 - 429069,428478
Karangnunggal Sub-Branch Jl. Raya Karangnunggal KP.Karangmekar RT/RW 03/09 Desa Hegarwangi Kec. Bantarkalong Kab. Jatinangor Sub-branch 6222-87834401 JL. Raya Cipacing No. 78, Bandung, West Java
2584571/2584572
Wonogiri Sub-Branch 62271-633600 Jalan Ahmad Yani No 66, Wonogiri Jatibarang Sub-branch 62834-352911 Jl. Letnan Joni No.178 Kec. Jatibarang - Kab Indramayu/45273
Kawali Sub-Branch 62265 791560 Jl. Siliwangi No.262, Desa Kawali mukti Kebayoran Baru Sub-branch 6221-3825-0087 JL. Wijaya II Blok B No. 4, Kebayoran Baru, Komplek Ruko Grand Wijaya, South Jakarta
Kepanjen Sub-Branch 6234 1-379840 JL. Kawi No.22, Malang, East Java Cikande Sub-branch 6225-47951546 Jl. Raya Jakarta - Serang KM 68, Ruko Grand Permata No. 10
62324 333905/62324 Jl. Raya Serang- pandeglang KM 11 Lingkungan waru Lor,Desa/kel. Kamanisa Kec Curug Kota
Pamekasan Sub-Branch Jl. Kabupaten No.114 Panglima Cilegon Sub-branch 62254-222133
333906 serang/42117
Kebumen Sub-Branch 62287 3878168 Jl. Ahmad Yani No.20, Kubumen JL. Laksda Adisucipto KM.10, Ruko Airport Square RT.001 RW.001 Purwomartani, Kalasan, Sleman,
Kalasan Sub-branch 6227-44332487
D.I Yogyakarta 55281
Mangga Dua Sub-Branch 6221 62306495 Ruko Harco Mangga Dua Blok L. No.5
Pematang Siantar Sub-branch 62622-7253-499 Jl. Sangnawukuh blok A-40 Kompek Megaland, Pemantang Siantar, North Sumatra
Kelapa Gading Sub-Branch 62 21 29364053 Jl. Boulevard Barat Ruko MOI Blok I No.15
Metro Sub-branch 6272-5800-1701 JL. Jend. Sudirman No. 78F, Metro, Lampung
Kayu Agung Sub-Branch 62-711-315828 Jl. Letnan Muthtar Saleh, Kayuagung, Palembang, South Sumatra
Klungkung Sub-branch 6236-6558-2906 JL. Diponegoro No.45, Klungkung, Bali

Banyuwangi Sub-branch 6233-3289-1660 JL. S. Parman No. 111, Banyuwangi, East Java Lewe II Branch 95 9 441580466 No. 241, Office Street, Min Wine Yat, No. 4 Ward, Lewe Township, Nay Pyi Taw, Myanmar
Ponorogo Sub-branch 6235-2359-7288 JL. Soekarno Hatta No. 222, Ponorogo TakkonⅠBranch 95 9 441473341 No. (ma-127), Yin Mar Street, Area (3), Mya Waddy Ward, Takkon Township, Nay Pyi Taw
Jakarta Pusat Sub-branch (Salemba TakkonⅡBranch 95 9 441481276 No. 93, Thatoeminsaw Yat, Aung Zaya Ward, Takkon Township, Nay Pyi Taw
6221-2962-7877 Jl. Salemba Raya No. 22, District Senen, Central Jakarta
Sub-branch) Ottarathiri Branch 95 9 893642032 No. Ou-1513, Shwe Nant Thar Ward, Ottarathiri Township, Nay Pyi Taw
Blitar Sub-branch 6234-2818-0338 Jl. Tentara Genie Pelajar No.4, District Pare, Kediri, East Java Nattalin Branch 95-9-773579731 No.52, Apyin Tharzi Street, Tharzi Ward, Nattalin Township, Bago
Rembang Sub-branch 6229-5698-4906 Jl. Jendral Sudirman No. 158, District Rembang, Central Java Taungwingyi Branch 95-9-692687628 No. 174, Ohntaw No. 2 Ward, Taungdwingyi Township, Magwey
Asabri Makassar Sub-branch 6241-1896-1360 Jl. A. P Pettarani No. 21, Tamamaung, Panakkukang, Kota Makassar, Sulawesi Selatan. Natmauk Branch 95-9-891504155 No.22, Plot U Paing No.105, East Aung San Ward, Natmauk Township, Magway
HONG KONG Danubyu Branch 95-9-754217498 No. 195, 5 Street, 17 Ward, Danubyu Township, Ayeyarwady
Woori Global Markets Asia Limited 852-3763-0888 Rooms 1907-1909, 19/F, Gloucester Tower, The Landmark, 15 Queen's Road Central, Hong Kong PHILIPPINES
RUSSIA Wealth Development Bank 63-32-415-5265 Taft Financial Center, Cardinal Rosales Avenue, Cebu Business Park, Cebu City, Cebu
AO Woori Bank 7-495-783-9787 8th floor., Lotte Plaza, 8, Novinsky Boulevard, Moscow, 121099, Russia Unit 103, South Center Tower Condominium 2206 Market Street, Madrigal Business Par Alabang,
ALABANG BRANCH 63-2-801-5335
Saint-Petersburg Br. 7-812-327-9787 1st Floor, Atlantic City, 126 Savushkina Street, Saint-Petersburg, 197374, Russia Muntinlupa City
AO Woori Bank Vladivostok Repre- Vladivostok Business-Center<Hyundai> Office No. 614, 29, Semenovskaya Str. Vladivostok, ANGELES MARQUEE MALL
7-423-240-7014 63-45-624-0072 Ground Floor , Marquee Mall, Don Bonifacio St., Pulung Maragul Angeles City, Pampanga
sentative Office 690091, Russia BRANCH
BRAZIL G/F Expansion II, Pacific Mall Legazpi, Landco Business Park, F. Imperial Street Cor. Circumferential
LEGAZPI PACIFIC MALL BRANCH 63-52-480-0038
Avenida das Nacoes Unidas, 14,171, Crystal Tower, Conj.803, Vila Gertrudes, 04794-000, Sao Road, Legazpi City 4500
Banco Woori Bank do Brazil S.A. 55-11-3511-3300 Ground Floor L 1-26, Pacific Mall, M.L. Tagarao St. Landco Business Park, Brgy. III , Lucena City,
Paulo-SP,Brasil LUCENA PACIFIC MALL BRANCH 63-42-795-3771
Bom Retiro Branch 55-11-3511-3350 Rua Tres Rios, 261 Andar 2, Bom Retiro, Sao Paulo SP, Brasil Quezon
TAGUIG MARKET MARKET Ground Floor, Play Ground Zone, Metro Market Market Mall, Mckinley Parkway, Fort Bonifacio Global
MYANMAR 63-02-889-0275
BRANCH City, Taguig City
Woori Finance Myanmar Co.,Ltd 95-01-643798 115/A, Pyay Road, Saw Bwar Gyee Kone Ward(10 miles), Insein Township Yangon, Myanmar
Ground Floor, Taft Financial Center, Cardinal Rosales Avenue, Cebu Business Park, Brgy. Luz, Cebu
North Okkalapa Branch 95-99-6889-2300 No. G-24, Thiri Yadanar Shopping Complex, North Okkalapa Township, Yangon CEBU AYALA BRANCH 63-32-415-4888
City
Mingaladon Branch 95-1-643798 No. 226, 29 Ward, Min Street, Shwe Pyi Thar Township, Yangon CEBU RAMOS BRANCH 63-32-412-6302 Ground Floor, Hilario Chu Bldg., No. 148 F. Ramos St. Santa Cruz, Cebu City
Nyaungdon Branch 95-99-7674-7709 Room No. 103, 1st Street, 5 Quarter, Nyaungdon Township, Ayarwaddy, Myanmar CEBU CARBON BRANCH 63-32-416-9077 Ground Floor, M.C. Briones & Plaridel Sts., Cebu City
Taikkyi Branch 95-9-7717-81028 Room No.9, Natsinkone Road, Ohtan Ward, Taikkyi Township, Yangon, Myanmar CEBU MANDAUE BRANCH 63-343-8144 Ground Floor, G/F Meritz Building, A.C. Cortes Ave. Ibabao, Mandaue City, Cebu
Hmawbi I Branch 95-9-974563586 2F No(26) Tatkyee Kone village, Hmawbi Township, Yangon, Myanmar CEBU TABUNOK BRANCH 63-32-272-2955 Ground Floor, AGSy Bldg., National Hi-Way, Tabunok Talisay City, Cebu
Hmawbi II Branch 95-9-97456395 1F No(26) Tatkyee Kone village, Hmawbi Township, Yangon, Myanmar CEBU MANDAUE PACIFIC MALL Ground Floor, Mandaue Pacific Mall Metro National Highway corner M.B. Fernan Ave. Estancia,
63-32-239-1072
Maubin I Branch 95 9 9712 25895 No. 432, Yelal Street, (8)Ward, Maubin Township, Ayeyarwaddy METRO BRANCH Ibabao, Mandaue City, Metro Cebu
Maubin II Branch 95 9 9616 12763 No. 432, Yelal Street, (8)Ward, Maubin Township, Ayeyarwaddy G/F Metro Store Mambaling, Cebu, N. Bacalso Avenue corner F. Llamas Street, Basak San Nicolas,
CEBU MAMBALING BRANCH 63-414-4233
Cebu City
Kawhmu Branch 95 9 9742 91112 No 192/B, Bogyoke St. South Wd Kawhmu Townshop, Yangon
TAGBILARAN BANKING CENTER 63-411-4860 Ground Floor, No. 15 JS Torralba St., Poblacion 2, Tagbilaran City, Bohol
Insein Branch 95 1 643798 No. 226, 29 Ward, Min Street, Shwe Pyi Thar Township, Yangon
ILOILO BANKING CENTER 63-338-4419 Ground Floor, ACCE Bldg., Mabini Ledesma St., Liberation, Iloilo City
Kungyangon Branch 95 9 975 890019 No 540, Yadanar Pone 2nd St, Kangyi / Magyi Ward, Kungyangon Township, Yangon, Myanmar
CAGAYAN DE ORO BANKING CEN- Ground Floor, Jammin Lui Bldg., corner A. Velez & Gomez Sts. Poblacion, Cagayan de Oro City,
Zalun Branch 95 9 960996083 Bogyok St. Nyaung Pin Zay Ward, Zalun Township, Ayeyarwady, Myanmar 63-88-856-8974
TER Misamis Oriental
Kyimyindaing Branch 95 9 960996092 No. 101, Tha Yet Taw(3) Upper St. Tha Yet Taw Ward, Kyimyindaing Township, Yangon, Myanmar
DAVAO BRANCH 63-82-225-3318 Ground Floor, Door 8, 9 & 10 Grand MenSeng Hotel Pichon St., 1-E Poblacion, Davao City, Davao del Sur
Hinthada I Branch 95 9 960996099 No. 49, U Wisarra St. Pha Tar Gyi Ward, Hinthada Township, Ayeyardady, Myanmar
TACLOBAN BRANCH 63-053-832-3436 Real Street Corner Perichon Barangay 54, Tacloban City, Leyte
Hinthada II Branch 95 9 961010611 No. 93, Nat Maw St. Panbetan Ward, Hinthada Township, Ayeyarwady, Myanmar
CALOOCAN BRANCH 63-0917-870-7335 Rizal Avenue Extension, East Grace Park, Caloocan 1400, Metro Manila
Hinthada III Branch 95 9 961010611 No. 93, Nat Maw St. Panbetan Ward, Hinthada Township, Ayeyarwady, Myanmar Gaisano Mall of GenSan, Digos-Makar Road, National Highway, Barangay Lagao, General Santos
GENSAN BRANCH 63-083-553-2064
Twantay Branch 95 9 961010511 No. 210, Bo Gyoke St. Kon Gyan(Middle) Ward, Twantay Township, Yangon City, 9500, Philippines
Pyapon II Branch 95 9 950311096 No. 18C, 8th St. 9th Ward, Pyapon Township, Ayeyarwady DUMAGUETE BRANCH 63-035-523-5532 1F Jose Building South Road Calindagan, Dumaguete City
Pantanaw I Branch 95 9 764433931 No. 1, Sel Myaung St. Myo Kwet Thit 1, Pantanaw Township, Ayeyarwady, Myanmar BACOLOD BRANCH 63-034-447-0227 Lacson-Luzuriaga Streets, Bacolod City, Negros Occidental
Pantanaw II Branch 95 9 764433932 No. 1, Sel Myaung St. Myo Kwet Thit 1, Pantanaw Township, Ayeyarwady, Myanmar BUTUAN BRANCH 63-0917-870-7390 JC Aquino Ave, corner, Pareja Subdivision, Butuan City, Mindanao
Gyobingauk I Branch 95 9 764433935 No. 154, Ashay Myopat St. Pan Tin Ward, Gyobingauk Township, Bago, Myanmar NAGA BRANCH 63-054-881-2836 Ground Floor, Super Metro Camarines Sur, Panganiban Drive, Naga City, Casmarines Sur
Gyobingauk I Branch 95 9 764433936 No. 154, Ashay Myopat St. Pan Tin Ward, Gyobingauk Township, Bago, Myanmar BAGUIO BRANCH 63-074-665-2394 NRC Building, Abanao Street, Baguio City, Benguet, Cordillera Administrative Region
Zigon Branch 95 9 780 113417 No. 8/B, Yangpn - Pyay St. 5 Ward, Zigon Township, Bago BINONDO BRANCH Lucky Chinatown Mall, Reina Regente St. Binondo, Manila, National Capital Region
Paungde I Branch 95 9 780114012 Plot No. 79, Shwetaung Street, Min Kwet 3, Ward, Paungde Township, Bago, Myanmar VIETNAM
Paungde II Branch 95 9 780114068 Plot No. 79, Shwetaung Street, Min Kwet 3, Ward, Paungde Township, Bago, Myanmar Woori Bank Vietnam Limited 84-04-7300-6802 34F, Keangnam Landmark 72, E6 Pham Hung Road, Tu Liem District. Hanoi, Vietnam
Lewe I Branch 95 9 402187901 No. 5/379A, Yangon-Mandalay Main Street, 5 Ward, Lewe Township, Naypyitaw Hanoi Branch 84-4-3831-5281 24F, Keangnam Landmark 72, E6 Pham Hung Road, Tu Liem District. Hanoi, Vietnam
Pyinmana I Branch 95 9 402187923 No. 181, Yarza Htarni St. Aung Thar Yar Ward, Pobbathiri Township, Nay Pyi Taw, Myanmar Hochiminh Branch 84-8-3821-9839 No. 7,8,9, 2nd Floor, Mplaza Saigon, 39 Le Duan St., Ben Nghe Ward, Dist. 1, HCMC, Vietnam
Pyinmana II Branch 95 9 402187924 No. 181, Yarza Htarni St. Aung Thar Yar Ward, Pobbathiri Township, Nay Pyi Taw, Myanmar

1st and 3rd Floor, Vincom plaza Bac Ninh, Ly Thai To Street, Suoi Hoa Ward, Bac Ninh City, Bac Ninh Sithor Kandal - Preaek Changkran 010 855 600 Preaek Sandaek Village, Preaek Changkran Commune, Sithor Kandal District, Prey Veng Province
Bac Ninh Branch 84-22-2390-8460
Province, Vietnam Svay Rieng 087 666 746 Phum Kien Sang, Sangkat Svay Rieng, Krong Svay Rieng, Svay Rieng Province.
NO. 4, Lot 22A, Le Hong Phong Street (Cat Bi Airport New Urban Area), Dong Khe Ward, Ngo Quyen
Hai Phong Branch 84-255-730-0101 Preah Sdach - Angkor Reach 010 855 522 Krasang Tong village, Angkor Reach commune, Preah Sdach district, Prey Veng province
District, Hai Phong City, Vietnam
2nd Floor, Gate 1, Samsung Electronics Vietnam Co.,Ltd. Thai Nguyen, Yen Binh Industiral Zone,
Kampong Trabaek - Prasat 010 855 244 Doun Tung Village, Prasat Commune, Kampong Trabaek District, Prey Veng Province
Thai Nguyen Branch 84-208-730-0010 Me Sang - Chi Phoch 093 855 054 Veang Village, Chi Phoch Commune, Me Sang District, Prey Veng Province
Dong Tien ward, Pho Yen town, Thai Nguyen Province, Vietnam
10th Floor, Becamex Building, No.230, Binh Duong boulevard, Thu Dau Mot City, Binh Duong Prov- Bavet - Chrak Mtes 087 666 368 Phum Thnal Cheat, Sangkat Chrak Mtes, Krong Bavet, Svay Rieng Province
Binh Duong Branch 84-274-222-2631
ince, Vietnam Romeas Haek - Kampong Trach 087 666 793 Ta Trav Village, Kampong Trach Commune, Romeas Haek District, Svay Rieng Province
Room No.103, 1st floor and Room No.203, 2nd floor, The 67 (678) Tower, No.67 Hoang Van Thai Kampong Rou - Nhor 087 555 280 Rou Village, Nhor Commune, Kampong Rou District, Svay Reang Province
Phu My Hung Branch 84-28-7303-0503
Street, Quarter 1, Tan Phu ward, District 7, Ho Chi Minh city
Rumduol- Kampong Chak 087 666 946 Chak Village, Kampong Chak commune Rumduol District Svay Rieng Province
Ton Duc Thang road, Nhon Trach 3 Industrial Zone, Phase1, Hiep Phuoc, ward, Nhon Trach district,
Dong Nai Branch 84-251-730-0370 Lot № 1742 & 1130, National Road № 2, Phum Thnal Baek, Sangkat Roka Krau, Doun Kaev Munici-
Dong Nai Provincem Vietnam Takeo 090 855 660
pality, Takeo Province
1st and 2nd floor, Tien Loc Building, Commercial Service Zone 4, Thanh Chau ward, Phu Ly City, Ha
Ha Nam Branch 84-266-730-0020 Bati District - Trapeang Sab 090 855 662 National Road № 2, Smau Khnhei village, Trapeang Sab commune, Bati district, Takeo province
Nam Province, Vietnam
2nd floor, Phi Long Technology Building, 52 Nguyen Van Linh Road, Nam Duong Ward, Hai Chau National Road № 3, Angk Ta Saom Village, Angk Ta Saom Commune, Tram Kak District, Takeo Prov-
Da Nang Branch 84-236-730-0321 Tram Kak - Angk Ta Saom 090 855 311
District, Da Nang City, Vietnam ince
5th Floor, Sonadezi Building, No 1, Road 1, Bien Hoa 1 Industrial Zone, An Binh Ward, Bien Hoa City, Kiri Vong - Preah Bat Choan Chum 090 855 671 Lot № 1806, Kampong Village, Preah Bat Choan Chum Commune, Kiri Vong District, Takeo Province
Bien Hoa Branch 84-251-730-0270
Dong Nai Province, Vietnam Treang - Smaong 090 855 575 Kampong Chrey Village, Smaong Commune, Treang District, Takeo Province
Ground floor and 8th Floor, E-Town 1 Building, no. 364 Cong Hoa St. Ward 13, Tan Binh District, Ho Samraong - Samraong 090 855 388 Prey Totueng Village, Samraong Commune, Samraong District, Takeo Province
Sai Gon Branch 84-28-7300-2710
Chi Minh City, Vietnam
Prey Kabbas - Prey Lvea 071 385 5059 Lvea Tnaot Village, Prey Lvea Commune, Prey Krabbas District, Takeo Province
1st and 2nd Floor, Bao Quan Hotel, 396 Me Linh Street, Lien Bao ward, Vinh Yen City, Vinh Phuc
Vinh Phuc Branch 84-211-730-0010 National Road № 3, Damnak Toap Khang Tboung village, Krang Snay commune, Chhukdistrict,
Province, Vietnam Chhuk - Satv Pong 088 855 8498
Kampot province
1st and 5th Floor, Asia Tower Building, No.6, Nha Tho street, Hang Trong ward, Hoan Kiem district,
Hoan Kiem Branch 84-24-3204-5203 Banteay Meas - Tuk Meas Khang Prey Krala Khang Lech Village, Tuk Meas Khang Lech Commune, Banteay Meas District, Kampot
Hanoi city, Vietnam 060 855 711
Lech Province
amsung Electronics Transaction
S 1st and 2nd Floor, Halla building, Lot CC2, Yen Phong Industrial Zone, Yen Trung Commune, Yen
84-22-2369-9431 Angkor Chey - Phnum Kong 071 333 6692 Pou Village, Phnum Kong Commune, Angkor Chey District, Kampot Province
Office Phong District, Bac Ninh Province, Vietnam
1F, Youngjin E&C Vina Hai Phong, Lot CC3-2.1, Trang Due Industrial Park Phase 2, Hong Phong Kampong Trach - Kampong Trach Lot № 1416, Kampong Trach Ti Muoy Village, Kampong Trach Khang Kaeut Commune, Kampong
Trang Due Transaction Office 84-22-5730-4868 071 346 6661
Commune, An Duong District, Dinh Vu - Cat Hai Economic Zone, Hai Phong City, Vietnam Khang Kaeut Trach District, Kampot Province
inhomes Central Park Transaction
V P6-0.14 Park 6 (P6 SH.07), Vinhomes Central Park, 720A Dien Bien Phu Street, 22 Ward, Binh № 249, Street Ekareach 100, Phum Phum Bei, Sangkat Pir, Krong Preah Sihanouk, Preah Sihanouk
84-28-3535-4900 Preah Sihanouk 087 888 064
Office Thanh District, Hochiminh City Province
01st Floor, Grand Plaza Shopping Center Building, No 117 Tran Duy Hung, Trung Hoa Ward, Cau Srae Ambel - Srae Ambel 087 888 105 Trapeang Village, Srae Ambel Commune, Srae Ambel District, Koh Kong Province
Charmvit Tower Transaction Office 84-24-7306-9568
Giay District, Hanoi Basedth - Pheari Mean Chey 087 888 029 Preah Mlob Village, Pheari Mean Chey Commune, Basedth District, Kampong Speu Province
Part of Ground Floor of V2, V3 Building, Van Phu Victoria – CT9, Van Phu New Urban Area, Phu La № 85, National Road № 4, Phum Borei Kammeakkar, Sangkat Rokar Thum, Krong Chbar Mon, Kam-
Ha Dong Transaction Office 84-24-7302-1899 Kampong Speu 068 855 377
Ward, Ha Dong District, Hanoi pong Speu Province
Thao Dien Transaction Office 84-28-3636-9280 01-TMDV Luxury Apartments, No.179 Xa Lo Ha Noi Street, Thao Dien Ward, Thu Duc City, Ho Chi Minh City Street №41, Tuol Ta Sokh Village, Saen Dei Commune, Samraong Tong District, Kampong Speu
Samraong Tong - Saen Dei 071 385 5011
Can Tho Branch 84-29-2352-5016 No.209, 30/4 street, Xuan Khanh ward, Ninh Kieu district, Can Tho City Province
Starlake Branch 84-24-7300-0028 K7TT1-SH06, Central area of Tay Ho Tay new urban project, Xuan La ward, Tay Ho district, Hanoi Ponhea Lueu -Tumnob Thum 068 855 388 Srae Ta Meaeng Village, Tumnob Thum Commune, Ponhea Lueu District, Kandal Province
Le Dai Hanh Transaction Office 84-28-3535-9570 B1-02, 03, 1st Floor, Bao Gia Building, No.184 Le Dai Hanh Street, Ward 15, District 11, Ho Chi Minh City Samkkei Munichay - Krang Chek 071 385 5003 Krang Chongruk Village, Krang Chek Commune, Samkkei Munichay District, Kampong Speu Province
My Dinh Transaction Office 84-24-7305-1566 1st Floor (area 97m2), Sudico Tower, Me Tri Street, My Dinh 1 Ward, Nam Tu Liem District, Hanoi Thpong - Prambei Mum 068 855 366 Anlong Chrey Village, Prambei Mum Commune, Thpong District, Kampong Speu Province
CAMBODIA Aoral - Sangkae Satob 087 888 060 Phsar Kantuot Village, Sangkae Satob Commune, Aoral District, Kampong Speu Province
Buliding 398, Preah Monivong Blvd, Sangkat Boeun Keng Kang 1, Khan Chamkarmon, Phnom Penh Phnum Sruoch - Kiri Voan 087 888 141 Phsar Trapeang Kraloeng Village, Kiri Voan Commune, Phnum Sruoch District, Kampong Speu Province
Woori Bank(Cambodia) PLC. 023963333
12302, Kingdom of Cambodia Tuek Phos - Akphivoadth 087 777 060 Srae Ta Chey Village, Akphivoadth Commune, Tuek Phos District, Kampong Chhnang Province
Building No. 398, Preah Monivong Blvd., Phum Phum 1, Sangkat Boeng Keng Kang Ti Muoy, Khan National Road № 5, Phum Tuol Kralanh, Sangkat Kampong Chhnang, Krong Kampong Chhnang,
Phnom Penh Head Office 023 963 333 Kampong Chhnang 097 959 5739
Boeng Keng Kang, Phnom Penh Capital. Kampong Chhnang Province
Building № 240, National Road № 2, Phum Krapeu Ha, Sangkat Prek Ruessey, Krong Ta Khmau, Kampong Boeng Village, Kampong Hau Commune, Kampong Leaeng District, Kampong Chhnang
Kandal 087 888 068 Kampong Leaeng - Kampong Hau 087 777 229
Kandal Province. Province
S'ang - Preaek Koy 087 888 022 #1427, Preaek Run Village, Preaek Koy Commune, S'ang District, Kandal Province. National Road № 5, Soben Village, Peani Commune, Kampong Tralach District, Kampong Chhnang
Kampong Tralach - Peani 087 777 069
Chbar Ampov - Nirouth 070 999 428 National road № 1, Phumi Boeng Chhuk, Sangkat Nirouth, Khan Chbar Ampov, Phnom Penh Province
№ A157, National Road № 5, Ponley Village, Ponley Commune, Baribour District, Kampong Chhnang
Kandal Stueng Branch - Preaek National Road № 2, Preaek Roka Village, Preaek Roka Commune, Kandal Stueng District, Kandal Baribour - Ponley 087 777 949
087 888 052 Province
Roka Province
National Road № 1, Ampil Tuek village, Kampong Phnum commune, Leuk Daek district, Kandal Pursat 088 855 1141 Lot No. 506, National Road No5, Phum Ra, Sangkat Phteah Prey, Krong Pursat, Pursat Province
Leuk Daek - Kampong Phnum 081 666 996
Krakor - Anlong Tnaot 088 855 1989 № 56A, National Road № 5, Phsar Village, Anlong Tnaot Commune, Krakor District, Pursat Province
province
№ 23,National Road № 11, Phum Lekh Prambei, Sangkat Kampong Leav, Krong Prey Veng, Prey Phnum Kravanh - Leach 090 855 253 Pech Ban Village, Leach Commune, Phnum Kravanh District, Pursat Province
Prey Veng 010 855 344
Veng Province Veal Veaeng - Pramaoy 087 777 824 Pramaoy village, Pramaoy commune, Veal Veaeng district, Pursat province

№ 009B, Group 1, National Road № 6, Phum Stueng Saen, Sangkat Kampong Krabau, Krong Angkor Chum - Ta Saom 087 555 496 Pram Damloeng Village, Ta saom Commune, Angkor chum District, Sirem reap Province
Kampong Thom 090 855 001
Stueng Saen, Kampong Thom Province Oddar Meanchey 087 555 485 Phum Doun Kaen, Sangkat Samraong, Krong Samraong, Oddar Meanchey Province.
Taing Kouk - Triel 071 326 6668 Rumchek Village, Triel Commune, Taing Kouk District, Kampong Thom Province National Road No. 6, Kampong Kdei Muoy Village, Kampong Kdei Commune, Chi Kraeng District,
National Road № 6, Leap Tong village, Kampong Chen Tboung commune, Stoung district, Kampong Chi Kraeng - Kampong Kdei 087 555 484
Siemreap
Stoung - Kampong Chen Tboung 071 983 3389
Thom province Preah Netr Preah - Chob Vari 090 855 995 Chob Village, Chob Veari Commune, Preah Netr Preah District, Banteay Meanchey Province
Baray - Ballangk 060 855 148 Prey Ta Trav Village, Ballangk Commune, Baray District, Kompong Thom Province
Russey Keo - Tuol Sangkae 1 087 888 115 Phum Tuol Sampov, Sangkat Tuol Sangke 1, Khan Russey Keo, Phnom Penh
Sandan - Sandan 071 333 6694 Toekmleang village, Sandan commune, Sandan district, Kampong Thom province № 19&21 EoE1, Veng Sreng Steet, Group 1, Phum Domnak Thom 5, Sangkat Stueng Mean Chey 3,
Mean Chey - Stueng Mean Chey 3 069 777 034
Prasat Sambour - Sambour 090 855 277 Sambour Village, Sambour Commune, Prasat Sambour District, Kampong Thom Province Khan Mean Chey,Phnom Penh
Chamkar Leu - Svay Teab 090 855 500 Thnol Bek Lech Village, Svay Tearb Commune, Chamkar Leu District, Kampong Cham Province. Building № 87, National Road № 5, Tep Pranam Village, Vihear Luong Commune, Ponhea Lueu
Ponhea Lueu - Vihear Luong 087 555 002
Building № 99, Street № 3, Phum Maphey Osakphea, Sangkat Svay Por, Krong Battambang, Bat- District, Kandal Province
Battambang 010 855 881
tambang Province. Mukh Kampul - Preaek Dambang 087 888 034 La Edth Village, Preaek Dambang Commune, Mukh Kampul District, Kandal Province
Banan - Kantueu Pir 010 855 911 Banan Village Kantueu Pir Commune, Banan District, Battambang Province Khsach Kandal - Preaek Ta Meak 087 888 099 Preaek Ta Meak Village, Preaek Ta Meak Commune, Khsach Kandal District, Kandal Province
Rotonak Mondol - Sdau 069 855 668 № 34, Sdau village, Sdau Commune, Rotonak Mondol distrcit, Battambang province Russey Keo - Svay Pak 087 777 631 National Road № 5, Phum Lu, Sangkat Svay Pak, Khan Russey Keo, Phnom Penh
Moung Ruessei - Kear 016 855 291 Pou Muoy Village,Kear Commune, Moung Ruessei District, Battambang Province № 295, National Road № 4, Phum Chumpu Voan 2, Sangkat Chaom Chau 3, Khan Pur SenChey,
Pur SenChey - Chaom Chau 3 087 888 533
Bakan - Boeng Khnar 081 855 709 Khnach Romeas Village, Beung Khnar Commune, Bakan District, Pursat Province Phnom Penh
Building № JMR 45 & 47, National Road 6A, Phum Preaek Lieb, Sangkat Preaek Lieb, Khan Chraoy
Pailin 010 855 922 Phum Ou Ta Puk Leu, Sangkat Pailin, Krong Pailin, Pailin Province Chraoy Chongvar - Preaek Lieb 069 888 082
Chongvar, Phnom Penh
Samlout - Ta Sanh 087 666 391 Ou Tontuem village, Ta sanh commune, Samlout district, Battambang province
Srei Santhor - Preaek Pou 087 888 264 Santey Village, Preaek Pou Commune, Srei Santhor District, Kampong Cham Province
Kamrieng - Boeng Reang 087 555 978 Doung Village, Boeng Reang Commune, Kamrieng District, Battambang Province
Ratanak Kiri 071 983 3357 Street № 78, Phum Chey Chumnas, Sangkat Labansiek, Krong Ban Lung, Ratanak Kiri Province
Preah Vihear 090 855 123 Phum La Edth, Sangkat Kampong Pranak, Krong Preah Vihear, Preah Vihear Province.
Stung Treng 071 983 3361 Phum Kandal, Sangkat Stueng Traeng, Krong Stueng Traeng, Stueng Traeng Province
Kuleaen - Kuleaen Tboung 090 855 156 Kuleaen Tboung Village, Kuleaen Tboung Commune, Kuleaen District, Preah Vihear Province
Kaoh Nheaek - Srae Sangkum 071 385 5021 Reangsei Village, Srae Sangkum Commune, Kaoh Nheaek District, Mondul Kirni Province,
Sangkum Thmei - Chamraeun 097 557 8790 Tbeang Village, Chamraeun commune, Sangkum Thmei district, Preah Vihear province
Bar Kaev - La Minh 071 349 2929 Phum Muoy Village, La Minh Commune, Bar Kaev District, Ratanak Kiri Province
Rovieng - Robieb 090 855 170 Lot № 333, Tnaot Mlu Village, Robieb Commune, Rovieng District, Preah Vihear Province
Mondul Kiri 097 855 0241 Phum Kandal, Spean Mean Chey Commune, Krong Saen Monourom, Mondul Kiri Province
Trapeang Prasat Village, Trapeang Prasat commune, Trapeang Prasat District, Oddar Meanchey
Trapeang Prasat - Trapeang Prasat 090 855 176 Kampot 088 855 8498 Phum Kampong Bay Khang Cheung, Sangkat Kampong Bay, Krong Kampot, Kampot Province.
Province
Choam Ksant - Choam Ksant 068 855 987 Choam Ksant Village, Choam Ksant Commune, Choam Ksant District, Preah Vihear Province
Kamchay Mear - Smaong Khang № 176, National Road № 8A,Tean Phleung Village, Smaong Khang Cheung Commune, Kamchay
093 855 540
Cheung MearDistrict, Prey Veng Province
Kampong Cham 097 959 5739 Phum Boeng Snay, Sangkat Sambuor Meas, Krong Kampong Cham, Kampong Cham Province
Thma Koul - Ta Pung 093 855 199 Paoy Yong Village, Ta Pung Commune, Thma KoulDistrict, Battambang province
Prey Chhor - Chrey Vien 090 855 711 Doun Die village, Chrey Vean commune, Prey Chhor district, Kampong Cham province
Street Khemara Phoumin, Group № 7, Phum Phum Ti Pir, Sangkat Smach Mean Chey, Krong Khe-
Stueng Trang - Preak Kak 090 855 700 Tnaot Ta Say Village, Preak Kak Commune, Stueng Trang District, Kampong Cham Province. Koh Kong 088 855 8228
mara Phoumin, Koh Kong Province
Chol Kiri - Prey Kri 087 777 151 Prey Kri Tboung Village, Prey Kri Commune, Chol Kiri District, Kampong Chhnang Province Cheung Prey - Soutib 088 855 8962 Skon Village, Soutib Commune, Cheung Prey D
istrict, Kampong Cham Province
Tboung Khmum 088 855 1811 National Road № 7, Phum Cheung Lang, Sangkat Suong, Krong Suong, Tboung Khmum Province Svay Chrum - Kraol Kou 093 855 447 Thlok Village, Kraol Kou Commune, Svay Chrum District, Svay Rieng Province
Lot № 168, Phsar Thmei Village, Peam Prathnuoh Commune, Kaoh Soutin District, Kampong Cham Pea Reang - Roka 069 999 022 Snay Pol Village, Roka Commune, Pea ReangDistrict, Prey Veng Province
Kaoh Soutin - Peam Prathnuoh 088 855 1788
Province
National Road №4, Veal Meas Village, Veal Renh Commune, Prey Nob District, Preah Sihanouk
Ponhea Kraek - Kaong Kang 068 855 962 Kandaol Kaong Village, Kaong Kang Commune, Ponhea Kraek District, Tboung Khmum Province Prey Nob - Veal Renh 088 855 8850
Province
Kratie 097 572 5271 Phum Ou Ruessei Ti Muoy, Sangkat Ou Ruessei, Krong Kratie, Kratie Province № 22, Street № 317, Chheu Kach Village, Chheu Kach Commune, Ba Phnum District, Prey Veng
Ba Phnum - Chheu Kach 093 855 684
Chhloung - Chhloung 071 385 5097 Chrouy Thma Leu Village, Chhloung Commune, Chhloung District, Kratie Province. Province
Snuol - Snoul 071 385 5098 Kbal Snuol Village, Snuol Commune, Snuol District, Kratie Province Kaoh Thum - Preaek Thmei 093 855 202 Kampong Svay Kraom Village, Preaek Thmei Commune, Kaoh Thum District, Kandal Province
Kaev Seima - Srae Khtum 071 385 5099 Ou Am Village, Srae Khtum Commune, Kaev Seima District, Mondul Kiri Province Chamkar Mon - Phsar Daeum Thkov 070 999 540 Building № 119B, Street № 271, Sangkat Phsar Doeum Thkov, Khan Chamkarmon, Phnom Penh.
Dambae - Dambae 088 855 1909 Sach Chey Sen Village, Dambae Commune, Dambae District, Tboung Khmum Province Russey Keo - Kilomaetr Lekh Pram- № 1A, National Road № 5, Phum Kraul Kor, Sangkat Kilomet Lekh Prammuoy, Khan Russey Keo,
070 999 362
muoy Phnom Penh
Memot - Memot 068 855 961 Masin Tuek Village, Memot Commune, Memot District, Tboung Khmum Province
No 338, Russian Federation Blvd., Phum Paprak Khang Cheung, Sangkat Kakab 1, Khan Pur
Banteay Meanchey 090 855 993 Phum Kourothan, Sangkat Ou Ambel, Krong Serei Saophoan, Banteay Meanchey Province. Pur SenChey - Kakab 1 070 999 602
SenChey, Phnom Penh
Paoy Paet - Ou Chrov 010 855 911 Phum Ou Chrov, Sangkat Ou Chrov, Krong Paoy Paet, Banteay Meanchey Province № 330B & 330C, National Road № 1, Kokir Village, Kokir Commune, Kien Svay District, Kandal
Kien Svay - Kokir 070 999 383
Thma Puok - Thma Puok 090 855 449 Kasen village, Thma Puok commune, Thma Puok district, Bantey Mean Chey province Province
Bavel - Bavel 087 666 923 Dach Proat Village, Bavel Commune, Bavel District, Battambang Province Ta Khmau - Ta Khmau 070 999 603 № 31, National Road № 2, Phum Ta Khmau, Sangkat Ta Khmau, Krong Ta Khmau, Kandal Province.
Phnum Proek - Pech Chenda 087 666 396 Phnum Toch village, Pech Chenda commune, Phnum Proek district, Battambang province Praek Pnov - Praek Pnov 070 999 801 Phum Kandal, Sangkat Preaek Phnov, Khan Preae Phnov, Phnom Penh
Building № 76, National Road № 6, Phum Chongkaosou, Sangkat Sla Kram, Krong Siemreap, Siem- National Road № 4, Trapeang Krasang Village, Baek Chan Commune, Angk Snuol District, Kandal
Siemreap 087 555 481 Angk Snuol - Baek Chan 070 999 563
reap Province Province.
Puok - Puok 087 555 477 Puok Chas Village, Puok Commune, Puok District, Siem Reap Province Prampir Meakkakra - Veal Vong 070 999 204 № 138D, Street № 215, Sangkat Veal Vong, Khan Prampir Meakkakra, Phnom Penh
Chroy Neang Nguon village, Chroy Neang Nguon commune, Srey Snam district, Siem Reap prov- Street № 380, Preaek Lvea Village , Preaek Ta Kov Commune, Khsach Kandal District, Kandal Prov-
Srei Snam - Chrouy Neang Nguon 087 555 341 Khsach Kandal - Preaek Ta Kov 070 999 101
ince ince
Network Phone Address Woori Card

Ta Khmau - Roka Khpos 070 999 716 National Road № 21, Phum Preaek Khsev, Sangkat Rokar Khpos, Krong Ta Khmau, Kandal Province.
Nº 6A & 7A, Samdech Munireth Blvd., Phum Trea, Sangkat Stueng Mean Chey 1, Khan Mean Chey,
Mean Chey - Stueng Mean Chey 1 070 999 531 TUTU Finance-WCI Myanmar Co Ltd.(Operate 32 networks)
Phnom Penh
Nº A21 & A23, Chaom Chao Blvd., Phum Chrey Kaong, Sangkat Chaom Chau 2, Khan Pur SenChey, Room 8, Block 6, Mingalar Mandalay, Between Thazin Street and Ngu Shwe Wah Street, 73rd Street, Chanmyatharsi Township, Mandalay
Pur SenChey - Chaom Chau 2 070 999 412
Phone: 95-22-000219
Phnom Penh
№ 610B, National Road № 1, Phum Deum Slaeng, Sangkat Chbar Ampov Ti Pir, Khan Chbar Ampov,
Chbar Ampov - Chbar Ampov Ti Pir 070 999 428
Phnom Penh.
Tuol Kouk - Boeng Kak Ti Muoy 070 999 312 Lot No 18&19, Street No 289, Phum 11, Sangkat Boeng Kak Ti Muoy, Khan Toul Kork, Phnom Penh PT Woori Finance Indonesia Tbk(Operate 75 networks)
Dangkao - Dangkao 070 999 386 Street № 217, Phum Ta Lei, Sangkat Dangkao, Khan Dangkao, Phnom Penh Chase Plaza Lantai 12 & 15 Jl. Jend Sudirman Kav. 21, Jakarta Indonesia
National Road № 4, Chambak Village, Voa Sar Commune, Samraong Tong District, Kampong Speu
Samraong Tong - Voa Sar 070 999 257
Province
№ 11 & 13, Phnom Penh-Hanoi Friendship Blvd, Phum Roung Chakr, Sangkat Kouk Kleang, Khan
Saensokh - Kouk Khleang 070 999 524
Saensokh, Phnom Penh
Kandal Stueng - Barku 070 999 154 #5, Street № 38, Svay Ming Village, Barku Commune, Kandal Stueng District, Kandal Province
Ponhea Lueu - Phsar Daek 070 999 429 National Road № 5, Mlu Meun Village, Phsar Daek Commune, Ponhea Lueu District, Kandal Province
№ 271, National Road № 6A, Kraom Village, Preaek Anhchanh Commune, Mukh Kampul Dis-
Mukh Kampul - Preaek Anhchanh 070 999 019
trict,Kandal Province.
oun Penh - Phsar Thmei Ti Bei
D № 70E0, Street 136 corner Street 53, Phum Phum 1, Sangkat Phsar Thmei Ti Bei, Khan Doun Penh,
068 855 842
Woori Asset Management
(Central Market) Phom Penh
Boeng Keng Kang - Tuol Svay Prey 093 855 886 / 071 № 131, Samdech Monireth Blvd. corner Street 310, Phum Phum 10, Sangkat Tuol Svay Prey Ti Pir,
Ti Pir (Olympic) 464 7333 Khan Boeng Keng Kang, Phnom Penh
Woori Asset Management Ho Chi Minh Office
Doun Penh - Chey Chummeah (Riv-
087 666 194 № 387, Preah Sisovath Blvd, Sangkat Chey Chummeah, Khan Doun Penh, Phnom Penh.
erside) 615-4, 6FLOOR ME LINH POINT TOWER, 2 NGO DUC KE ST, DIST.1, HCMC, VIETNAM
Russian Federation Blvd., Phum Chong Thnal Khang Kaeut, Sangkat Tuek Thla , Khan Saensokh, Phone: 84-28-3520-2811
Saensokh - Tuek Thla (Tuek Thla) 069 855 114
Phnom Penh
oun Penh - Chakto Mukh (Preah
D No. 322E0-E3, Preah Monivong Blvd, Phum 7, Sangkat Chakto Mukh, Khan Doun Pehn, Phnom
070 560 001
Monivong) Penh
Toul Kork - Tuek L'ak Ti Bei (Phsar No. 322E0-E3, Preah Monivong Blvd, Phum 7, Sangkat Chakto Mukh, Khan Doun Pehn, Phnom
070 999 513
Heng Ly) Penh
EUROPE
Woori Bank Europe GmbH +49(0)69 299 254 0 MesseTurm, 29th floor, Friedrich-Ebert-Anlage 49, 60308, Frankfurt am Main, Germany
Woori Bank Europe GmbH Hungary DBH SERVICED OFFICE BUDA SQUARE 3FL, 3039 LAJOS U. 48-66 1036 BUDAPEST,
Representative Office
+36-20-9444125
HUNGARY Woori Venture Partners
Woori Venture Partners Singapore Br.
1 Raffles Quay #09-02 North Tower Singapore 048583
Overseas Office Woori Venture Partners US

350 Cambridge Ave. Suite 350, Palo Alto CA 94306
Network Phone Address Phone: 1-650-324-4681
Kuala Lumpur Representative Office 60-3-2163-8288 32F, Menara Prestige, Jalan Pinang, 50450, Kuala Lumpur, Malaysia
Woori Venture Partners Shanghai Office
Yangon Representative Office 95-01-646951 No.115(A) First Floor), Pyay Road, 10 Miles, Insein Township, Yangon, Myanmar
Room 2806, L'Avenue 99 Xianxia Road, Changning Districe, Shanghai (200051)
Poland Representative Office 48-323-076-417 Uniwersytecka 13, 40-007, Katowice, Poland
Phone: 86-216-067-1778
Disclaimer
FINANCIAL AND OTHER INFORMATION
The financial statements included in this annual report are prepared in accordance with the Korean International Financial Reporting Standards, or K-IFRS. Unless expressly stated otherwise, all financial data included in
this annual report are presented on a consolidated basis. Discrepancies between totals and the sums of the amounts contained in any table may be a result of rounding.
FORWARD-LOOKING STATEMENTS
This report contains “forward-looking statements” of Woori Financial Group Inc. and its subsidiaries. These forward-looking statements are not guarantees of future performance and undue reliance should not be placed
on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projec-
tions of future performance or result expressed or implied by such forward-looking statements. Although forward-looking statements contained in this annual report are based upon what management of the Company
believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such state-
ments. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader
is cautioned not to place undue reliance on forward-looking statements.
※ This material has been prepared by Woori Financial Group to provide an overview of the company.
WOORI FINANCIAL GROUP INC.
Page(s)
Independent Auditor’s Report…..………...................................................... 1-4
Consolidated Financial Statements
Consolidated Statements of Financial Position............................................... 6
Consolidated Statements of Comprehensive Income....…...…………..……… 7-8
Consolidated Statements of Changes in Equity.............................................. 9
Consolidated Statements of Cash Flows………………………..……............... 10-11
Notes to the Consolidated Financial Statements……...……………...…… 12-187
Independent Auditor’ Report on Internal Control over Financial Reporting for

Consolidation Purposes…...……...……...……...……...……...……………… 188-189
Operating Status Report of Internal Control over Financial Reporting… 190

152, Teheran-ro, Gangnam-gu, Seoul 06236
(Yeoksam-dong, Gangnam Finance Center 27th Floor)
Republic of Korea
Independent Auditor’s Report

Based on a report originally issued in Korean
To the Board of Directors and Shareholders of

Woori Financial Group Inc.
Opinion
We have audited the consolidated financial statements of Woori Financial Group Inc. and its subsidiaries
(“the Group”), which comprise the consolidated statement of financial position as of December 31, 2023,
the consolidated statements of comprehensive income, changes in equity and cash flows for the year
then ended, and notes, comprising of material accounting policy information and other explanatory
information.
In our opinion, the accompanying consolidated financial statements present fairly, in all material
respects, the consolidated financial position of the Group as of December 31, 2023, and its consolidated
financial performance and its consolidated cash flows for the year then ended in accordance with Korean
International Financial Reporting Standards (“K-IFRS”).
We also have audited, in accordance with Korean Standards on Auditing (KSAs), the Group's Internal
Control over Financial Reporting (“ICFR”) for consolidation purposes as of December 31, 2023, based
on the criteria established in Conceptual Framework for Designing and Operating Internal Control over
Financial Reporting issued by the Operating Committee of Internal Control over Financial Reporting in
the Republic of Korea, and our report dated March 6, 2024 expressed an unmodified opinion on the
effectiveness of the Group’s internal control over financial reporting for consolidation purposes.
Basis for Opinion

We conducted our audit in accordance with Korean Standards on Auditing (KSAs). Our responsibilities
under those standards are further described in the Auditor’s Responsibilities for the Audit of the
Consolidated Financial Statements section of our report. We are independent of the Group in
accordance with the ethical requirements that are relevant to our audit of the consolidated financial
statements in Republic of Korea, and we have fulfilled our other ethical responsibilities in accordance
with the ethical requirements. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Key Audit Matter

Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the consolidated financial statements of the current period. These matters were addressed in the
context of our audit of the consolidated financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters.
Assessment of the allowance for credit losses for loans
As discussed in Note 10 to the consolidated financial statements, the Group recognized an allowance
for credit losses using the Expected Credit loss (ECL) impairment model for loans at amortized cost
amounting to KRW 2,975,060 million as of December 31, 2023. ECL allowances are measured at
amounts equal to either (i) 12-month ECL; or (ii) lifetime ECL for those loans that have experienced a
Significant Increase in Credit Risk (SICR) since initial recognition or are impaired. The Group measures
ECL allowances on an individual basis for individually significant corporate loans which have had SICR
or have become impaired. The allowance for credit losses for all other loans is measured on a collective
basis. For these loans, the Group measures ECL by estimating the Probability of Default (PD), the Loss
Given Default (LGD) as well as the impact of future economic forecast information. For corporate loans,
the Group’s credit rating of the borrower and future economic forecast information are used in the
determination of the PD. The Group uses quantitative and qualitative factors to determine the credit
rating of the borrower and the evaluation of the qualitative factors involves a high level of judgment by
the Group. For the incorporation of future economic forecast information in the PD, the Group uses
various information to select a model and this also involves a high level of judgment by the Group.
We identified the following risk as a key audit matter, considering the likelihood of errors, the level of
involvement of management judgement, and risk of material misstatement.
- Risk that the allowance for credit losses which is measured on a collective basis is misstated due to
error or fraud in the evaluation of the qualitative factors which is used for determining the internal credit
ratings of corporate loans, and the manner in which future economic forecast information is
incorporated.
The following are the primary procedures we performed to address this key audit matter:
- We evaluated the design and tested the operating effectiveness of certain internal controls related to:
(i) the assessment of qualitative factors in the process of determining the Group’s credit rating of
corporate loans; and (ii) the assessment of the appropriateness of the model selection process to
incorporate future economic forecast information
- We checked whether, for a sample of corporate loans with ECL measured on a collective basis, the
Group’s policy was applied in the credit rating process
- We involved credit risk professionals with specialized skills and knowledge, who assisted in: (i) using
statistical methods to analyze the correlation between the future economic forecast information and PD;
(ii) assessing the reasonableness of the rationale for the selection of the final model by checking the
appropriateness and the reasonableness of the model selection criteria by statistically; and (iii) checking
the accuracy of the PD which incorporated future economic forecast information by a recalculation.
Other Matter
The procedures and practices utilized in the Republic of Korea to audit such consolidated financial
statements may differ from those generally accepted and applied in other countries.
The consolidated financial statements of the Group for the year ended December 31, 2022 were audited
by another auditor who expressed an unmodified opinion on those financial statements on March 7,
2023.
Responsibilities of Management and Those Charged with Governance for the Consolidated
Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated financial
statements in accordance with K-IFRS, and for such internal control as management determines is
necessary to enable the preparation of consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing the Group’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless management either intends to liquidate the Group or
to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Group’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with KSAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these consolidated financial statements.
As part of an audit in accordance with KSAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Group's internal control.
• Evaluate the appropriateness of accounting policies used in the preparation of the consolidated
financial statements and the reasonableness of accounting estimates and related disclosures made
by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Group’s ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the consolidated financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up
to the date of our auditor’s report. However, future events or conditions may cause the Group to
cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial statements,
including the disclosures, and whether the consolidated financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial statements.
We are responsible for the direction, supervision and performance of the Group audit. We remain
solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the consolidated financial statements of the current period
and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report because the adverse consequences
of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.
The engagement partner on the audit resulting in this independent auditor’s report is Jae-Beom Choi.
KPMG Samjong Accounting Crop.

Seoul, Korea
March 6, 2024
This report is effective as of March 6, 2024, the audit report date. Certain subsequent events or
circumstances, which may occur between the audit report date and the time of reading this report, could
have a material impact on the accompanying consolidated financial statements and notes thereto.
Accordingly, the readers of the audit report should understand that the above audit report has not been
updated to reflect the impact of such subsequent events or circumstances, if any.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022
The accompanying consolidated 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: (Address) 51, Sogong-ro, Jung-gu, Seoul

(Phone Number) 02-2125-2000
-5-
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS OF DECEMBER 31, 2023 AND 2022
December 31, December 31,

2023 2022
(Korean Won in millions)
ASSETS
Cash and cash equivalents (Note 6) 30,556,618 34,219,148
Financial assets at fair value through profit or loss (“FVTPL”)
(Notes 4, 7, 11, 12, 18 and 26) 21,544,756 19,860,573
Financial assets at fair value through other comprehensive income (“FVTOCI”)
(Notes 4, 8, 11, 12, and 18) 37,891,495 33,085,080
Securities at amortized cost (Notes 4, 9, 11, 12 and 18) 23,996,172 28,268,516
Loans and other financial assets at amortized cost (Notes 4, 10, 11, 12, 18 and 41) 373,148,148 355,760,729
Investments in joint ventures and associates (Note 13) 1,795,370 1,305,636
Investment properties (Notes 14 and 18) 472,768 387,707
Property, Plant and Equipment (Notes 15 and 18) 3,176,759 3,142,930
Intangible assets (Note 16) 996,842 849,114
Assets held for sale (Note 17) 20,345 13,772
Net defined benefit asset (Note 24) 240,260 319,280
Current tax assets (Note 38) 203,542 53,274
Deferred tax assets (Note 38) 93,366 109,299
Derivative assets (Designated for hedging) (Notes 4,11,12 and 26) 26,708 37,786
Other assets (Notes 19 and 41) 3,841,787 3,061,552
Total assets 498,004,936 480,474,396
LIABILITIES
Financial liabilities at fair value through profit or loss (“FVTPL”)
(Notes 4, 11, 12, 20 and 26) 6,138,313 8,952,399
Deposits due to customers (Notes 4,11,21 and 41) 357,784,297 342,105,209
Borrowings (Notes 4, 6, 11, 12 and 22) 30,986,746 28,429,603
Debentures (Notes 4, 6, 11 and 22) 41,239,245 44,198,486
Provisions (Notes 23, 40 and 41) 806,031 545,865
Net defined benefit liability (Note 24) 6,939 35,202
Current tax liabilities (Note 38) 103,655 843,555
Deferred tax liabilities (Note 38) 470,311 31,799
Derivative liabilities (Designated for hedging) (Notes 4,11,12 and 26) 153,007 202,911
Other financial liabilities (Notes 4, 6, 11, 12, 25 and 41) 26,115,005 22,811,868
Other liabilities (Notes 6, 25 and 41) 803,897 690,157
Total liabilities 464,607,446 448,847,054
EQUITY
Owners’ equity (Note 28)
Capital stock 3,802,676 3,640,303
Hybrid securities 3,611,129 3,112,449
Capital surplus 935,563 682,385
Other equity (1,668,957) (2,423,392)
Retained earnings 24,986,470 23,750,152
31,666,881 28,761,897
Non-controlling interests 1,730,609 2,865,445
Total equity 33,397,490 31,627,342
Total liabilities and equity 498,004,936 480,474,396
The accompanying notes are part of these consolidated financial statements.
-6-
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022
2023 2022
Interest income 20,641,554 14,654,549

Financial assets at FVTPL 192,094 106,698
Financial assets at FVTOCI 999,407 632,615
Financial assets at amortized cost 19,450,053 13,915,236
Interest expense (11,899,014) (5,957,970)
Net interest income (Notes 11, 30 and 41) 8,742,540 8,696,579
Fees and commissions income 2,565,814 2,499,700

Fees and commissions expense (845,333) (789,530)
Net fees and commissions income (Notes 11, 31 and 41) 1,720,481 1,710,170
Dividend income (Notes 11, 32 and 41) 240,293 159,982

Net gain on financial instruments at FVTPL (Notes 11, 33 and 41) 488,486 238,502
Net loss on financial assets at FVTOCI (Notes 11 and 34) (37,641) (21,498)
Net gain arising on financial assets at amortized cost (Note 11) 203,942 74,204
Impairment losses due to credit loss (Notes 35 and 41) (1,894,916) (885,272)
General and administrative expense (Notes 36 and 41) (4,443,433) (4,529,890)
Other net operating expense (Notes 11, 26, 36 and 41) (1,520,723) (1,012,253)
Operating income 3,499,029 4,430,524
Share of gain of joint ventures and associates (Note 13) 109,831 69,996
Other non-operating expense (91,407) (15,146)
Non-operating income (Note 37) 18,424 54,850
Net income before income tax expense 3,517,453 4,485,374
Income tax expense (Note 38) (890,559) (1,161,392)
Net income 2,626,894 3,323,982
Net gain(loss) on valuation of equity securities at FVTOCI 193,191 (30,146)

Changes in capital due to equity method 8,603 (4,527)
Remeasurement gain(loss) related to defined benefit plan (79,460) 251,440
Items that will not be reclassified to profit or loss: 122,334 216,767
Net gain(loss) on valuation of debt securities at FVTOCI 532,334 (463,725)

Changes in capital due to equity method (5,638) 5,139
Net gain on foreign currency translation of foreign operations 45,080 32,536
Net loss on valuation of hedges of net investments in foreign operations (14,049) (20,701)
Net loss on valuation of cash flow hedge (16,524) (9,835)
Items that may be reclassified to profit or loss: 541,203 (456,586)
Other comprehensive income (loss), net of tax 663,537 (239,819)
Total comprehensive income 3,290,431 3,084,163
(Continued)
-7-
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022 (CONTINUED)
2023 2022
Net income attributable to: 2,626,894 3,323,982
Net income attributable to owners 2,506,296 3,141,680
Net income attributable to non-controlling interests 120,598 182,302
Total comprehensive income attributable to: 3,290,431 3,084,163

Comprehensive income attributable to owners 3,164,464 2,909,053
Comprehensive income attributable to non-controlling interests 125,967 175,110
Earnings per share (Note 39)

Basic and diluted earnings per share (Unit: In Korean Won) 3,230 4,191
-8-
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Owners’ Non-
Capital Hybrid Capital Other Retained equity in controlling Total
Stock securities surplus equity earnings total interests equity
January 1, 2022 3,640,303 2,294,381 682,385 (2,167,614) 21,392,564 25,842,019 3,008,176 28,850,195
Total comprehensive income
Net income - - - - 3,141,680 3,141,680 182,302 3,323,982
Net loss on valuation of financial
instruments at FVTOCI - - - (493,462) - (493,462) (409) (493,871)
Net gain(loss) due to disposal of equity
securities at FVTOCI - - - 10,254 (10,254) - - -
Changes in capital due to equity method - - - 612 - 612 - 612
Gain(loss) on foreign currency translation
of foreign operations - - - 39,579 - 39,579 (7,043) 32,536
Loss on valuation of hedges of net
investments in foreign operations - - - (20,701) - (20,701) - (20,701)
Loss on valuation of cash flow hedge - - - (9,835) - (9,835) - (9,835)
Capital related to non-current assets held
for sale - - - (279) 279 - - -
Remeasurement gain related to defined
benefit plan - - - 251,180 - 251,180 260 251,440
Transactions with owners
Dividends to common stocks - - - - (654,996) (654,996) (9,949) (664,945)
Issuance of hybrid securities - 818,068 - - - 818,068 349,215 1,167,283
Dividends to hybrid securities - - - - (91,756) (91,756) (113,995) (205,751)
Redemption of hybrid securities - - - (60,491) - (60,491) (559,565) (620,056)
Changes in subsidiaries’ capital - - - 27,365 (27,365) - - -
Changes in non-controlling interests
related to business combinations - - - - - - 16,453 16,453
December 31, 2022 3,640,303 3,112,449 682,385 (2,423,392) 23,750,152 28,761,897 2,865,445 31,627,342
January 1, 2023 3,640,303 3,112,449 682,385 (2,423,392) 23,750,152 28,761,897 2,865,445 31,627,342
Total comprehensive income
Net income - - - - 2,506,296 2,506,296 120,598 2,626,894
Net gain on valuation of financial
instruments at FVTOCI - - - 725,513 - 725,513 12 725,525
Net gain(loss) due to disposal of equity
securities at FVTOCI - - - (86) 86 - - -
Changes in capital due to equity method - - - 2,996 (50) 2,946 19 2,965
Gain on foreign currency translation of
foreign operations - - - 39,780 - 39,780 5,300 45,080
Loss on valuation of hedges of net
investments in foreign operations - - - (14,049) - (14,049) - (14,049)
Loss on valuation of cash flow hedge - - - (16,524) - (16,524) - (16,524)
Remeasurement gain related to defined
benefit plan - - - (79,498) - (79,498) 38 (79,460)
Transactions with owners
Comprehensive stock exchange 162,373 - 249,008 - - 411,381 (414,015) (2,634)
Dividends to common stocks - - - - (978,376) (978,376) (11,647) (990,023)
Changes in treasury stocks - - 1,128 (35,529) (100,000) (134,401) - (134,401)
Issuance of hybrid securities - 498,680 - - - 498,680 299,327 798,007
Dividends to hybrid securities - - - - (131,148) (131,148) (95,637) (226,785)
Redemption of hybrid securities - - - (1,695) - (1,695) (1,097,697) (1,099,392)
Changes in subsidiaries’ capital - - (1,869) 60,491 (60,490) (1,868) (1,927) (3,795)
Changes in non-controlling interests
related to business combinations - - - - - - 138,478 138,478
Others - - 4,911 73,036 - 77,947 (77,685) 262
December 31, 2023 3,802,676 3,611,129 935,563 (1,668,957) 24,986,470 31,666,881 1,730,609 33,397,490
-9-
CONSOLIDATED STATEMENTS OF CASH FLOWS
2023 2022
Cash flows from operating activities (Note 2):
Net income 2,626,894 3,323,982
Adjustments to net income:
Income tax expense 890,559 1,161,392
Interest income (20,641,554) (14,654,549)
Interest expense 11,899,014 5,957,970
Dividend income (240,293) (159,982)
(8,092,274) (7,695,169)
Additions of expenses not involving cash outflows:

Loss on financial instruments at FVTPL - 815,706
Loss on financial assets at FVTOCI 46,335 23,836
Impairment loss due to credit loss 1,894,916 885,272
Loss on other provisions 99,444 37,493
Retirement benefit 113,435 165,063
Depreciation and amortization 993,176 929,311
Net loss on foreign currency translation 366,026 -
Loss on derivatives (designated for hedge) 35,583 250,268
Loss on fair value hedge 72,601 -
Loss on valuation of investments in joint ventures and associates 22,710 28,861
Loss on disposal of investments in joint ventures and associates 588 3,690
Loss on disposal of Property, Plant and Equipment, intangible assets and other assets 1,873 3,177
Impairment loss on Property, Plant and Equipment, intangible assets and other assets 129 260
Other loss - 62,196
3,646,816 3,205,133
Deductions of income not involving cash inflows:

Gain on financial assets at FVTPL 571,179 -
Gain on financial assets at FVTOCI 8,694 2,338
Gain on other provisions 19,781 55,327
Net profit on foreign currency translation - 3,180
Gain on derivatives (designated for hedge) 114,875 71,179
Gain on fair value hedge 8,986 257,910
Gain on valuation of investments in joint ventures and associates 132,541 98,858
Gain on disposal of investments in joint ventures and associates 33,123 599
Gain on disposal of Property, Plant and Equipment, intangible assets and other assets 5,267 55,852
Reversal of impairment loss on Property, Plant and Equipment, intangible assets and
other assets 230 310
Other income - 15,879
894,676 561,432
Changes in operating assets and liabilities:
Financial instruments at FVTPL (1,715,646) (1,647,572)
Loans and other financial assets at amortized cost (18,598,117) (5,986,828)
Other assets (1,264,071) (1,314,877)
Deposits due to customers 15,176,465 23,536,088
Provisions 136,521 (24,041)
Net defined benefit liability (172,759) (133,421)
Other financial liabilities 2,225,382 (2,514,238)
Other liabilities 95,559 83,559
(4,116,666) 11,998,670
Interest income received 20,416,107 14,189,016

Interest expense paid (10,626,911) (4,965,594)
Dividends received 202,257 159,993
Income tax paid (1,539,605) (1,030,480)
8,451,848 8,352,935
Net cash inflow from operating activities 1,621,942 18,624,119
(Continued)
- 10 -
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022 (CONTINUED)
2023 2022
Cash flows from investing activities ㅜ
Net cash out-flows from obtaining control (209,643) (378,394)
Net cash out-flows from losing control (464) -
Disposal of financial instruments at FVTPL 10,487,513 9,502,271
Acquisition of financial instruments at FVTPL (12,167,823) (10,274,187)
Disposal of financial assets at FVTOCI 20,648,897 21,717,266
Acquisition of financial assets at FVTOCI (24,211,531) (16,110,501)
Redemption of securities at amortized cost 8,727,124 5,872,961
Acquisition of securities at amortized cost (4,244,256) (16,873,194)
Cash outflows from changes in subsidiaries (619,726) (346,386)
Disposal of investments in joint ventures and associates 101,051 249,763
Acquisition of investments in joint ventures and associates (310,239) (143,345)
Disposal of investment properties - 2,061
Acquisition of investment properties (99,234) -
Disposal of Property, Plant and Equipment 19,001 44,839
Acquisition of Property, Plant and Equipment (164,696) (172,876)
Disposal of intangible assets 2,513 978
Acquisition of intangible assets (228,503) (174,749)
Disposal of assets held for sale 7,156 52,417
Net decrease of other assets 8,719 62,386
Net cash outflow from investing activities (2,254,141) (6,968,690)
Cash flows from financing activities:

Net cash in-flows from hedging activities 23,394 54,569
Net increase in borrowings 2,332,376 2,881,675
Issuance of debentures 31,101,841 23,402,694
Redemption of debentures (34,329,491) (23,887,568)
Redemption of lease liabilities (160,673) (187,531)
Net increase of other liabilities 118 513
Dividends paid (978,376) (654,996)
Issuance of hybrid securities 798,007 1,167,283
Redemption of hybrid securities (1,100,000) (643,000)
Dividends paid to hybrid securities (226,785) (205,751)
Net increase in non-controlling equity liabilities 6,620 1,847
Dividends paid to non-controlling interest (11,647) (9,949)
Changes in non-controlling interests (180,514) -
Acquisition of treasury stocks (158,165) -
Disposal of treasury stocks 23,118 -
Net cash inflow (outflow) from financing activities (2,860,177) 1,919,786
Effects of exchange rate changes on cash and cash equivalents (170,154) 30,860
Net increase (decrease) in cash and cash equivalents (3,662,530) 13,606,075
Cash and cash equivalents, beginning of the period 34,219,148 20,613,073
Cash and cash equivalents, end of the Period (Note 6) 30,556,618 34,219,148
- 11 -
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. GENERAL
(1) Summary of the Parent company
Woori Financial Group, Inc. (hereinafter referred to as the “Parent 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 (hereinafter
referred to as the “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 Parent company is located at 51, Sogong-ro, Jung-gu, Seoul, Korea, and the capital
stock is 3,802,676 million Won. The Parent 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 transfer between the Parent company and subsidiaries as of Incorporation are as follows
(Unit: Number of shares)
Total number of Exchange ratio Number of Parent

Stock transfer company issued shares per share 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 Parent company acquired a 73% interest in Tongyang Asset Management Co., Ltd.
and changed the name to Woori Asset Management Corp. Also, as of August 1, 2019, the Parent company
gained 100% control of ABL Global Asset Management Co., Ltd., added it as a consolidated subsidiary and
changed the name to Woori Global Asset Management Co., Ltd. on December 6, 2019.
The Parent company paid 598,391 million Won in cash and 42,103,377 new shares of the Parent company to
acquire 100% interest of Woori Card Co., Ltd. from its subsidiary, Woori Bank, on September 10, 2019. On
the same date, the Parent company also acquired 59.8% interest of Woori Investment Bank Co., Ltd. from
Woori Bank with 392,795 million Won in cash.
As of December 30, 2019, the Parent company acquired a 67.2% interest (excluding treasury stocks, 51%
interest including treasury stocks) in Woori Asset Trust Co., Ltd. (formerly Kukje Asset Trust Co., Ltd.) and
added it as a consolidated subsidiary at the end of 2019. As of March 31, 2023, it acquired an additional
28.1% interests (excluding treasury stock, 21.3% in the case of including treasury stock).
The Parent company acquired 76.8% (excluding treasury stocks, 74.0% interest including treasury stocks)
interest in Woori Financial Capital Co., Ltd. (formerly Aju Capital Co., Ltd.) on December 10, 2020. In
addition, as of April 15, 2021, the Parent company acquired 13.3% interests (excluding treasury stock, 12.9%
when including treasury stock) in Woori Financial Capital Co., Ltd., and as of May 24, 2021, the Parent
company additionally acquired treasury stock (3.6%) which Woori Financial Capital Co., Ltd. possessed.
The Parent company paid 113,238 million Won in cash to acquire 100% interest of Woori Savings Bank
from its subsidiary, Woori Financial Capital Co., Ltd., on March 12, 2021.
As of August 10, 2021, the Parent company paid 5,792,866 new shares of the Parent company to the
shareholders of Woori Financial Capital Co., Ltd. (excluding the Parent company) through comprehensive
stock exchange and acquired residual interest (9.5%) of Woori Financial Capital Co., Ltd., to make it a
wholly owned subsidiary.
As of January 7, 2022, the Parent company established Woori Financial F&I Co., Ltd., an investment
company for non-performing loans and restructuring companies (100% interest, 200 billion Won in stock
payments) and included it as a subsidiary.
- 12 -
As of March 23, 2023, the Parent company acquired a 53.9% interest (excluding treasury stocks, 52.0%
interest including treasury stocks) in Woori Venture Partners Co., Ltd. (formerly Daol Investment Co., Ltd.),
and added it as a consolidated subsidiary. As of May 30, 2023, the Parent company additionally acquired
treasury stock (3.5%) which Woori Venture Partners Co., Ltd. possessed.
As of August 8, 2023, the Parent company paid 22,541,465 new shares of the Parent company to the
shareholders of Woori Investment Bank Co., Ltd. (excluding the Parent company) through comprehensive
stock exchange and acquired residual interest (41.3%) of Woori Investment Bank Co., Ltd., to make it a
wholly owned subsidiary. In addition, on the same day, the Parent company paid 9,933,246 new shares of the
Parent company to the shareholders of Woori Venture Partners Co., Ltd. (excluding the Parent company)
through comprehensive stock exchange and acquired residual interest (44.5%) of Woori Venture Partners
Co., Ltd., to make it a wholly owned subsidiary.
(2) Details of the Parent company and subsidiaries (hereinafter ‘Group’) as of December 31, 2023 and 2022
are as follows:
Percentage of ownership
(%)
December 31, December 31, Financial
Subsidiaries Main business 2023 2022 Location statements date
Held by Woori Financial Group Inc.
Woori Bank Bank 100.0 100.0 Korea December 31
Woori Card Co., Ltd. Finance 100.0 100.0 Korea December 31
Woori Financial Capital Co., Ltd. Finance 100.0 100.0 Korea December 31
Woori Investment Bank Co., Other credit finance
Ltd.(*1) business 100.0 58.7 Korea December 31
Woori Asset Trust Co., Ltd.(*1) Real estate trust 95.3 67.2 Korea December 31
Woori Savings Bank Mutual saving bank 100.0 100.0 Korea December 31
Woori Financial F&I Co., Ltd. Finance 100.0 100.0 Korea December 31
Woori Asset Management Corp. Finance 73.0 73.0 Korea December 31
Woori Venture Partners(*1) Other financial services 100.0 - Korea December 31
Woori Global Asset Management
Co., Ltd. Finance 100.0 100.0 Korea December 31
Woori Private Equity Asset
Management Co., Ltd. Finance 100.0 100.0 Korea December 31
Woori Credit Information Co., Ltd. Credit information 100.0 100.0 Korea December 31
Woori Fund Service Co., Ltd. Financial support
service business 100.0 100.0 Korea December 31
Woori FIS Co., Ltd. System software
development &
maintenance 100.0 100.0 Korea December 31
Woori Finance Research Institute
Co., Ltd. Other service business 100.0 100.0 Korea December 31
Held by Woori Bank
Woori America Bank Finance 100.0 100.0 America December 31
Woori Global Markets Asia
Limited Finance 100.0 100.0 Hong Kong December 31
Woori Bank China Limited Finance 100.0 100.0 China December 31
AO Woori Bank (*7) Finance 100.0 100.0 Russia December 31
PT Bank Woori Saudara Indonesia
1906 Tbk Finance 84.2 84.2 Indonesia December 31
Banco Woori Bank do Brasil S.A. Finance 100.0 100.0 Brazil December 31
Korea BTL Infrastructure Fund Finance 99.9 99.9 Korea December 31
Woori Finance Myanmar Co., Ltd. Finance 100.0 100.0 Myanmar December 31
Wealth Development Bank Finance 51.0 51.0 Philippines December 31
Woori Bank Vietnam Limited Finance 100.0 100.0 Vietnam December 31
Woori Bank (Cambodia) PLC Finance 100.0 100.0 Cambodia December 31
Woori Bank Europe Finance 100.0 100.0 Germany December 31
Kumho Trust First Co., Ltd. (*2)
(*5) Asset securitization - 0.0 Korea -
Asiana Saigon Inc. (*2) (*5) Asset securitization - 0.0 Korea -
KAMCO Value Recreation First
Securitization Specialty Co.,
Ltd. (*2) Asset securitization 15.0 15.0 Korea December 31
Jeonju Iwon Ltd. (*2) Asset securitization 0.0 0.0 Korea December 31
Wonju I one Inc. (*2) Asset securitization 0.0 0.0 Korea December 31
Heitz Third Co., Ltd. (*2) Asset securitization 0.0 0.0 Korea December 31
Woorihansoop 1st Co., Ltd. (*2) Asset securitization 0.0 0.0 Korea December 31
- 13 -
(%)
Woori International First Co., Ltd.
(*2) Asset securitization 0.0 0.0 Korea December 31
Wibihansoop 1st Co., Ltd. (*2)
(*5) Asset securitization - 0.0 Korea -
Woori QS 1st Co., Ltd. (*2) Asset securitization 0.0 0.0 Korea December 31
Woori Display 2nd Co., Ltd. (*2) Asset securitization 0.0 0.0 Korea December 31
Woori Dream 2nd Co., Ltd. (*2) Asset securitization 0.0 0.0 Korea December 31
Woori H 1st Co., Ltd. (*2) (*5) Asset securitization - 0.0 Korea -
Woori K 1st Co., Ltd. (*2) Asset securitization 0.0 0.0 Korea December 31
Woori S 1st Co., Ltd. (*2) Asset securitization 0.0 0.0 Korea December 31
Woori Display 3rd Co., Ltd. (*2) Asset securitization 0.0 0.0 Korea December 31
TY 1st Co., Ltd. (*2) Asset securitization 0.0 0.0 Korea December 31
Woori KC No.1 Co., Ltd. (*2) (*5) Asset securitization - 0.0 Korea -
Quantum Jump the 2nd Co., Ltd.
ATLANTIC
TRANSPORTATION 1 S.A. Marshall
(*2) (*5) Asset securitization - 0.0 islands -
Woori Gongdeok First Co., Ltd.
HD Project Co., Ltd. (*2) (*5) Asset securitization - 0.0 Korea -
Woori HW 1st Co., Ltd. (*2) Asset securitization 0.0 0.0 Korea December 31
Woori HC 2nd Co., Ltd. (*2) (*5) Asset securitization - 0.0 Korea -
Woori Dream 3rd Co., Ltd. (*2) Asset securitization 0.0 0.0 Korea December 31
Woori SJS 1st Co., Ltd. (*2) Asset securitization 0.0 0.0 Korea December 31
Woori Steel 1st Co., Ltd (*2) Asset securitization 0.0 0.0 Korea December 31
SPG the 1st Co., Ltd. (*2) Asset securitization 0.0 0.0 Korea December 31
Woori-HWC 1st Co., Ltd. (*2) Asset securitization 0.0 0.0 Korea December 31
Woori HC 3rd Co., Ltd. (*2). Asset securitization 0.0 0.0 Korea December 31
Woori Park I 1st co., Ltd (*2) Asset securitization 0.0 0.0 Korea December 31
Woori DS 1st co., Ltd (*2) Asset securitization 0.0 0.0 Korea December 31
Woori HC 4th Co., Ltd. (*2) Asset securitization 0.0 0.0 Korea December 31
Woori SKR 1st Co., Ltd. (*2) Asset securitization 0.0 0.0 Korea December 31
Woori H chemical 1st Co.,Ltd (*2) Asset securitization 0.0 0.0 Korea December 31
HE the 1st Co.,Ltd. (*2) Asset securitization 0.0 0.0 Korea December 31
Woori Hub The 1st Co., Ltd. (*2) Asset securitization 0.0 0.0 Korea December 31
Woori K The 3rd Co., Ltd. (*2) Asset securitization 0.0 0.0 Korea December 31
Woori KF 1st Co., Ltd. (*2) Asset securitization 0.0 0.0 Korea December 31
WooriI TS 1st Co., Ltd. (*2) Asset securitization 0.0 0.0 Korea December 31
Woori H Square 1st Co., Ltd. (*2) Asset securitization 0.0 0.0 Korea December 31
Woori L Yongsan 1st Co., Ltd.
Woori Ladena 1st Co., Ltd. (*2) Asset securitization 0.0 0.0 Korea December 31
Woori HR 1st Co., Ltd. (*2) Asset securitization 0.0 0.0 Korea December 31
Woori Lotte Dongtan 1st Co., Ltd.
Woori ECO 1st Co., Ltd. (*2)(*5) Asset securitization - 0.0 Korea -
Woori HO 1th Co., Ltd. (*2) Asset securitization 0.0 0.0 Korea December 31
Woori ESG 1st Co.,Ltd. (*2) Asset securitization 0.0 0.0 Korea December 31
Woori Osiria 1st Co.,Ltd. (*2) Asset securitization 0.0 0.0 Korea December 31
Woori Eco 2nd Co.,Ltd. (*2) Asset securitization 0.0 0.0 Korea December 31
Gangnam Landmark 2nd Co.,
Ltd(*2) Asset securitization 0.0 0.0 Korea December 31
Woori HP the 1st co.,Ltd. (*2) Asset securitization 0.0 0.0 Korea December 31
Woori KF 2nd Co., Ltd.(*2) Asset securitization 0.0 - Korea December 31
Woori ST 1st co.,Ltd.(*2) Asset securitization 0.0 - Korea December 31
Woori High End 1st co., Ltd.(*2) Asset securitization 0.0 - Korea December 31
Woori HD 1st co., Ltd.(*2) Asset securitization 0.0 - Korea December 31
Woori HW 2nd co., Ltd.(*2) Asset securitization 0.0 - Korea December 31
Woori Mirae 1st co., Ltd.(*2) Asset securitization 0.0 - Korea December 31
Heungkuk Global Private
Placement Investment Trust Securities investment
No. 1 (*3) and others 98.8 98.8 Korea December 31
AI Partners UK Water Supply
Private Placement Investment Securities investment
Trust No.2 (*3) and others 97.3 97.3 England December 31
- 14 -
(%)
Multi Asset Global Real Estate Securities investment
Investment Trust No. 5-2 (*3) and others 99.0 99.0 Korea December 31
IGIS Australia Investment Trust Securities investment
No. 209-1 (*3) and others 99.4 99.4 Korea December 31
INMARK Spain Private
Placement Real Estate
Investment Trust No. 26-2 (*3) Securities investment
(*5) and others 97.7 97.7 Korea -
IGIS Global Private Placement
Real Estate Fund No. 316-1 Securities investment
(*3) (*5) and others 99.3 99.3 Korea -
Woori G Global Secondary
Trust No. 1 (*3) and others 98.6 98.3 Korea December 31
JB Airline Private Placement Securities investment
Investment Trust No.8 (*3) and others 97.0 97.0 Korea December 31
Kiwoom Harmony Private
Kiwoom Frontier Private
Investment Trust No.23[Bond] Securities investment
(*3)(*5) and others - 99.8 Korea -
Securities investment
Placement Investment Trust Korea December 31
and others
No. 4 (*3) 96.2 -
Principal Guaranteed Trust (*4) Trust 0.0 0.0 Korea December 31
Principal and Interest Guaranteed
Trust (*4) Trust 0.0 0.0 Korea December 31
Held by Multi Asset Global Real

Estate Investment Trust No. 5-2
MAGI No.5 LuxCo S.a.r.l. Asset securitization 54.6 54.6 Luxembourg December 31
Held by MAGI No.5 LuxCo S.a.r.l.

ADP 16 Brussels Asset securitization 100.0 100.0 Belgium December 31
Held by Woori Card Co., Ltd.

TUTU Finance –WCI Myanmar
Co., Ltd. Finance 100.0 100.0 Myanmar December 31
PT Woori Finance Indonesia Tbk. Finance 84.5 82.0 Indonesia December 31
Woori Card 2019-1 Asset
Ltd. (*2) (*5) Asset securitization - 0.5 Korea December 31
Securitization Specialty Co., Asset securitization Korea December 31
Ltd. (*2) 0.5 0.5
Securitization Specialty Co., Asset securitization Korea December 31
Ltd. (*2) 0.5 0.5
Ltd. (*2) Asset securitization 0.5 - Korea December 31
Held by Woori Financial Capital

Co., Ltd.
Specified Money Market Trust Trust 100.0 100.0 Korea December 31
- 15 -
(%)
Held by Woori Investment Bank

Co., Ltd.
Seari Second Securitization
Specialty Co., Ltd. (*2) Asset securitization 5.0 5.0 Korea December 31
Namjong 1st Securitization
Bukgeum First Securitization
Bukgeum Second Securitization
WS1909 Securitization Specialty
Co., Ltd. (*2) Asset securitization 5.0 5.0 Korea December 31
WJ2008 Securitization Specialty
Co., Ltd. (*2) (*5) Asset securitization - 5.0 Korea -
WH2103 Securitization Specialty
WN2103 Securitization Specialty
Held by Woori Asset Management

Corp.
Woori China Convertible Bond
Hedging feeder Investment
Trust H (debt-oriented hybrid) Securities investment
(*3) and others 84.7 88.0 Korea December 31
Woori Together TDF 2025 (*3) Securities investment
and others 30.1 - Korea December 31
and others 48.0 57.1 Korea December 31
Woori Franklin Technology Securities investment
Master Fund (USD) (*3) (*8) and others 67.3 91.1 Korea December 31
Woori Franklin Technology Securities investment
Feeder Fund (H) (*3) and others 31.4 71.8 Korea December 31
Woori Together OCIO Target
Return Master fund (*3) (*5) Securities investment
(*8) and others - 100.0 Korea -
Woori Together OCIO Target Securities investment
Return Feeder fund (*3) (*5) and others - 81.2 Korea -
Woori High Graded Bond Target Securities investment
Return Fund 1 (*3) and others 87.4 77.0 Korea December 31
Woori Multi Return Private Securities investment
Equity 2(*3) (*5) and others - 30.9 Korea -
Held by Woori Financial F&I Co.,

Ltd.
WI2203 Securitization Specialty
WM2203 Asset Securitization
WNI2206 Asset Securitization
WN2212 Asset Securitization
- 16 -
(%)
WK2212 Asset Securitization
Asset securitization
Co., Ltd.(*2) 5.0 - Korea December 31
WN2306 Securitization Specialty
WNKN2309 Securitization
Specialty Co., Ltd.(*2) 5.0 - Korea December 31
WB2309 Securitization Specialty
Co., Ltd. (*2) Asset securitization 5.0 - Korea December 31
WSB2312 Securitization
Specialty Co., Ltd. (*2) 5.0 - Korea December 31
WK2312 Asset Securitization
WBS2312 Securitization
VOGO DL General Private Equity Securities investment
Investment Trust 1(*3) and others 99.0 - Korea December 31
Held by Woori Venture Partners

Co.,Ltd. (*1)
Woori Venture Partners US Other financial services 100.0 - America December 31
Held by Woori Global Asset

Management Co., Ltd.
Woori G Global Multi Asset
Income Private Placement Securities investment
Investment Trust_Class Cs (*3) and others 37.7 37.9 Korea December 31
Woori G Happy Retirement
Lifetime Income TIF Mixed
Asset Investment Trust[FoF] Securities investment
C(Y) (*3) (*5) and others - 99.3 Korea -
Held by Woori Bank, Woori

Financial Capital Co., Ltd., and
Management Co., Ltd. (*6)
Green ESG Growth No.1 Private Securities investment
Equity Fund(*3) and others 30.3 - Korea December 31
Woori New Growth Credit Fund Securities investment
1(*3) and others 100.0 - Korea December 31
Securities investment
Woori PE Secondary Fund 1 (*3)
and others 100.0 - Korea December 31

Co., Ltd., Woori Private Equity
Asset Management Co., Ltd. and
Woori Investment Bank Co., Ltd.
(*6)
Japanese Hotel Real Estate Private Securities investment
100.0 100.0 December 31
Equity Fund 1 (*3) and others Korea

Financial Capital Co., Ltd., Woori
Investment Bank Co., Ltd., Woori
Savings Bank and Woori Private
Equity Asset Management Co.,
Ltd. (*6)
Woori Innovative Growth
Professional Investment Type
Private Investment Trust No.1 Securities investment

Financial Capital Co., Ltd., Woori
Investment Bank Co., Ltd. and
- 17 -
(%)
Management Co., Ltd. (*6)
Woori Innovative Growth
Professional Investment Type
Woori Innovative Growth New
Deal Private Investment Trust Securities investment
No.3 (*3) and others 94.3 94.3 Korea December 31

(*6)
Woori G GP Commitment Loan
General Type Private Securities investment
Woori G Equity Bridge Loan
Investment Trust No.3 (*3) and others 100.0 - Korea December 31

Woori Global Asset Management
Co., Ltd. (*6)
Woori G New
Deal(Infrastructure) Policy Securities investment
Fund No.1(*3) and others 70.0 70.0 Korea December 31
Held by Woori bank and Woori

Investment Bank Co., Ltd. (*6)
Woori Global Development
Infrastructure Synergy
Company Private Placement Securities investment
Woori G NorthAmerica Infra
Trust No. 1 (*3) and others 100.0 100.0 Korea December 31
Woori G Infrastructure New Deal
Specialized Investment Private
Equity Investment Trust No. 1 Securities investment
Woori G General Type Private
Real Estate Investment Trust Securities investment
Woori G ESG Infrastructure
Development General Type
Held by Woori bank (*6)

Woori G WooriBank Partners
Woori G Global Mid-market
Secondary General Type
- 18 -
(%)
Woori G Woori Bank Partners
Professional Type Private Securities investment
Investment Trust No. 2 (*3) and others 90.9 90.9 Korea December 31
Woori G Senior Loan General
Type Private Investment Trust Securities investment
No.2(*3) and others 50.0 50.0 Korea December 31
Woori G Government Bond MMF Securities investment
C/I (*3) (*5) and others - 46.0 Korea -
Woori G Japan General Type
Private Real Estate Feeder Securities investment
Investment Trust No.1-2 (*3) and others 98.8 98.8 Korea December 31
Woori G Japan Blind General
Type Private Real Estate Feeder Securities investment
Woori Short Term Government
and Special Bank Bond Active Securities investment
ETF(*3) (*5) and others - - Korea -
WooriG Clean Energy General
No.2 (*3) and others 30.8 - Korea December 31
WooriG Innovation
Growth(Infrastructure) General
Woori Together Institutional USD Securities investment
MMF No.1 C-F(*3) and others 63.4 - Korea December 31
Woori G ESG Infrastructure
Development General Type
(*3) and others 50.0 - Korea December 31
Woori Dongbu Underground
Expressway General type
Private Special Asset Securities investment
Investment Trust (*3) and others 40.0 - Korea December 31
Held by Woori Bank and Woori

Financial Capital Co., Ltd.(*6)
Woori G Renewable New Deal Securities investment
Fund No.1 (*3) and others 60.0 60.0 Korea December 31
Woori G Equity Investment
Woori Busan Logistics Infra
Private Placement Special Securities investment
Asset Investment Trust (*3) and others 100.0 100.0 Korea December 31

Co., Ltd.(*6)
Woori G Japan Private Placement
Real Estate Feeder Investment Securities investment
Trust No.1-1 (*3) and others 63.2 63.2 Korea December 31
Held by Woori Bank, Woori Global

Asset Management Co., Ltd. (*6)
Held by Woori Bank, Woori Card

Co., Woori Financial Capital Co.,
Ltd. and Woori Investment Bank
Co., Ltd. (*6)
Woori FG Digital Investment Securities investment
Fund 1st (*3) and others 100.0 100.0 Korea December 31
- 19 -
(%)
Held by Woori G Japan Private
Placement Real Estate Feeder
Investment Trust No.1-1 and
Woori G Japan Investment Trust
No. 1-2(*6)
Real Estate Master Investment Securities investment
Trust No.1 (*3)(*8) and others 100.0 100.0 Korea December 31

Co., Ltd. and Woori Investment
Bank Co., Ltd. (*6)
Trust No.2-1 (*3) and others 100.0 100.0 Korea December 31
Held by Woori Bank and Woori

Private Equity Asset Management
Co., Ltd. (*6)
Woori Corporate Turnaround Securities investment
No.1 Private Equity Fund (*3) and others 36.4 - Korea December 31
Held by Woori G Japan Blind

General Type Private Real Estate
Feeder Investment Trust No.1 and
Woori G Japan General Type
Private Real Estate Feeder
Investment Trust No.2-1(*6)
Trust No.2 (*3)(*8) and others 100.0 100.0 Korea December 31
Held by Woori G Japan Private

Placement Real Estate Master
Investment Trust No.1
GK OK Chatan (*3) Other financial services 99.9 99.9 Japan October 31 (*9)
Held by Woori G Japan Blind

General Type Private Real Estate
Feeder Investment Trust No.1
(*6)
Woori G Private Placement Securities investment
Investment Trust No. 3 (*3)(*8) and others 76.5 76.5 Korea December 31
Held by Woori G Private Placement

Investment Trust No. 3
September 30
GK Woorido(*3) Other financial services 100.0 100.0 Japan (*9)
Held by Woori G Infrastructure New

Deal General Type Private
Investment Trust (*6)
Woori Seoul- Chuncheon
Highway Private Placement
Special Asset Investment Trust Securities investment
(*1) Comprehensive stock exchange in Woori Investment Bank Co., Ltd., additional investment in Woori Asset Trust Corp. and
new acquisition of Woori Venture Partners occurred during the year ended December 31, 2023.
(*2) The entity is a structured entity for the purpose of asset securitization. Although the Group is not a majority shareholder,
the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with
the investee, and 3) has the ability to use its power to affect its returns.
(*3) The entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority
shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its
involvement with the investee, and 3) has the ability to use its power to affect its returns.
(*4) The entity is a ‘money trust’ under the Financial Investment Services and Capital Markets Act. Although the Group is not a
majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from
its involvement with the investee, and 3) has the ability to use its power to affect its returns.
- 20 -
(*5) Companies are excluded from the consolidation as of December 31, 2023.
(*6) Determined that the Group controls the investees, considering the Group 1) has the power over the investee, 2) is exposed to
or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its
returns, by two or more subsidiaries’ investment or operation.
(*7) The Russia – Ukraine conflict has been escalated in February 2022, and international sanctions were imposed on Russia.
Due to the sanctions, the Group may experience situations such as a decrease in value of financial assets or operating assets
owned by the Group regarding the conflict, an increase in receivable payment terms, limitation to transfer funds, decrease
in the profit. As of December 31, 2023, the Group expects such conflict and sanctions would have financial impacts on the
business of AO Woori Bank, one of the subsidiaries, in the future. However, the Group cannot reasonably predict the
financial impacts.
(*8) As a master-feeder fund, it is the percentage of the feeder fund’s ownership in the master fund.
(*9) As the financial statements for the end of the reporting period were not available, the most recent financial statements
available from the date of settlement were used.
(3) The Group has not consolidated the following entities as of December 31, 2023 and 2022 despite having
more than 50% ownership interest:
As of December 31, 2023

Percentage of
Subsidiaries Location Main Business ownership (%)
Mirae Asset Maps Clean Water Private Equity Investment Trust 7th (*1) Korea Securities Investment 59.7
Kiwoom Yonsei Private Equity Investment Trust (*1) Korea Securities Investment 88.9
IGIS Europe Private Placement Real Estate Fund No. 163-2 (*2) Korea Securities Investment 97.9
IGIS Global Private Placement Real Estate Fund No. 148-1 (*1) Korea Securities Investment 75.0
Mirae Asset Seoul Ring Expressway Private Special Asset Fund No. 1 (*1) Korea Securities Investment 66.7
Hangkang Sewage Treatment Plant Fund (*1) Korea Securities Investment 55.6
Korea Investment Pocheon Hwado Expressway Professional Investment Fund
(*1) Korea Securities Investment 55.1
Midas Global Private Placement Real Estate Investment Trust No. 7-2 (*1) Korea Securities Investment 58.3
Together-Korea Government Private Pool Private Securities Investment Trust
No.3 (*3) Korea Securities Investment 100.0
INMARK France Private Placement Investment Trust No. 18-1 (*1) Korea Securities Investment 93.8
Kiwoom Vibrato Private Placement Investment Trust 1-W(EUR) (*2) Korea Securities Investment 99.5
KOTAM Global Infra Private Fund 1-4 (*2) Korea Securities Investment 99.7
UBSHana Class 1 Special Asset Investment Trust 3 Class C 2 (*1) Korea Securities Investment 51.0
Consus GyeongJu Green Specialized Private Special Asset Investment Trust 1
Kiwoom Harmony Private Placement Investment Trust No. 3 (*1) Korea Securities Investment 77.3
Consus Solar Energy Private Placement Investment Truns No.1(*1) Korea Securities Investment 50.0
IGIS ESG General Private Investment Trust No.1(*1) Korea Securities Investment 60.0
Kiwoom Aurora Geneal Type Private Placement Investment Trust No. 2(*1) Korea Securities Investment 60.0
NH-Amundi WSCP VIII Private Fund 2 (*1) Korea Securities Investment 65.2
AI Partners Global Infrastructure Specialized Privately Placed Feeder Fund
Trust No. 2 (*2) Korea Securities Investment 100.0
Hangang new deal infra BTL fund 4 (HNBF4) (*1) Korea Securities Investment 60.0
IGIS Global Private Placement Real Estate Fund No. 316-1(*2) Korea Securities Investment 99.3
INMARK Spain Private Placement Real Estate Investment Trust No. 26-2
Woori Asset Global Partnership Fund No.5(*4) Korea Securities Investment 57.7
Rifa Qualified Investors Private Real Estate Investment Trust No.40 (*2) Korea Securities Investment 55.0
(*1) The Group does not have power over the discretionary fund because the fund manager has the sole authority to decide the relevant
activities of the investee. The fund manager’s delegated power is exercised not only for the Group, but also for other investors as
well. The Group does not have the power over the fund’s activities even though it holds more than 50% of ownership interest.
(*2) The investment target for the fund was determined in advance, and the disposition of investment assets cannot be determined by the
Group, and as a fund of funds, the Group does not have the power to participate in decision-making regarding investment assets in
parent funds. The Group does not have the power over the fund’s activities even though it holds more than 50% of ownership
interest.
(*3) The Group does not have power over the stock market stabilization fund as the fund’s relevant activities are determined by the
management committee, over which the Group does not have substantial control. The Group does not have the power over the
fund’s activities even though it holds more than 50% of ownership interest.
(*4) In this fund, one of the parties holds substantive removal rights and can remove the collective investment business operator without
any cause. Consequently, the Group have no controls as it exercises decision-making rights as agent.
- 21 -
As of December 31, 2022

Percentage of
Subsidiaries Location Main Business ownership (%)
Mirae Asset Maps Clean Water Private Equity Investment Trust 7th (*1) Korea Securities Investment 57.6
Kiwoom Yonsei Private Equity Investment Trust (*1) Korea Securities Investment 88.9
IGIS Europe Private Placement Real Estate Fund No. 163-2 (*2) Korea Securities Investment 97.8
Mirae Asset Seoul Ring Expressway Private Special Asset Fund No. 1 (*1) Korea Securities Investment 66.7
Hangkang Sewage Treatment Plant Fund (*1) Korea Securities Investment 55.6
Korea Investment Pocheon Hwado Expressway Professional Investment Fund
Midas Global Private Placement Real Estate Investment Trust No. 7-2 (*1) Korea Securities Investment 58.3
Together-Korea Government Private Pool Private Securities Investment Trust
No.3 (*3) Korea Securities Investment 100.0
INMARK France Private Placement Investment Trust No. 18-1 (*1) Korea Securities Investment 93.8
Kiwoom Vibrato Private Placement Investment Trust 1-W(EUR) (*2) Korea Securities Investment 99.5
KOTAM Global Infra Private Fund 1-4 (*2) Korea Securities Investment 99.7
UBSHana Class 1 Special Asset Investment Trust 3 Class C 2 (*1) Korea Securities Investment 51.0
Consus GyeongJu Green Specialized Private Special Asset Investment Trust 1
Consus Solar Energy Private Placement Investment Truns No.1(*1) Korea Securities Investment 50.0
IGIS ESG General Private Investment Trust No.1(*1) Korea Securities Investment 60.0
Kiwoom Aurora Geneal Type Private Placement Investment Trust No. 2(*1) Korea Securities Investment 60.0
NH-Amundi WSCP VIII Private Fund 2 (*1) Korea Securities Investment 65.2
AI Partners Global Infrastructure Specialized Privately Placed Feeder Fund
Trust No. 2 (*2) Korea Securities Investment 100.0
Hangang new deal infra BTL fund 4 (HNBF4) (*1) Korea Securities Investment 60.0
Rifa Qualified Investors Private Real Estate Investment Trust No.40 (*2) Korea Securities Investment 55.0
(*1) The Group does not have power over the discretionary fund because the fund manager has the sole authority to decide the relevant
activities of the investee. The fund manager’s delegated power is exercised not only for the Group, but also for other investors as
well. The Group does not have the power over the fund’s activities even though it holds more than 50% of ownership interest.
(*2) The Group does not have power over the fund of funds because the Group cannot decide the relevant activities of the fund through
the related contract. The Group does not have the power over the fund’s activities even though it holds more than 50% of ownership
interest.
(*3) The Group does not have power over the stock market stabilization fund as the fund’s relevant activities are determined by the
management committee, over which the Group does not have substantial control. The Group does not have the power over the
fund’s activities even though it holds more than 50% of ownership interest.
- 22 -
(4) The summarized financial information of the major subsidiaries are as follows. The financial information
of each subsidiary was prepared on the basis of consolidated financial statements. (Unit: Korean Won in
millions):
As of and for the year ended December 31, 2023

Net income Comprehensiv
(loss) e income (loss)
Operating attributable to attributable to
Subsidiaries Assets Liabilities revenue owners owners
Woori Bank 458,017,067 431,313,615 37,719,811 2,505,587 3,203,099
Woori Card Co., Ltd. 17,491,193 14,830,408 2,099,755 110,998 85,647
Woori Financial Capital Co., Ltd. 12,417,338 10,796,683 1,538,360 127,836 125,562
Woori Investment Bank Co., Ltd. 6,375,625 5,273,890 429,764 (53,374) (50,735)
Woori Asset Trust Co., Ltd. 337,976 79,747 129,982 32,297 31,849
Woori Savings Bank 1,938,948 1,759,489 133,872 (49,139) (48,974)
Woori Financial F&I Co., Ltd. 877,702 673,265 31,290 3,866 3,858
Woori Asset Management Corp. 161,868 32,780 41,311 6,408 6,267
Woori Venture Partners Co., Ltd.(*) 328,782 30,190 14,676 3,929 5,484
Woori Global Asset Management Co., Ltd. 37,512 13,526 13,857 (3,913) (3,913)
Woori Private Equity Asset Management Co., Ltd 96,006 4,418 10,216 1,960 1,826
Woori Credit Information Co., Ltd. 45,662 7,981 43,774 5,014 4,626
Woori Fund Service Co., Ltd. 27,526 2,758 17,059 3,539 3,539
Woori FIS Co., Ltd. 80,563 32,304 339,163 (7,511) (9,214)
Woori Finance Research Institute Co., Ltd. 6,444 2,603 7,792 72 (11)
(*) Additional investment occurred and added it as a consolidated subsidiary during the year ended December 31, 2023.
As of and for the year ended December 31, 2022

Net income Comprehensive
(loss) income (loss)
Operating attributable to attributable to
Subsidiaries Assets Liabilities revenue owners owners
Woori Bank 443,340,979 417,583,793 38,656,623 2,892,165 2,651,873
Woori Card Co., Ltd. 16,118,967 13,692,456 1,845,296 204,385 199,397
Woori Financial Capital Co., Ltd. 12,581,473 11,040,754 1,323,574 183,328 189,765
Woori Investment Bank Co., Ltd. 5,657,191 4,982,410 406,157 91,794 92,379
Woori Asset Trust Co., Ltd. 322,098 94,573 137,114 60,319 60,316
Woori Savings Bank 1,786,495 1,556,679 110,868 10,607 10,998
Woori Asset Management Corp. 185,389 62,568 35,019 1,259 1,314
Woori Financial F&I Co., Ltd. 336,141 135,562 8,086 867 867
Woori Credit Information Co., Ltd. 42,832 9,240 38,549 1,784 2,083
Woori Fund Service Co., Ltd. 25,094 2,691 16,337 3,917 3,917
Woori Private Equity Asset Management Co., Ltd 94,434 4,672 7,830 1,902 1,872
Woori Global Asset Management Co., Ltd. 34,988 7,090 13,711 211 211
Woori FIS Co., Ltd. 112,117 54,645 296,235 1,069 11,559
Woori Finance Research Institute Co., Ltd. 6,456 2,604 7,006 46 245
- 23 -
(5) The financial support that the Group provides to consolidated structured entities is as follows:
- Structured entity for asset securitization

The structured entity which is established for the purpose of securitization of project financing
loans, corporate bonds, and other financial assets. The Group is involved with the structured entity
through provision of credit facility over asset-backed commercial papers issued by the entity,
originating loans directly to the structured entity, or purchasing 100% of the subordinated debts
issued by the structured entity.
- Structured entity for the investments in securities

The structured entity is established for the purpose of investments in securities. The Group acquires
beneficiary certificates through its contribution of funding to the structured entity by the Group,
and it is exposed to the risk that it may not be able to recover its fund depending on the result of
investment performance of asset managers of the structured entity.
- Money trust under the Financial Investment Services and Capital Markets Act
The Group provides with financial guarantee of principal and interest or solely principal to some of
its trust products. Due to the financial guarantees, the Group may be obliged when the principal
and interest or principal of the trust product sold is short of the guaranteed amount depending on
the result of investment performance of the trust product.
As of December 31, 2023 and 2022, the Group provides 2,445,644 million Won and 231,309 million Won of
credit facilities, respectively, for the structured entities mentioned above. As of December 31, 2023 and 2022,
the purchase commitment amounts to 2,848,921 million Won and 2,545,164 million Won, respectively.
(6) The Group has entered into various agreements with structured entities such as asset securitization,
structured finance, investment fund, and trust contract. The characteristics of interests and the nature of
risks related to unconsolidated structured entities over which the Group does not have control in
accordance with K-IFRS 1110 are as follows:
The interests in unconsolidated structured entities that the Group hold are classified into asset securitization,
structured finance, investment fund and real-estate trust, based on the nature and the purpose of each
structured entity.
Unconsolidated structured entities classified as ‘asset securitization’ are entities that issue asset-backed
securities, pay the principal and interest or distributes dividends on asset-backed securities through
borrowings or profits from the management, operation and sale of securitized assets. The Group has been
purchasing commitments of asset-backed securities or issuing asset-backed securities through credit grants,
and recognizes related interest or fee revenue. There are entities that provide additional funding and
conditional debt acquisition commitments before the Group’s financial support, but the Group is still exposed
to losses arising from the purchase of financial assets issued by the structured entities when it fails to renew
the securities.
Unconsolidated structured entities classified as ‘structured finance’ include real estate project financing
investment vehicle, social overhead capital companies, and special purpose companies for ship (aircraft)
financing. Each entity is incorporated as a separate company with a limited purpose in order to efficiently
pursue business goals and the fund is raised by equity investment or loans from financial institutions and
participating institutions. ‘Structured financing’ is a financing method for large-scale risky business, with
investments made based on feasibility of the specific business or project, instead of credit of business owner
or physical collaterals. The investors receive profits from the operation of the business. The Group
recognizes interest revenue, profit or loss from assessment or transactions of financial instruments, or
dividend income. With regard to uncertainties involving structured financing, there are entities that provide
financial support such as additional fund, guarantees and prioritized credit grants prior to the Group’s
intervention, but the Group is exposed to possible losses due to loss of principal from reduction in investment
value or irrecoverable loans arising from failure to collect scheduled cash flows and cessation of projects.
- 24 -
Unconsolidated structured entities classified as ‘investment funds’ include investment trusts and private
equity funds. An investment trust orders the investment and operation of funds to the trust manager in
accordance with trust contract with profits distributed to the investors. Private equity funds finances money
required to acquire equity securities to enable direction of management and/or improvement of ownership
structure, with profit distributed to the investors. The Group recognizes pro rata amount of dividend income
as an investor in the same way as ‘structured finance’, and may be exposed to losses due to reduction in
investment value. Investments in MMF(Money Market Funds) as of December 31, 2023 and 2022 are
1,451,874 million Won and 875,470 million Won, respectively, and there is no additional commitments for
MMF.
‘Real estate trust’ is to be entrusted the underlying property for the purpose of managing, disposing,
operating or developing from the consignor who owns the property and distributes the proceeds achieved
through the trust to the beneficiary. When the consignee does not fulfill his or her important obligations in
the trust contract or it is, in fact, difficult to run the business, the Group may be exposed to the threat of
compensating the loss.
The total assets of the unconsolidated structured entity held by the Group, the carrying amount of the items
recognized in the consolidated financial statements, the maximum loss exposure, and the losses from the
unconsolidated structured entity are as follows. The maximum loss exposure includes the amount of
investment recognized in the consolidated financial statements and the amount that is likely to be confirmed
in the future when satisfies certain conditions by contracts such as purchase commitments, credit offerings.
(unit : Korean Won in millions))

December 31, 2023
Asset securitization Structured Finance Investment Fund Real-estate trust
Total asset of the unconsolidated
structured entities 14,595,681 99,568,859 189,034,319 1,604,210
Assets recognized in the consolidated
financial statements related to the
unconsolidated structured entities 9,256,063 5,414,037 6,884,658 93,222
Financial assets at FVTPL 205,449 118,026 6,000,877 8,297
Financial assets at FVTOCI 2,802,592 43,696 - -
Financial assets at amortized cost 6,248,022 5,252,191 66 84,925
Investments in joint ventures and
associates - - 881,531 -
Derivative assets - 124 2,184 -
Liabilities recognized in the
consolidated financial statements
related to the unconsolidated
structured entities 248 3,251 2,006 28,838
Derivative liabilities - 1,243 2,006 -
Other liabilities (provisions) 248 2,008 - 28,838
The maximum exposure to risks 9,333,448 6,444,559 11,069,599 206,651
Investment assets 9,256,063 5,414,037 6,884,658 93,222
Purchase commitment - - 4,181,631 -
Credit offerings and others 77,385 1,030,522 3,310 113,429
Loss recognized on unconsolidated
- 25 -
(unit : Korean Won in millions))
December 31, 2022
Asset securitization Structured Finance Investment Fund Real-estate trust
Total asset of the unconsolidated
structured entities 14,856,750 82,724,618 132,264,383 1,316,930
Assets recognized in the consolidated
financial statements related to the
unconsolidated structured entities 8,051,144 5,537,836 4,964,712 40,073
Financial assets at FVTPL 258,552 6,642 4,397,416 10,480
Financial assets at FVTOCI 3,213,331 45,735 - -
Financial assets at amortized cost 4,579,261 5,485,336 31,124 29,593
Investments in joint ventures and
associates - - 535,427 -
Derivative assets - 123 745 -
Liabilities recognized in the
consolidated financial statements
related to the unconsolidated
Derivative liabilities 729 4,975 2,091 -
Other liabilities (provisions) 95 1,631 - 5,760
The maximum exposure to risks 8,153,111 6,086,831 9,322,308 92,856
Investment assets 8,051,144 5,537,836 4,964,712 40,073
Purchase commitment - - 4,352,518 -
Credit offerings and others 101,967 548,995 5,078 52,783
Loss recognized on unconsolidated
structured entities - 17,388 113,976 1,040
(7) As of December 31, 2023 and 2022, the share of non-controlling interests on the net income and equity
of subsidiaries in which non-controlling interests are significant are as follows: (Unit: Korean Won in
millions):
1) Accumulated non-controlling interests at the end of the reporting period
December 31, 2023 December 31, 2022

Woori Bank (*1) 1,546,447 2,344,816
Woori Investment Bank Co., Ltd. (*2) - 283,221
Woori Asset Trust Co., Ltd. (*3) 12,517 78,434
Woori Asset Management Corp 35,638 34,073
PT Bank Woori Saudara Indonesia 1906 Tbk 103,176 92,118
Wealth Development Bank 21,142 20,759
PT Woori Finance Indonesia Tbk. 13,631 13,964
(*1) Hybrid securities issued by Woori Bank

(*2) The non-controlling interests decreased by 280,604 million Won in accordance with additional investment during
the year ended December 31, 2023.
(*3) The non-controlling interests decreased by 71,240 million Won in accordance with additional investment during
- 26 -
2) Net income attributable to non-controlling interests
For the years ended December 31

2023 2022
Woori Bank (*) 95,637 113,995
Woori Investment Bank Co., Ltd. 5,687 38,319
Woori Asset Trust Co., Ltd. 5,720 18,074
Woori Asset Management Corp 1,603 290
Woori Venture Partners Co., Ltd. 1,391 -
Wealth Development Bank (68) 401
PT Woori Finance Indonesia Tbk. 1,067 379
(*) Distribution of the hybrid securities issued by Woori Bank
3) Dividends to non-controlling interests

2023 2022
Woori Bank (*) 95,637 113,995
Woori Investment Bank Co., Ltd. 8,302 7,219
Woori Asset Trust Co., Ltd 365 365
PT Woori Finance Indonesia Tbk. 138 -
Others 40 -
(*) Distribution of the hybrid securities issued by Woori Bank
- 27 -
2. BASIS OF PREPARATION AND MATERIAL ACCOUNTING POLICIES
(1) Basis of presentation
The Group maintains its accounting records in Korean won and prepares statutory financial statements in the
Korean language (Hangul) in accordance with International Financial Reporting Standards as adopted by the
Republic of Korea (K-IFRS). The accompanying consolidated financial statements have been condensed,
restructured and translated into English from the Korean language financial statements.
Certain information attached to the Korean language financial statements, but not required for a fair
presentation of the Grou’'s financial position, financial performance or cash flows, is not presented in the
accompanying consolidated financial statements.
The consolidated financial statements of the Group have been prepared in accordance with K-IFRS. These
are the standards, subsequent amendments and related interpretations issued by the International Accounting
Standards Board (IASB) that have been adopted by the Republic of Korea.
The principal accounting policies applied in the preparation of these consolidated financial statements are set
out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
The consolidated financial statements, as described in following paragraphs of accounting policy, are prepared
at the end of each reporting period in historical cost basis, except for certain non-current assets and financial
assets that are either revalued or measured in fair value. Historical cost is generally measured at the fair value
of consideration given to acquire assets.
Meanwhile, the consolidated financial statements of the Group were initially approved by the Board of
Directors on February 6, 2024, revised and approved on February 9, 2024 and the final approval will be made
in the annual general shareholders’ meeting on March 22, 2024.
1) The standards and interpretations that are newly adopted by the Group during the current period,
and the changes in accounting policies thereof are as follows:
i) Amendments to K-IFRS 1001 ‘Presentation of Financial Statements’ – Disclosure of Accounting

Policies
The amendments to Korean IFRS 1001 define and require entities to disclose their material
accounting policy information (being information that, when considered together with other
information included in an entity’s financial statements, can reasonably be expected to influence
decisions that the primary users of financial statements make on the basis of those financial
statements) statements). These amended do not have a significant impact on the consolidated
financial statements.
ii) 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. These amended do not have a significant impact on the consolidated
iii) 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 as defined in paragraph 11 (2) of K-IFRS 1032. These
amended do not have a significant impact on the consolidated financial statements.
- 28 -
iv) 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. These amended do not have a
significant impact on the consolidated financial statements.
v) New Standard: K-IFRS 1117 ‘Insurance Contract’
K-IFRS 1117 Insurance Contracts replaces K-IFRS 1104 Insurance Contracts. This Standard
estimates future cash flows of an insurance contract and measures insurance liabilities using
discount rates applied with assumptions and risks at the measurement date. The entity recognizes
insurance revenue on an accrual basis including services (insurance coverage) provided to the
policyholder by each annual periods. In addition, investment components (Refunds due to
termination/maturity) repaid to a policyholder even if an insured event does not occur, are excluded
from insurance revenue, and insurance financial income or expense and the investment income or
expense are presented separately to enable users of the information to understand the sources of
income or expenses. This standard does not have a significant impact on the consolidated financial
statements.
vi) K-IFRS 1012 ‘Income Taxes’ - International Tax Reform – Pillar Two Model Rules
The amendments provide a temporary relief from the accounting for deferred taxes arising from
legislation enacted to implement the Pillar Two model rules, which aim to reform international
corporate taxation for multinational enterprises, and require disclosure of related current tax effects,
etc. The amendments do not have a significant impact on the financial statements.
The Group applies the exception to recognizing and disclosing information about deferred tax assets
and liabilities related to Pillar Two income taxes. Since the Pillar Two legislation is scheduled to be
effective from January 1, 2024, the Group has no current tax expense related to Pillar Two. The
Group is in review for the impact of these amendments on the financial statements and does not
expect that the impact will be significant.
2) The details of K-IFRSs that have been issued and published as of December 31,2023 but have not
yet reached the effective date, and which the Group have not been early adopted by the Group are
as follows:
i) Amendments to K-IFRS 1001 ‘Presentation of Financial Statements’ - Classification of

Liabilities as Current or Non-current, Non-current Liabilities with Covenants
The amendments clarify that the classification of liabilities as current or non-current is based on
rights that are in existence at the end of the reporting period and specify that classification is
unaffected by expectations about whether an entity will exercise its right to defer settlement of a
liability, explain that rights are in existence if covenants are complied with at the end of the
reporting period and introduce a definition of ‘settlement’ to make it clear that settlement refers to
the transfer to the counterparty of cash, equity instruments, other assets or services.
The amendments specify that only covenants that an entity is required to comply with on or before
the end of the reporting period affect the entity’s right to defer settlement of liability for at least 12
months after the reporting date.
Such covenants affect whether the right exists at the end of the reporting period, even if compliance
with the covenant is assessed only after the reporting date.
The amendments also specify that the right to defer settlement is not affected if an entity only has
to comply with a covenant after the reporting period. However, if the entity’s right to defer
settlement of liability is subject to the entity complying with covenants within 12 months after the
- 29 -
reporting period, an entity discloses information that enables users of financial statements to
understand the risk of the liabilities becoming repayable within 12 months after the reporting
period. This would include information about the covenants (including the nature of the covenants
and when the entity is required to comply with them), the carrying amount of related liabilities and
the facts and circumstances, if any, that indicate that the entity may have difficulties complying
with the covenants.
The amendments should be applied for annual periods beginning on or after January 1, 2024, and
earlier application is permitted. The Group does not expect that these amendments have a
significant impact on the financial statements.
ii) Amendments to K-IFRS 1007 ‘Statement of Cash Flows’, K-IFRS 1107 ‘Financial Instruments:
Disclosures’ – Supplier finance arrangements
When applying supplier finance arrangements, an entity shall disclose information about its
supplier finance arrangements that enables users of financial statements to assess the effects of
those arrangements on the entity’s liabilities and cash flows and on the entity’s exposure to
liquidity risk. The amendments should be applied for annual periods beginning on or after January
1, 2024, and earlier application is permitted. The Group does not expect that these amended will
have a significant impact on the financial statements.
iii) Amendments to K-IFRS 1116 ‘Leases’ - Lease Liability in a Sale and Leaseback
When subsequently measuring lease liabilities arising from a sale and leaseback, a seller-lessee
shall determine lease payments or revised lease payments in a way that the seller-lessee would not
recognize any amount of the gain or loss that relates to the right of use retained by the seller-lessee.
The amendments should be applied for annual periods beginning on or after January 1, 2024, and
earlier application is permitted. The Group does not expect that these amendments have a
significant impact on the financial statements.
iv) Amendments to K-IFRS 1001 ‘Presentation of Financial Statements’ – Disclosure of

Cryptographic Assets
The amendments require for an additional disclosure if an entity holds cryptographic assets, or
holds cryptographic assets on behalf of the customer, or issues cryptographic assets. The
amendments should be applied for annual periods beginning on or after January 1, 2024, and earlier
application is permitted. The Group does not expect that these amendments will have a significant
impact on the financial statements.
The above enacted or amended standards will not have a significant impact on the Group.
(2) Basis of consolidated financial statement presentation
The consolidated financial statements consist of the financial statements of the parent company and the
entities (including structured entities) controlled by the parent company (or its subsidiaries, which is the
“Group”). Control is achieved where the Group 1) has the power over the investee, 2) is exposed, or has
rights, to variable returns from its involvement with the investee, and 3) able to use its power to affect its
returns. The Group reassesses whether it controls an investee if facts and circumstances indicate that there are
changes to one or more of the three elements of control listed above.
When the Group has less than most of the voting rights of an investee, it has power over the investee when
the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee
unilaterally. The Group considers all relevant facts and circumstances in assessing whether the Group's
voting rights in an investee are enough to give it power, including:
- The relative size of the Group's holding of voting rights and dispersion of holdings of the other
vote holders;
- Potential voting rights held by the Group, other vote holders or other parties;
- Rights arising from other contractual arrangements;
- 30 -
- Any additional facts and circumstances that indicate that the Group has, or does not have, the
current ability to direct the relevant activities at the time that decisions need to be made, including
voting patterns at previous shareholders' meetings.
Income and expenses of subsidiaries acquired or disposed of during the year are included in the consolidated
statement of comprehensive income from the date the Group gains control until the date when the Group
ceases to control the subsidiary. The carrying amount of the non-controlling interest after the acquisition is
the amount initially recognized plus the amount of proportionate interest of the non-controlling interest in the
changes in equity since the acquisition. Total comprehensive income of subsidiaries is attributed to the owner
of the Group and to the non-controlling interests even if this results in the non-controlling interests having a
negative (-) balance.
When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting
policies into line with the Group’s accounting policies.
All intra-group transactions and, related assets and liabilities, income and expenses are eliminated in full on
consolidation.
Changes in the Group’s ownership interests in subsidiaries that do not result in the Group losing control over
the subsidiaries are accounted for as equity transactions. The carrying amount of the Group’s interests and
the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries.
Any difference between the amount by which the non-controlling interests are adjusted and the fair value of
the consideration paid or received is recognized directly in equity and attributed to the owner of the parent
company.
When the Group loses control of a subsidiary, a gain or loss on disposal is calculated as the difference
between (i) the aggregate of the fair value of the consideration received and the fair value of any retained
interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the
subsidiary and any non-controlling interests. When assets of the subsidiary are carried at revalued amounts or
fair values and the related cumulative gain or loss has been recognized in other comprehensive income and
accumulated in equity, the amounts previously recognized in other comprehensive income and accumulated
in equity are accounted for as if the Group had directly disposed of the relevant assets (i.e. reclassified to
profit or loss or transferred directly to retained earnings). The fair value of any investment retained in the
former subsidiary at the date when control is lost is recognized as the fair value on initial recognition for
subsequent accounting under K-IFRS 1109 Financial Instruments or, when applicable, the cost on initial
recognition of an investment in an associate or a joint venture.
(3) Business combinations
Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The consideration
transferred in a business combination is measured as the sum of the acquisition-date fair values of the assets
transferred by the Group in exchange for control of the acquiree, liabilities assumed by the Group for the
former owners of the acquiree and the equity interests issued by the Group. Acquisition-related costs are
generally recognized in profit or loss as incurred.
At the acquisition date, the acquiree’s identifiable acquires assets, liabilities and contingent liabilities are
recognized at their fair value, except for the followings:
- Deferred tax assets or liabilities and assets or liabilities related to employee benefit arrangements
are recognized and measured in accordance with K-IFRS 1012 Income Taxes and K-IFRS 1019
Employee Benefits, respectively;
- Liabilities or equity instruments related to share-based payment arrangements of the acquiree or
share-based payment arrangements of the Group entered into to replace share-based payment
arrangements of the acquiree are measured in accordance with K-IFRS 1102 Share-based Payment
at the acquisition date; and
- 31 -
- Non-current assets (or disposal groups) that are classified as held for sale are measured in
accordance with K-IFRS 1105 Non-current Assets Held for Sale and Discontinued Operations
Any excess of the sum of the consideration transferred, the amount of any non-controlling interest in the
acquiree and the fair value of the Group’s previously held equity interest (if any) in the acquiree over the net
of identifiable assets and liabilities assumed of the acquiree at the acquisition date is recognized as goodwill.
If, after reassessment, the Group’s interest in the fair value of the acquiree’s identifiable net assets exceeds
the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the
fair value of the acquirer’s previously held equity interest in the acquiree (if any), the excess is recognized
immediately in net income as a bargain purchase gain.
The subsidiary's non-controlling interests are identified separately from the Group's equity. If the element of
the non-controlling interest in the acquiree is the current interest at the acquisition date and the holder is
entitled to a proportional share of the entity's net assets, the non-controlling interest can be measured in 1)
fair value or 2) proportionate share of the current equity instrument of the amount recognized for the
acquiree's identifiable net assets at the acquisition date. The selection of these metrics is made for each
acquisition transaction. All other non-controlling interests are measured at fair value at the acquisition date.
The carrying amount of the non-controlling interest after acquisition reflects the proportional interest of the
non-controlling interest in changes in equity after acquisition in the initial recognition amount. Even if the
non-controlling interest is a negative (-) balance, total comprehensive income is attributed to the non-
controlling interest.
When the consideration transferred by the Group in a business combination includes assets or liabilities
resulting from a contingent consideration arrangement, the contingent consideration is measured at its
acquisition-date fair value and included as part of the consideration transferred in a business combination.
Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are
adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments
are adjustments that arise from additional information obtained during the ‘measurement period’ (which
cannot exceed one year from the acquisition date) about facts and circumstances that existed at the
acquisition date.
The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as
measurement period adjustments depends on how the contingent consideration is classified. Contingent
consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent
settlement is accounted for within equity. Contingent consideration other than the above is remeasured at
subsequent reporting dates as appropriate, with the corresponding gain or loss being recognized in profit or
loss.
When a business combination is achieved in stages, the Group's previously held equity interest in the
acquiree is remeasured at fair value at the acquisition date (i.e., the date when the Group obtains control) and
the resulting gain or loss, if any, is recognized in net income(or other comprehensive income, if applicable).
Amounts arising from changes in value of interests in the acquiree prior to the acquisition date that have
previously been recognized in other comprehensive income are recognized, identical to the treatment
assuming interests are sold directly.
If the initial accounting for a business combination is not completed by the end of the reporting period in
which the business combination occurred, the Group reports in consolidated financial statements the
provisional amount of items that have not been accounted for. If there is new information about the facts and
circumstances that existed as of the acquisition date during the measurement period (see above), the Group
retrospectively adjusts the provisional amounts recognized at the acquisition date or recognizes additional
assets and liabilities to reflect the information that would have affected the measurement of the amount
recognized at the acquisition date if it had already known at the acquisition date.
(4) Investments in joint ventures and associates
- 32 -
An associate is an entity over which the Group has significant influence, and that is not a subsidiary or a joint
venture. Significant influence is the power to participate in making decision on the financial and operating
policy of the investee but is not control or joint control over those policies.
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have
rights to net assets relating to the arrangement. Joint control is the contractually agreed sharing of control of
an arrangement, which exists only when decisions about the relevant activities require the unanimous consent
of the parties sharing control.
The net income of current period and the assets and liabilities of the joint ventures and associates are
incorporated in these consolidated financial statements using the equity method of accounting, except when
the investment is classified as held for sale, in which case it is accounted for in accordance with K-IFRS 1105
Non-current Assets Held for Sale and Discontinued Operations. Under the equity method, an investment in
the joint ventures and associates is initially recognized in the consolidated statements of financial position at
cost and adjusted thereafter to recognize the Group's share of the net assets of the joint ventures and
associates and any impairment. When the Group's share of losses of the joint ventures and associates exceeds
the Group's interest in the associate, the Group discontinues recognizing its share of further losses. Additional
losses are recognized only to the extent that the Group has incurred legal or constructive obligations or made
payments on behalf of the joint ventures and associates.
Investment in joint ventures and associates are accounted for and applied with the equity method from the
time the investee becomes an associate or a joint venture.
Any excess of the cost of acquisition over the Group's share of the net fair value of the identifiable assets,
liabilities and contingent liabilities of the joint ventures and associates recognized at the date of acquisition is
recognized as goodwill, which is included within the carrying amount of the investment. Any excess of the
Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities over the cost
of acquisition exists after the review, it is recognized immediately in net income.
The requirements of K-IFRS 1028 - Investments in Associates and Joint Ventures to determine whether there
has been a loss event are applied to identify whether it is necessary to recognize any impairment loss with
respect to the Group’s investment in the joint ventures and associates. When necessary, the entire carrying
amount of the investment (including goodwill) is tested for impairment in accordance with K-IFRS 1036 -
Impairment of Assets as a single asset by comparing its recoverable amount (higher of value in use and fair
value less costs to sell) with its carrying amount. Any impairment loss recognized is not allocated to any
asset (including goodwill), which forms part of the carrying amount of the investment. Any reversal of that
impairment loss is recognized in accordance with K-IFRS 1036 to the extent that the recoverable amount of
the investment subsequently increases.
The Group ceases to use the equity method from the time it fails meet the definition of an associate or a joint
venture. Upon a loss of significant influence over the joint ventures and associates, the Group discontinues
the use of the equity method and measures at fair value of any investment that the Group retains in the former
joint ventures and associates from the date when the Group loses significant influence. The fair value of the
investment is regarded as its fair value on initial recognition as a financial asset in accordance with K-IFRS
1109 Financial Instruments; Recognition and Measurement. The Group recognized differences between the
carrying amount and fair value in net income and it is included in determination of the gain or loss on
disposal of joint ventures and associates. The Group accounts for all amounts recognized in other
comprehensive income in relation to that joint ventures and associates on the same basis as would be required
if the joint ventures and associates had directly disposed of the related assets or liabilities. Therefore, if a gain
or loss previously recognized in other comprehensive income by an associate or a joint venture would be
reclassified to net income on the disposal of the related assets or liabilities, the Group reclassifies the gain or
loss from equity to net income as a reclassification adjustment.
When the Group’s ownership of interest in an associate or a joint venture decreases but the Group continues
to maintain significant influence over an associate or a joint venture, the Group reclassifies to profit or loss
the proportion of the gain or loss that had previously been recognized in other comprehensive income relating
to that decrease in ownership interest if the gain or loss would be reclassified to profit or loss on the disposal
of the related assets or liabilities. Meanwhile, if interest on associate or joint venture meets the definition of
non-current asset held for sale, it is accounted for in accordance with K-IFRS 1105.
- 33 -
The Group continues to use the equity method when an investment in an associate becomes an investment in
a joint venture or an investment in a joint venture becomes an investment in an associate. There is no
remeasurement to fair value upon such changes in ownership interests.
When the Group transacts with an associate or a joint venture of the Group, profits and losses resulting from
the transactions with the associate or joint venture are recognized in the Group's consolidated financial
statements only to the extent of interests in the associate or joint venture that are not related to the Group.
The Group applies K-IFRS 1109 Financial Instruments, including the impairment requirements, to its long-
term investment interests in associates and joint ventures that form part of its net investment without applying
the equity method. In addition, when applying K-IFRS 1109 to long-term investments, the Group does not
consider adjustments to the carrying amount required by K-IFRS 1028. Examples of such adjustments
include an impairment assessment or an adjustment to the carrying amount of the long-term investment
interest resulting from the allocation of losses to the investee in accordance with K-IFRS 1028.
(5) Investment in joint operation
A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have
rights to the assets, and obligations for the liabilities, relating to the arrangement. Joint control is the
contractually agreed sharing of control of an arrangement, which exists only when decisions about the
relevant activities require the unanimous consent of the parties sharing control.
When the Group operates as a joint operator, it recognizes in relation to its interest in a joint operation:
- its assets, including its share of any assets held jointly;

- its liabilities, including its share of any liabilities incurred jointly;
- its revenue from the sale of its share of the output arising from the joint operation;
- its share of the revenue from the sale of the output by the joint operation;
- its expenses, including its share of any expenses incurred jointly.
The Group accounts for the assets, liabilities, revenues and expenses that correspond to its interest in a joint
operation in accordance with the K-IFRSs applicable to the specific assets, liabilities, revenues and expenses.
When the Group enters into a transaction with a joint operation in which it is a joint operator, such as a sale
or contribution of assets, it is conducting the transaction with the other parties to the joint operation and, as
such, the Group recognizes gains and losses resulting from such a transaction only to the extent of the other
parties’ interests in the joint operation.
When the Group enters a transaction with a joint operation in which it is a joint operator, such as a purchase
of assets, it does not recognize proportional share of profit or loss until the asset is sold to a third party.
(6) Revenue recognition
K-IFRS 1115 requires the recognition of revenues based on transaction price allocated to the performance
obligation when or as the Group performs that obligation to the customer. Revenues other than those from
contracts with customers, such as interest revenue and loan origination fee (cost), are recognized through
effective interest rate method.
1) Revenues from contracts with customers
The Group recognizes revenue when the Group satisfies a performance obligation by transferring a
promised good or service to a customer. When a performance obligation is satisfied, the Group shall
recognize as a revenue the amount of the transaction price that is allocated to that performance
obligation. The transaction price is the amount of consideration to which the Group expects to be
entitled in exchange for transferring promised goods or services to a customer, excluding amounts
collected on behalf of third parties.
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The Group is recognizing revenue by major sources as shown below:
① Fees and commission received for brokerage
The fees and commission received for agency are the amount of consideration or fee expected to
be entitled to receive in return for providing goods or services to the other parties with the Group
acting as an agency, such as in the case of sales of bancassurance and beneficiary certificates.
Most of these fees and commission received for brokerage are from the business activities
relevant to Banking segment.
② Fees and commission received related to credit
The fees and commission received related to credit mainly include the lending fees received from
the loan activity and the fees received in the L/C transactions. Except for the fees and
commission accounted for in calculating the effective interest rate, it is generally recognized
when the performance obligation has been performed. Most of these fees and commission
received related to credit are from the business activities relevant to Banking, Credit card and
Investment banking segment.
③ Fees and commission received for electronic finance
The fees and commission received for electronic finance include fees received in return for
providing various kinds of electronic financial services through firm-banking and CMS. These
fees are recognized as revenue immediately upon the completion of services. Most of these fees
and commission received for electronic finance are from the business activities relevant to
Banking and Investment banking segment.
④ Fees and commission received on foreign exchange handling
The fees and commission received on foreign exchange handling consist of various fees incurred
when transferring foreign currency. The point of processing the customer's request is the time
when performance obligation is satisfied, and revenue is immediately recognized when fees and
commission are received after requests are processed. The business activities relevant to these
fees and commission received on foreign exchange handling are substantially attributable to
Banking segment.
⑤ Fees and commission received on foreign exchange
The fees and commission received on foreign exchange consist of fees related to the issuance of
various certificates, such as exchange, import and export performance certificates, purchase
certificates, etc. The point of processing the customer's request is the time when performance
obligation is satisfied, and revenue is immediately recognized when fees and commission are
received after requests are processed. The business activities relevant to these fees and
commission received on foreign exchange are substantially attributable to Banking segment.
⑥ Fees and commission received for guarantee
The fees and commission received for guarantee include the fees received for the various
warranties. The activities related to the warranty consist mainly of performance obligations
satisfied over time and fees and commission are recognized over the guarantee period. The
business activities relevant to these fees and commission received for guarantee are substantially
attributable to Banking segment.
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⑦ Fees and commission received on credit card
The fees and commission received on credit card consist mainly of merchant account fees and
annual fees. The Group recognizes merchant account fees by multiplying agreed commission rate
to the amount paid by using the credit card. The annual fees are performance obligation satisfied
over time and are recognized over agreed periods after the annual fees are paid in advance. The
business activities relevant to these fees and commission received on credit card are substantially
attributable to Credit cards segment.
⑧ Fees and commission received on securities business
The fees and commission received on securities business consist mainly of fees and commission
for the sale of beneficiary certificates, and these fees are recognized when the beneficiary
certificates are sold to customers. The business activities relevant to these fees and commission
received on securities business are substantially attributable to Banking and Investment banking
segment.
⑨ Fees and commission from trust management
The fees and commission from trust management consist of fees and commission received in
return for the operation and management services for entrusted assets. These operation and
management services are performance obligations satisfied over time, and revenue is recognized
over the service period. Among the fees and commission from trust management, variable
considerations such as profit commission that are affected by the value of entrusted assets and
base return of the future periods are recognized as revenue when limitations to the estimates are
lifted. Most of these fees and commission received for brokerage are from the business activities
relevant to Banking segment.
⑩ Fees and commission received on credit Information
The fees and commission received on credit Information are composed of the fees and
commission received by performing credit investigation and proxy collection services. Credit
investigation fees and commission are the amount received in return for verifying the information
requested by the customer and are recognized as revenue at the time the verification is
completed. Proxy collection service fees are recognized by applying the applicable rate to the
collected amount at the time when collection services are completed. Most of these fees and
commission received for brokerage are from the business activities relevant to other segments.
⑪ Other fees
Other fees are usually fees related to remittances, but include fees related to various other
services provided to customers by the Group. These fees are recognized when transactions occur
at the customers' request and services are provided, at the same time when commission are
received. These other fees occur across all operating segments.
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2) Revenues from sources other than contracts with customers
① Interest income
Interest income on financial assets measured at FVTOCI and financial assets at amortized costs is
measured using the effective interest method.
The effective interest method is a method of calculating the amortized cost of a debt instrument
and of allocating the interest income over the expected life of the asset. The effective interest rate
is the rate that exactly discounts estimated future cash flows to the instrument's initial
unamortized cost over the expected period, or shorter if appropriate. Future cash flows include
commissions and cost of reward points(limited to the primary component of effective interest
rate) and other premiums or discounts that are paid or received between the contractual parties
when calculating the effective interest rate, but does not include expected credit losses. All
contractual terms of a financial instrument are considered when estimating future cash flows.
For purchased or originated credit-impaired financial assets, interest revenue is recognized by

applying the credit-adjusted effective interest rate to the amortized cost of the financial asset
from initial recognition. Even if the financial asset is no longer impaired in the subsequent
periods due to credit improvement, the basis of interest revenue calculation is not changed from
amortized cost to unamortized cost of the financial assets.
② Loan origination fees and costs
The commission fees earned on loans, which is part of the effective interest of loans, is accounted
for as deferred origination fees. Incremental costs related to the origination of loans are
accounted for as deferred origination fees and is being added or deducted to/from interest income
on loans using effective interest rate method.
3) Dividend income
Dividend income is recognized when the right to receive dividends as a shareholder is confirmed.
Dividend income is recognized as an appropriate item of profit or loss in the statement of
comprehensive income according to the classification of financial instruments.
(7) Accounting for foreign currencies
The Group’s consolidated financial statements are presented in Korean Won, which is the functional
currency of the Group. At the end of each reporting period, monetary assets and liabilities denominated in
foreign currencies are translated to the functional currency at its prevailing exchange rates at the date. The
effective portion of the changes in fair value of a derivative that qualifies as a cash flow hedge and the
foreign exchange differences on monetary items that form part of net investment in foreign operations are
recognized in equity.
Assets and liabilities of the foreign operations subject to consolidation are translated into Korean Won at
foreign exchange rates at the end of the reporting period. Except for situations in which it is required to use
exchange rates at the date of transaction due to significant changes in exchange rates during the period, items
that belong to profit or loss shall be measured by average exchange rate, with foreign exchange differences
recognized as other comprehensive income and added to equity (allocated to non-controlling interests, if
appropriate). When foreign operations are disposed, the controlling interest’s share of accumulated foreign
exchange differences related to such foreign operations will be reclassified to profit or loss, while non-
controlling interest’s corresponding share will not be reclassified.
Adjustments to fair value of identifiable assets and liabilities, and goodwill arising from the acquisition of
foreign operations will be treated as assets and liabilities of the corresponding foreign operation, and
translated using foreign exchange rates at the end of the period. The foreign exchange differences are
recognized in other comprehensive income.
- 37 -
(8) Cash and cash equivalents
The Group is classifying cash on hand, demand deposits, interest-earning deposits with original maturities of
up to three months on acquisition date, and highly liquid investments that are readily convertible to known
amounts of cash and subject to an insignificant risk of changes in value as cash and cash equivalents.
(9) Financial assets and financial liabilities
1) Financial assets
A regular way purchase or sale of financial assets is recognized or derecognized on the trade or
settlement date. A regular way purchase or sale is a purchase or sale of a financial asset under a
contract whose term requires delivery of the asset within the time frame established generally by
regulation or convention in the marketplace concerned.
On initial recognition, financial assets are classified into financial assets at FVTPL, financial assets
at FVTOCI, and financial assets at amortized cost according to its business model and contractual
cash flows.
a) Business model
The Group evaluates the way business is being managed, and the purpose of the business model for
managing a financial asset best reflects the way information is provided to the management at its
portfolio level. Such information considers the following:
- The accounting policies and purpose specified for the portfolio, the actual operation of such
policies. This includes strategy of the management focusing on the receipt of contractual
interest revenue, maintaining a certain level of interest income, matching the duration of
financial assets and the duration of corresponding liabilities to obtain the asset, and outflow or
realization of expected cash flows from disposal of assets
- The way the performance of a financial asset held under the business model is evaluated, and
the way such evaluation is being reported to the management
- The risk affecting the performance of the business model (and financial assets held under the
business model), and the way such risk is being managed
- The compensation plan for the management (e.g. whether the management is being
compensated based on the fair value of assets or based on contractual cash flows received)
- Frequency, amount, timing and reason for sale of financial assets in the past, and forecast of
future sale activities.
b) Contractual cash flows
The principal is defined to be the fair value of a financial assets at initial recognition. Interest is not
only composed of consideration for the time value of money, consideration for the credit risk
related to remaining principal at a certain period of time, and consideration for other cost (e.g.
liquidity risk and cost of operation) and fundamental risk associated with lending, but also profit.
When evaluating whether contractual cash flows are solely payments of principal and interests, the
Group considers the contractual terms of the financial instrument. When a financial asset contains
contractual conditions that modify the timing and amount of contractual cash flows, it is required to
determine whether contractual cash flows that arise during the remaining life of the financial
instrument due to such contractual condition are solely payments of principal and interest. The
Group considers the following elements when evaluating the above:
- Conditions that lead to modification of timing or amount of cash flows

- Contractual terms that adjust contractual nominal interest, including floating rate features
- Early payment features and maturity extension features
- 38 -
- Contractual terms that limit the Group’s claim on cash flows arising from certain assets
① Financial assets at FVTPL
The Group is classifying those financial assets that are not classified as either financial assets at
amortized cost or financial assets at FVTOCI, and those designated to be measured at FVTPL, as
financial assets at FVTPL. Financial assets at FVTPL are measured at fair value, and related
profit or loss is recognized in net income. Transaction costs related to acquisition at initial
recognition is recognized in net income immediately upon its occurrence.
It is possible to designate a financial asset as financial asset at FVTPL if at initial recognition: (a)
it is possible to remove or significantly reduce recognition or measurement mismatch that may
otherwise have occurred if not for its designation as financial asset at FVTPL; (b) the financial
asset forms part of the Group’s financial instrument group (a group composed of a combination
of financial asset or liability), is measured at fair value and is being evaluated for its
performance, and such information is provided internally; and (c) the financial asset is part of a
contract that contains one or more of embedded derivatives, and is a hybrid contract in which
designation as financial asset at FVTPL is allowed under K-IFRS 1109 Financial Instruments.
However, the designation is irrevocable.
② Financial assets at FVTOCI
When financial assets are held under a business model whose objective is achieved by both
collecting contractual cash flows and selling financial assets, and when contractual cash flows
from such financial assets are solely payments of principal and interest, the financial assets are
classified as financial assets at FVTOCI. Also, for investments in equity instruments that are not
held for short-term trade, an irrevocable election is available at initial recognition to present
subsequent changes in fair value as other comprehensive income.
At initial recognition, financial assets at FVTOCI are measured at its fair value plus any direct
transaction cost, and is subsequently measured in fair value. However, for equity instruments that
do not have a quotation in an active market and in which fair value cannot be measured reliably,
they are measured at cost. The income tax effects related to the changes in fair value except for
profit or loss items such as impairment losses (reversals), interest revenue calculated by using
effective interest method, and foreign exchange gain or loss about debt instrument are recognized
as other comprehensive income until the asset’s disposal. Upon derecognition, the accumulated
other comprehensive income is reclassified from equity to net income for FVTOCI (debt
instrument), and reclassified within the equity for FVTOCI (equity instruments).
③ Financial assets at amortized cost
When financial assets are held under a business model whose objective is to hold financial assets
in order to collect contractual cash flows, and when contractual cash flows from such financial
assets are solely payments of principal and interest, the financial assets are classified as financial
assets at amortized cost. At initial recognition, financial assets at amortized cost are recognized at
fair value plus any direct transaction cost. Financial assets at amortized cost are presented at
amortized cost using effective interest method, less any loss allowance.
- 39 -
2) Financial liabilities
At initial recognition, financial liabilities are classified into either financial liabilities at FVTPL or
financial liabilities at amortized cost.
Financial liabilities are usually classified as financial liabilities at FVTPL when they are acquired
with a purpose to repurchase them within a short period of time, when they are part of a certain
financial instrument portfolio that is actually and recently being managed with a purpose of short-
term profit and joint management by the Group at initial recognition, and when they are derivatives
that do not qualify as hedging instruments. Financial liabilities at FVTPL are measured at fair value
plus direct transaction cost at initial recognition, and are subsequently measured at fair value. Profit
or loss arising from financial liabilities at FVTPL is recognized in net income when occurred.
It is possible to designate a financial liability as financial liability at FVTPL if at initial recognition:

(a) it is possible to remove or significantly reduce recognition or measurement mismatch that may
otherwise have occurred if not for its designation as financial liability at FVTPL; (b) the financial
asset forms part of the Group’s financial instrument group (a group composed of a combination of
financial asset or liability) according to the Group’s documented risk management or investment
strategy, is measured at fair value and is being evaluated for its performance, and such information
is provided internally; and (c) the financial liability is part of a contract that contains one or more of
embedded derivatives, and is a hybrid contract in which designation as financial liability at FVTPL
is allowed under K-IFRS 1109 Financial Instruments.
Financial liabilities designated as at FVTPL are initially recognized at fair value, with any direct
transaction cost recognized in profit or loss, and are subsequently measured at fair value. Any profit
or loss from financial liabilities at FVTPL are recognized in profit or loss.
Financial liabilities not classified as financial liabilities at FVTPL are measured at amortized cost.
3) Reclassification
Financial assets are not reclassified after initial recognition unless the Group modifies the business
model used to manage financial assets. When the Group modifies the business model used to
manage financial assets, all affected financial assets are reclassified on the first day of the first
reporting period after the modification.
4) Derecognition
Financial assets are derecognized when contractual rights to cash flows from the financial assets are
expired, or when substantially all of risk and reward for holding financial assets is transferred to
another entity as a result of a sale of financial assets. If the Group does not have and does not
transfer substantially all of the risk and reward of holding financial assets with control of the
transferred financial assets retained, the Group recognizes financial assets to the extent of its
continuing involvement. If the Group holds substantially all the risk and reward of holding a
financial asset, it continues to recognize that asset and proceeds are accounted for as collateralized
borrowings.
When a financial asset is fully derecognized, the difference between the carrying amount and the
sum of proceeds and accumulated other comprehensive income is recognized as profit or loss in
case of FVTOCI (debt instruments), and as retained earnings for FVTOCI (equity instruments).
In case when a financial asset is not fully derecognized, the Group allocates the carrying amount
into amounts retained in the books and removed from the books, based on the relative fair value of
each portion at the date of sale, and based on the degree of continuing involvement. For the
derecognized portion of the financial assets, the difference between its carrying amount and the sum
of proceeds and the portion of accumulated other comprehensive income attributable to that portion
will be recognized in profit or loss in case of debt instruments and recognized in retained earnings
in case of equity instruments. The accumulated other comprehensive income is distributed to the
- 40 -
portion of carrying amount retained in the books, and to the portion of carrying amount removed
from the books.
The Group derecognizes financial liabilities when, and only when, the Group’s obligations are
discharged, cancelled or have expired. The difference between the carrying amount of the financial
liability derecognized and the consideration paid and payable is recognized in profit or loss.
When the Group exchanges with the existing lender one debt instrument into another one with the
substantially different terms, such exchange is accounted for as an extinguishment of the original
financial liability and the recognition of a new financial liability. Similarly, the Group accounts for
substantial modification of terms of an existing liability or part of it as an extinguishment of the
original financial liability and the recognition of a new liability. It is assumed that the terms are
substantially different if the discounted present value of the cash flows under the new terms,
including any fees paid net of any fees received and discounted using the original effective rate is at
least 10 percent different from the discounted present value of the remaining cash flows of the
original financial liability.
5) Fair value of financial instruments
Financial assets at FVTPL and financial assets at FVTOCI are measured and presented in
consolidated financial statements at their fair values, and all derivatives are also subject to fair value
measurement.
Fair value is defined as the price that would be received to exchange an asset or paid to transfer a
liability in a recent transaction between independent parties that are reasonable and willing. Fair
value is the transaction price of identical financial assets or financial liabilities generated in an
active market. An active market is a market where trade volume is sufficient and objective price
information is available due to the fact that bid and ask price differences are small.
When trade volume of a financial instrument is low, when transaction prices within the market
show large differences among them, or when it cannot be concluded that a financial instrument is
being traded within an active market due to disclosures being extremely shallow, fair value is
measured using valuation techniques based on alternative market information or using internal
valuation techniques based on general and observable information obtained from objective sources.
Market information includes maturity and characteristics, duration, similar yield curve, and
variability measurement of financial instruments of similar nature. Fair value amount contains
unique assumptions on each entity (the Group concluded that it is using assumptions applied in
valuing financial instruments in the market, or risk-adjusted assumptions in case marketability does
not exist).
The market approach and income approach, which are valuation techniques used to estimate the fair
value of financial instruments, both require significant judgment. Market approach measures fair
value using either a recent transaction price that includes the financial instrument, or observable
information on comparable firm or assets. Income approach measures fair value through
discounting future cash flows with a discount rate reflecting market expectations, and revenue,
operating income, depreciation, capital expenditures, income tax, working capital and estimated
residual value of financial investments are being considered when deriving future cash flows.
Valuation techniques such as the above include estimates based on the financial instruments’
complexity and usefulness of observable information in the market.
- 41 -
The valuation techniques used in the evaluation of financial instruments are explained below.
a) Financial assets at FVTPL and Financial assets at FVTOCI
The fair value of equity securities included in financial assets at FVTPL and financial assets at
FVTOCI category is recognized in the statement of financial position at its available market price.
Debt securities traded in the over-the-counter market are generally recognized at an amount
computed by an independent appraiser. When the Group uses the fair value determined by
independent appraisers, the Group usually obtains three values from three different appraisers for
each financial instrument, and selects the minimum amount without making additional adjustments.
For equity securities without marketability, the Group uses the amount determined by the
independent appraiser. The Group verifies the prices obtained from appraisers in various ways,
including the evaluation of independent appraisers’ competency, indirect verification through
comparison between appraisers’ price and other available market information, and reperformed by
employees who have knowledge of valuation models and assumptions that appraisers used.
b) Derivatives
The Group’s transactions involving derivatives such as futures and exchange traded options are
measured at market value. For exchange traded derivatives classified as level 2 in the fair value
hierarchy, the fair value is estimated using internal valuation techniques. If there are no publicly
available market prices because they are traded over-the-counter, fair value is measured through
internal valuation techniques. When using internal valuation techniques to derive fair value, the
types of derivatives, base interest rate or characteristics of prices, or stock market indices are
considered. When variables used in the internal valuation techniques are not observable information
in the market, such variables may contain significant estimates.
c) Adjustment of valuation amount
The Group is exposed to credit risk when a counterparty to a derivative contract does not perform
its contractual obligation, and the exposure amount is equal to the amount of derivative asset
recognized in the statement of financial position. When the Group earns income through valuation
of derivatives, such income is recognized as derivative asset in the statement of financial position.
Some of the derivatives are traded in the market, but most of the derivatives are measured at
estimated fair value derived from internal valuation models that use observable information in the
market. As such, in order to estimate the fair value there should be an adjustment made to
incorporate counterparty’s credit risk, and credit risk adjustment is being considered when valuing
derivative assets such as over-the counter derivatives. The amount of financial liabilities is also
adjusted by the Group’s own credit risk when valuing them.
The amount of adjustment is derived from counterparty’s probability of default and loss given
default. This adjustment considers contractual matters that are designed to reduce the Group’s
exposure to each counterparty’s credit risk. When derivatives are under master netting arrangement,
the exposure used in the computation of credit risk adjustment is a net amount after
adding/deducting cash collateral received (or paid) from loss(or gain) position derivatives with the
same counterparty.
- 42 -
6) Expected credit losses on financial assets
The Group recognizes loss allowance on expected credit losses for the following assets:
- Financial assets at amortized cost

- Debt instruments measured at FVTOCI
- Contract assets as defined by K-IFRS 1115
Expected credit losses are weighted-average value of a range of possible results, considering the
time value of money, and are measured by incorporating information on current conditions and
forecasts of future economic conditions that are available without undue cost or effort.
The methods to measure expected credit losses are classified into following three categories in
accordance with K-IFRS:
- General approach: Financial assets that does not belong to below two models and unused loan
commitments
- Simplified approach: When financial assets are either trade receivables, contract assets or lease
receivables
- Credit impairment model: Purchased or originated credit-impaired financial assets
The measurement of loss allowance under general approach is differentiated depending on whether
the credit risk has increased significantly after initial recognition. That is, loss allowance is
measured based on 12-month expected credit loss when the credit risk has not increased
significantly after initial recognition, while loss allowance is measured at lifetime expected credit
loss when credit risk has increased significantly. Lifetime is the expected remaining life of the
financial instrument up to the maturity date of the contract.
The measurement of loss allowance under simplified approach is always based on lifetime expected
credit loss, and loss allowance under credit impairment model is measured as the cumulative change
in lifetime expected credit loss since initial recognition.
a) Measurement of expected credit losses on financial asset at amortized cost
The expected credit losses on financial assets at amortized cost is measured by the difference
between the contractual cash flows during the period and the present value of expected cash flows.
Expected cash inflows are computed for individually significant financial assets in order to
calculate expected credit losses.
When financial assets that are not individually significant, they are included in a group of financial
assets with similar credit risk characteristics and expected credit losses of the group are calculated
collectively.
Expected credit losses are deducted through loss allowance account, and when the financial asset is
determined to be uncollectible, the loss allowance is written off from the books along with the
related financial asset.
b) Measurement of expected credit losses on financial asset at FVTOCI(Debt instruments)
The measurement method of expected credit loss is identical to financial asset at amortized cost, but
changes in the loss allowance is recognized in other comprehensive income. When financial assets
at FVTOCI is disposed or repaid, the related loss allowance is reclassified from accumulated other
comprehensive income to net income.
- 43 -
(10) Offsetting financial instruments
Financial assets and liabilities are presented as a net amount in the statements of financial position when the
Group has an enforceable legal right and an intention to settle on a net basis or to realize an asset and settle
the liability simultaneously.
(11) Investment properties
The Group classifies a property held to earn rentals and/or for capital appreciation as an investment property.
Investment properties are measured initially at cost, including transaction costs, less subsequent depreciation
and impairment.
Subsequent costs are included in the carrying amount of the asset or recognized as a separate asset if it is
probable that future economic benefits associated with the assets will flow into the Group and the cost of an
asset can be measured reliably, and the carrying amount of a portion of an asset that are replaced by a
subsequent expenditure is removed from the books. Routine maintenance and repairs are expensed as
incurred.
While land is not depreciated, all other investment properties are depreciated based on the depreciation
method and useful lives of Property, Plant and Equipment. The estimated useful lives, residual values and
depreciation method are reviewed at the end of each reporting period, and when it is deemed appropriate to
change them, the effect of any change is accounted for as a change in accounting estimates.
An investment property is derecognized from the consolidated financial statements on disposal or when it is
permanently withdrawn from use and no future economic benefits are expected even from its disposal. The
gain or loss on the derecognition of an investment property is calculated as the difference between the net
disposal proceeds and the carrying amount of the property and is recognized in profit or loss in the period of
the derecognition.
(12) Property, Plant and Equipment
Property, Plant and Equipment are stated at cost less accumulated depreciation and accumulated impairment
losses. The cost of an item of Property, Plant and Equipment is expenditure directly attributable to their
purchase or construction, which includes any cost directly attributable to bringing the asset to the location
and condition necessary for it to be capable of operating in the manner intended by management. It also
includes the initial estimate of costs of dismantling and removing the item and restoring the site on which it is
located.
Subsequent costs are recognized in the carrying amount of an asset or as a separate asset (if appropriate) if it
is probable that future economic benefit associated with the assets will flow into the Group and the cost of an
asset can be measured reliably. Routine maintenance and repairs are expensed as incurred.
While land is not depreciated, for all other Property, Plant and Equipment, depreciation is charged to net income
on a straight-line basis by applying the following estimated economic useful lives on the amount of cost or
revalued amount less residual value.
Useful life
Buildings used for business purpose 26 to 57 years
Structures in leased office 4 to 5 years
Properties for business purpose 4 to 7 years
The Group reassesses the depreciation method, the estimated useful lives and residual values of Property, Plant
and Equipment at the end of each reporting period. If changes in the estimates are deemed appropriate, the
changes are accounted for as a change in an accounting estimate. When there is an indicator of impairment
and the carrying amount of a Property, Plant and Equipment item exceeds the estimated recoverable amount, the
carrying amount of such asset is reduced to the recoverable amount.
- 44 -
(13) Intangible assets and goodwill
The Group recognizes the acquisition cost of an intangible asset as the manufacturing cost or purchase cost
plus additional incidental expenses. Development costs are the sum of expenditures incurred after the asset
recognition requirements, such as technical feasibility and future economic benefits, are met. After the initial
recognition, the carrying value is presented as the accumulated amortization and accumulated impairment
losses deducted from the cost.
The Group’s intangible asset are amortized over the following economic lives using the straight-line method.
However, for some intangible assets, the period of time that is expected to be available is not predictable, so
the useful life of some intangible assets is assessed as indefinite and not depreciated.
The estimated useful life and amortization method of intangible assets with a finite useful life are reviewed at
the end of each reporting period. If changes in the estimates are deemed appropriate, the changes are
accounted for as a change in an accounting estimate.
Useful life
Industrial property rights 5 to 10 years
Development costs 5 years
Software and others 1 to 10 years
In addition, when an indicator that intangible assets are impaired is noted, and the carrying amount of the
asset exceeds the estimated recoverable amount of the asset, the carrying amount of the asset is reduced to its
recoverable amount.
Goodwill acquired in a business combination is included in intangible assets. Goodwill is not amortized, but
is subject to an impairment test at the cash-generating unit level every year, and whenever there is an
indicator that goodwill is impaired.
Goodwill is allocated to each of the Group’s cash-generating unit (or groups of cash-generating units) that is
expected to benefit from the synergies of the combination. If the recoverable amount of the cash-generating
unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of
any goodwill allocated to the unit and then to the other assets of the unit on a pro rata basis based on the
carrying amount of each asset in the unit. Any impairment loss for goodwill is recognized directly in profit or
loss. An impairment loss recognized for goodwill is not reversed in subsequent periods.
(14) Impairment of non-monetary assets
Intangible assets with indefinite useful lives or intangible assets that are not yet available for use are tested
for impairment annually, regardless of whether there is any indication of impairment. All other assets are
tested for impairment by estimating the recoverable amount when there is an objective indication that the
carrying amount may not be recoverable. Recoverable amount is the higher of value in use or net fair value,
less costs to sell. If the recoverable amount of an asset is estimated to be less than its carrying amount, the
carrying amount of the asset is reduced to its recoverable amount and such impairment loss is recognized
immediately in net income.
- 45 -
(15) Leases
The Group determines whether the contract is a lease or includes a lease at the time of the contract
agreement. In exchange for consideration in a contract, the contract is either a lease or includes a lease if the
control over the use of the identified asset is transferred for a period of time. In determining whether a
contract transfers control over the use of the asset to which it is identified, the Group uses the definition of
lease in K-IFRS 1116.
① The Group as a lessee
The Group recognizes the right-of-use asset and the lease liability at the commencement date of
the lease. The right-of-use asset is measured at cost, which comprises the amount of the initial
measurement of the lease liability, lease payments made at or before the commencement date(less
any lease incentives received), initial direct costs, and an estimate of costs to be incurred by the
lessee in dismantling and removing the underlying asset, restoring the site on which it is located.
The right-of-use asset is subsequently depreciated on a straight-line basis from the commencement
of the lease to the end of the lease term. However, if the lease transfers ownership of the underlying
asset to the lessee by the end of the lease term or if the cost of the right-of-use asset reflects that
the lessee will exercise a purchase option, the lessee depreciates the right-of-use asset same as a
fixed asset from the commencement date to the end of the useful life of the underlying asset. The
right-of-use asset may be reduced by an impairment of the underlying asset or adjusted by
remeasurement of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid
at that date. The lease payments are discounted using the interest rate implicit in the lease, if that
cannot be readily determined, the Group uses its incremental borrowing rate. The Group generally
uses the incremental borrowing rate.
The Group makes adjustments to reflect the terms of the lease and the characteristics of the lease
asset in interest rates obtained from external financial information, and calculates the incremental
borrowing rate.
The Group calculates the lease term by including the relevant period when it is quite certain that
the lessee will exercise the extension option or the termination option. The Group calculates the
enforceable period in consideration of the economic disadvantages of terminating the contract if
the lessee and the lessor have the right to terminate it without the consent of the other parties.
The lease payments included in the measurement of the lease liability comprise the following:
- Fixed payments (including in-substance fixed payments)
- Variable lease payments that depend on an index(or a rate), initially measured using the index
or a rate as at the commencement date
- Amounts expected to be payable by the lessee under residual value guarantees
- The exercise price of a purchase option if the lessee is reasonably certain to exercise that option,
lease payments of the extended period if the lessee is reasonably certain to exercise extension
option, and payments of penalties for terminating the lease, if the lease term reflects the lessee
exercising an option to terminate the lease
The lease liability is subsequently increased be the interest expense recognized for the lease
liability and decreased by reflecting the payment of the lease payments. The lease liability is
remeasured if the future lease payments change depending on changes in the index(or a rate),
changes in the expected amount to be paid under the residual value guarantee, and changes in the
assessment of whether the purchase or extension option is reasonably certain to be exercised or not
to exercise the terminate option.
- 46 -
When remeasuring a lease liability, the related right-of-use asset is adjusted and if the carrying
amount of the right-of-use asset decreases to zero, the remeasurement amount is recognized in
profit or loss.
The Group applies its judgment when determining the lease term for some lease contracts that
include the extension option. The assessment of whether the Group is reasonably certain to
exercise the option significantly affects the lease term and therefore has a significant impact on
the amount of lease liabilities and the right-of-use asset.
Because the Group can replace the asset without significant cost or business discontinuation, the
option to extend the lease is not included in the lease liability in most offices and vehicle
transport leases.
The Group reevaluates the lease term when the option is exercised (or not exercised) or the
Group is liable to exercise (or not exercise) the option. Group will change its judgment only
when significant events occur that affect the lessee's control and the determination of the lease
term, or there is a significant change in the circumstances.
Lease liabilities and right-of-use-asset increased by 7,373 million Won, reflecting the exercise
impact of the extension and termination options during the current term.
In the statement of financial position, the Group classified the right-of-use assets that do not meet
the definition of investment property as ‘Property, Plant and Equipment’ and the lease liabilities as
‘other financial liabilities.’
The Group has chosen a practical expedient that does not recognize the right-of-use asset and
lease liabilities for short-term leases with a lease term less than 12 months and leases for which
the underlying asset is of low value. The Group recognizes the lease payments associated with
those leases as an expense on a straight-line basis over the lease term.
② The Group as a lessor
At the date of the agreement or the effective date of the modification containing the lease
element, the Group allocates the consideration of the contract to each lease element based on its
relative stand-alone price.
As a lessor, the Group classifies its leases as either a finance lease or an operating lease at the
commencement date.
The Group subsequently judges whether the lease transfers substantially all the risks and rewards
incidental to ownership of an underlying asset. A lease is classified as a finance lease if it
transfers substantially all the risks and rewards incidental to ownership of an underlying asset,
otherwise a lease is classified as an operating lease.
If the agreement contains both lease and non-lease elements, the Group applies K-IFRS 1115 to
allocate the consideration of the contract.
The Group applies the derecognition and impairment provisions of K-IFRS 1109 to its net
investment in the lease. The Group also carries out regular review of the unguaranteed residual
value used to calculate total lease investment.
The Group recognizes lease payments from operating lease as income on a straight-line basis.
The accounting policy that the Group has applied as a lessor is not different from K-IFRS 1116.
- 47 -
(16) Derivative instruments
Derivative instruments are classified as forwards, futures, options and swaps, depending on the types of
transactions and are classified at the point of transaction as either trading or hedging based on its purpose.
Derivatives are initially recognized at fair value at the date of contract and are subsequently measured at fair
value at the end of each reporting period. The resulting gain or loss is recognized in net income immediately
unless the derivative is designated or effective as a hedging instrument. If derivatives have been designated
as hedging instruments and if it is effective, the point of recognition of gain or loss depends on the
characteristics of hedging relationship.
Derivatives that have positive (+) fair values are recognized as financial assets and those that have negative
(-) fair values are recognized as financial liabilities. Derivatives are not offset in the consolidated financial
statements unless they have legally enforceable right to set off or are intended to set off.
1) Embedded derivatives
Embedded derivatives are components of a hybrid financial instrument that includes a non-
derivative host contract. It has an effect of modifying part of cash flows of the hybrid financial
instrument similar to an independent derivative.
Embedded derivatives that are part of a hybrid contract of which the host contract is a financial
asset within the scope of K-IFRS 1109 are not separated. The classification is done by considering
the hybrid contract as a whole, and subsequent measurement is either at amortized cost or fair
value.
If embedded derivatives are part of a hybrid contract of which the host contract is not a financial
asset within the scope of K-IFRS 1109 (e.g. financial liability), then these are treated as separate
derivatives if embedded derivatives meet the definition of a derivative, characteristics & risk of the
embedded derivatives are not closely related to that of host contract, and if the host contract is not
measured at FVTPL.
2) Hedge accounting
The Group is applying K-IFRS 1109 in regard to hedge accounting. The Group is designating
certain derivatives as hedging instrument against fair value changes in relation to the interest rate
risk, foreign currency translation and interest rate risk, and foreign currency translation risk.
The Group is documenting the relationship between hedging instruments and hedged items at the
commencement of hedging in accordance with their purpose and strategy. Also, the Group
documents at the commencement and subsequent dates whether the hedging instrument effectively
counters the changes in fair value of hedged items. A hedging instrument is effective only when it
meets all the following criteria:
- When there is an economic relationship between the hedged items and hedging instruments
- When the effect of credit risk is not stronger than the change in value due to the economic
relationship between the hedged items and hedging instruments
- When the hedge ratio of hedging relationship is equal to the proportion of the number of items
that the group actually hedges and the number of hedging instruments that the Group actually
uses to hedge the number of hedged items
When a hedging relationship no longer meets the hedging effectiveness requirements related to
hedge ratio, but when the purpose of risk management on designated hedging relationship is still
maintained, the hedge ratio of the hedging relationship is adjusted so that hedging relationship may
meet the requirements again (Hedge ratio readjustment).
- 48 -
The Group has designated derivatives as hedging instrument except for the portion on foreign
currency basis spread. The fair value change due to foreign currency basis spread is recognized in
other comprehensive income and is accumulated in equity. If the hedged item is related to
transactions, the accumulated other comprehensive income is reclassified to profit or loss when the
hedged item affects the profit or loss. However, when non-monetary items are subsequently
recognized due to hedged items, the accumulated equity is removed from the equity directly, and is
included in the initial carrying amount of the recognized non-monetary items. Such transfers does
not affect other comprehensive income. But if part or all of accumulated equity is not expected to
be recovered in the future periods, the amount not expected to be recovered is immediately
reclassified to profit or loss. If the hedged item is time-related, then the foreign currency basis
spread on the day the derivative is designated as a hedging instrument that is related to the hedged
item is reclassified to profit or loss over the term of the hedge.
3) Fair value hedge
Gain or loss arising from valid hedging instrument is recognized in profit or loss. However, when
the hedging instrument mitigates risks on equity instruments designated as financial assets at
FVTOCI, related gain or loss is recognized in other comprehensive income.
The carrying amount of hedged items that are not measured in fair value is adjusted by the changes
in fair value arising from the hedged risk, with resulting gain or loss reflected in net income. In case
of debt instruments measured at FVTOCI, carrying amount is an amount that is already adjusted to
fair value and thus gain or loss arising from the hedged risk is recognized in profit or loss instead of
other comprehensive income without adjustments in carrying amount. When the hedged item is
equity instruments measured at FVTOCI, the gain or loss arising from hedged risk is retained at
other comprehensive income in order to match the gain or loss with hedging instruments.
When gains or losses arising from the hedged risk are recognized in profit or loss of the current
term, they are recognized as items related to the hedged items.
Hedge accounting ceases to apply only when hedging relationship (or part of it) does not meet the
requirements of hedge accounting (even after hedging relationship readjustment, if applicable). This
treatment holds in case of lapse, disposal, expiry and exercise of hedging instruments, and this
cease of treatment applies prospectively. The fair value adjustments made to carrying amount of
hedged item due to hedged risk is amortized from the date of discontinuance of hedge accounting
and is recognized in profit or loss.
4) Cash flow hedge
The Group recognizes the effective portion of changes in the fair value of derivatives and other
valid hedging instruments that are designated and qualified as cash flow hedges in other
comprehensive income to the extent of cumulative fair value changes of the hedged item from the
starting date of hedge accounting and it is cumulated in the cash flow hedge reserve. The gain or
loss relating to the ineffective portion is recognized immediately in net income.
Amounts previously recognized in other comprehensive income and accumulated in equity are
reclassified to net income when the hedged item affects net income. However, when non-monetary
assets or liabilities are subsequently recognized due to expected transactions involving hedged
items, the valuation gain or loss accumulated in the equity as other comprehensive income is
removed from the equity and included in the initial carrying amount of the recognized non-
monetary assets or liabilities. Such transfers does not affect other comprehensive income. Also, if
the cash flow hedge reserve is loss and accumulated other comprehensive income is a loss and part
or all of the losses are not expected to be recovered in the future periods, the said amount is
immediately reclassified to profit or loss.
- 49 -
Hedge accounting ceases to apply only when hedging relationship (or part of it) does not meet the
requirements of hedge accounting (even after hedging relationship readjustment, if applicable). This
treatment holds in case of lapse, disposal, expiry and exercise of hedging instruments, and this
cease of treatment applies prospectively. At the point of cessation of cash flow hedge, the valuation
gain or loss recognized as accumulated other comprehensive income continues to be recognized as
equity, and is reclassified to profit or loss when the expected transaction is ultimately recognized as
profit or loss. However, when transactions are no longer expected to occur, the valuation gain or
loss of hedging instrument recognized as accumulated other comprehensive income is immediately
reclassified to profit or loss.
(17) Assets (or disposal group) held for sale
The Group classifies a non-current asset (or disposal group) as held for sale if its carrying amount will be
recovered principally through a sale transaction rather than through continuing use. Non-current assets (and
disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and
fair value less costs to sell.
(18) Provisions
Provisions are recognized if it has present or contractual obligations as a result of the past event, it is
probable that an outflow of resources will be required to settle the obligation and the amount of the obligation
is reliably estimated. A provision is not recognized for the future operating losses.
The Group recognizes provisions related to the payment guarantees, loan commitment and litigations. Under
the terms of lease agreement, the cost incurred by the Group to recover the leased asset to its original state
are recognized as provisions at the commencement of the lease or during a specific period in which the
obligation is incurred as a result of the using the asset. The provisions are measured as the best estimate of
the expenditure required to recover the asset, which is regularly reviewed and sated to the new situation.
Where there are a number of similar obligations, the probability that an outflow will be required in settlement
is determined by considering the obligations as a whole. Although the likelihood of outflow for any one item
may be small, if it is probable that some outflow of resources will be needed to settle the obligations as a
whole, a provision is recognized.
At the end of each reporting period, the remaining provision balance is reviewed an assessed to determine if
the current best estimate is being recognized.
(19) Equity instruments issued by the Group
1) Capital and compound financial instruments
The Group classifies a financial instrument that it issues as a financial liability or an equity
instrument in accordance with the substance of the contractual arrangement. A financial liability is a
contractual obligation to deliver cash or another financial asset to another entity. An equity
instrument is any contract that evidences a residual interest in the assets of an entity after deducting
all of its liabilities. The compound financial instruments are financial instruments where it is neither
a financial liability nor an equity instrument because it was designed to contain both equity and debt
elements.
If the Group reacquires its own equity instruments, the consideration paid including the direct
transaction costs (net of tax expense) are presented as a deduction from total equity until such
instruments are retired or reissued. When these instruments are reissued, the consideration received
(net of direct transaction costs) is included in the shareholder’s equity.
- 50 -
2) Hybrid securities
The Group classifies hybrid securities that have the unconditional right to avoid contractual
obligations, such as to deliver cash or other financial assets in relation to financial instruments into
equity instruments and presents as part of equity. Meanwhile, hybrid securities issued by
subsidiaries of the group are classified as non-controlling interests according to the criteria, and the
distribution paid is treated as net profit attributable to non-controlling interests in the consolidated
comprehensive income statement.
(20) Financial guarantee contracts
A financial guarantee contract is a contract where the issuer must pay a certain amount of money in order to
compensate losses suffered by the creditor when debtor defaults on a debt instrument in accordance with
original or modified contractual terms.
A financial guarantee is initially measured at fair value and is subsequently measured at the higher of the
amounts below unless it is designated to be measured at FVTPL or when it arises from disposal of an asset.
- Loss allowance in accordance with K-IFRS 1109

- Initial carrying amount less accumulated profit measured in accordance with K-IFRS 1115
(21) Employee benefits and pensions
The Group recognizes the undiscounted amount of short-term employee benefits expected to be paid in
exchange for the services rendered by the employees. Also, the Group recognizes expenses and liabilities in
the case of accumulating compensated absences when the employees render services that entitle their right to
future compensated absences. Similarly, the Group recognizes expenses and liabilities for customary profit
distribution or bonuses when the employees render services, even though the Group does not have legal
obligation to do so because it can be construed as constructive obligation.
The Group is operating defined contribution plans and defined benefit plans. Contributions to defined
contribution plans are recognized as an expense when employees have rendered services entitling them to
receive the benefits. For defined benefit plans, the defined benefit liability is calculated through an actuarial
assessment using the projected unit credit method every end of the reporting period, conducted by a
professional actuaries. Remeasurement, comprising actuarial gains and losses, the return on plan assets
(excluding the amount included in net interest from net defined benefit liability (asset)), and the effect of the
changes to the asset ceiling is reflected immediately in the consolidated statement of financial position with a
charge or credit recognized in other comprehensive income in the period in which they occur.
Remeasurement recognized in the consolidated statement of comprehensive income is not reclassified to

profit or loss in the subsequent periods. Past service cost is recognized in profit or loss in the period of a plan
amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net
defined benefit liability or asset. Defined benefit costs are composed of service cost (including current
service cost and past service cost, as well as gains and losses on settlements), net interest expense (income)
and remeasurement.
The Group presents the service cost and net interest expense (income) components in profit or loss, and the
remeasurement component in other comprehensive income. Curtailment gains and losses are accounted for as
past service costs.
The retirement benefit obligation recognized in the consolidated statement of financial position represents the
actual deficit or surplus in the Group’s defined benefit plans. Any surplus resulting from this calculation is
recognized as an asset limited to the present value of any economic benefits available in the form of refunds
from the plans or reductions in future contributions to the plans.
Liabilities for termination benefits are recognized at the earlier of either the date when the Group is no longer
able to cancel its proposal for termination benefits or the date when the Group has recognized the cost of
restructuring that accompanies the payment of termination benefits.
- 51 -
(22) Income taxes
Income tax expense is composed of current tax and deferred tax. That is, income tax expense is composed of
taxes payable or refundable during the period and deferred taxes calculated by applying asset-liability method
to taxable and deductible temporary differences arising from operating loss and tax credit carryforwards.
Temporary differences are the differences between the carrying values of assets and liabilities for financial
reporting purposes and their tax bases. Deferred income tax benefit or expense is recognized for the change
in deferred tax assets or liabilities. Deferred tax assets and liabilities are measured as of the reporting date
using the enacted or substantively enacted tax rates expected to apply in the period in which the liability is
settled or asset is realized. Deferred tax assets, including the carryforwards of unused tax losses, are
recognized to the extent it is probable that the deferred tax assets will be realized.
Deferred income tax assets and liabilities are offset if, and only if, the Group has a legally enforceable right
to offset current tax assets against current tax liabilities, and the deferred tax assets and liabilities relate to
income taxes levied by the same taxation authority or when the entity intends to settle current tax liabilities
and assets on a net basis with different taxable entities.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the
extent it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset
to be recovered.
Deferred liabilities are not recognized if the temporary difference arises from the initial recognition of
goodwill. Deferred tax assets or liabilities are not recognized if they arise from the initial recognition (other
than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable
profit(tax loss) nor the accounting profit.
Current and deferred taxes are recognized in profit or loss, except when they relate to items that are
recognized in other comprehensive income or directly in equity or when it arises from business combination.
The tax uncertainty arises from the compensation claim filed by the Group, and refund litigation for the
amount of tax levied by the tax authority due to differences in tax law analysis. In response, the Group paid
taxes in accordance with K-IFRS 2123 due to the tax authority’s claim, but recognized as a corporate tax
asset if it is highly probable of a refund in the future. In addition, the Group appropriately estimates and
reflects the amount of corporate tax liabilities based on the analysis of corporate tax laws and the evaluation
of many factors, including past experiences.
(23) Criteria of calculating earnings per share (“EPS”)
Basic EPS is a calculation of net income per each common stock. It is calculated by dividing net income
attributable to ordinary shareholders by the weighted-average number of common shares outstanding. Diluted
EPS is calculated by adjusting the earnings and number of shares for the effects of all dilutive potential
common shares.
(24) Share-based payment
For cash-settled share-based payment transactions that provide cash in return for the goods or services received,
the Group measures the goods or services received, and the corresponding liability at the fair value and
recognizes as employee benefit expenses and liabilities during the vesting period. The fair value of the liability
is remeasured at the end of each reporting period and the settlement date until the liability is settled, and changes
in fair value are recognized as employee benefits.
- 52 -
3. MATERIAL ACCOUNTING ESTIMATES AND ASSUMPTIONS
Material accounting estimates and assumptions are continuously evaluated based on a number of factors,
including historical experience and expectations of future events that are considered reasonably probable.
Accounting estimates calculated based on these definitions may not match actual results. The accounting
estimates and assumptions that include a significant risk of materially changing the carrying amounts of
assets and liabilities currently recognized in the following accounting period are as follows.
The Korean government implemented support measures such as loan repayment deferment to mitigate the
negative impact of COVID-19. The Group determined that the credit risk of loans affected by the repayment
deferment has significantly increased, with a high possibility of default. The Group will continue to evaluate
the adequacy of forward-looking information regarding the duration of the economic impacts of COVID-19
and future government policies even after termination of financial support. The Group also manages credit
risk on loans with extended maturities.
<Woori Bank>
Woori Bank recognizes additional expected credit loss allowance for loans subject to payment holiday and
extended maturities due to the assessment of the high possibility of default.
Woori Bank’s total loans (loan receivables, payment guarantees) that are subject to payment holiday and that
changed its stage from 12-month to lifetime expected credit losses (Stage 2) due to the increase in credit risk
considering payment holiday, and additionally recognized expected credit loss allowances are as follows.
(Unit: Korean Won in millions):

Total loans that are Loans Corporate 1,453,314 1,958,133
subject to loan Retail 130,090 216,487
payment holiday Off-balance accounts 22,038 2,391
Total 1,605,442 2,177,011
Total loans that Loan Corporate 1,367,603 1,774,717

changed its stage Retail 101,422 169,851
from 12-month to Off-balance accounts 6,642 2,391
lifetime (Stage 2)
expected credit losses Total 1,475,667 1,946,959
Loan Corporate 210,386 312,054

The expected credit loss Retail 9,318 12,643
allowance that are Off-balance accounts 1,734 317
additionally
recognized Total 221,438 325,014
Total loans with extension of maturities and additional expected credit loss allowances as of December 31,
2023, are as follows. (Unit: Korean Won in millions):
December 31, 2023

Total loans that are Loans Corporate 5,227,017
subject to extension Retail 2,124,207
of maturity Off-balance accounts 31,976
Total 7,383,200
Expected credit loss Loan Corporate 58,545

allowance that are Retail 35,515
additionally Off-balance accounts 115
recognized Total 94,175
- 53 -
In addition, as of December 31, 2023, the Group reflects the forward-looking information in the estimated
probability of default rate and recognizes additional expected credit loss allowance appropriations by
adjusting the forward-looking indicators in consideration of the Korean government financial support
policies, increased economic uncertainty, and potential insolvency due to market interest rate hikes.
<Woori Card>
Woori Card Co., Ltd. recognize an additional allowance for expected credit losses as it evaluates loans with
payment holiday and extended maturities as having a high probability of default. As of December 31, 2023
and 2022, which credit risk has increased significantly due to payment holiday, financial assets at amortized
cost of debtors transferred from 12-month expected credit loss measurement to lifetime expected credit losses
are 6,764 million Won and 6,670 million Won, respectively, and additionally recognized expected credit loss
allowance are 131 million Won and 177 million Won, respectively.
<Woori Financial Capital Co., Ltd.>
Woori Financial Capital Co., Ltd. recognize an additional allowance for expected credit losses as it evaluates
loans with payment holiday and extended maturities as having a high probability of default. As of December
31, 2023 and 2022, which credit risk has increased significantly due to payment holiday, financial assets at
amortized cost of debtors transferred from 12-month expected credit loss measurement to lifetime expected
credit losses are 24,384 million Won and 52,611 million Won, respectively, and additionally recognized
expected credit loss allowance are 5,284 million Won and 9,846 million Won, respectively.
1) Income taxes
The Group has recognized current and deferred taxes based on best estimates of expected future income tax
effect arising from the Group’s operations until the end of the current reporting period. However, actual tax
payment may not be identical to the related assets/liabilities already recognized, and these differences may
affect current taxes and deferred tax assets/liabilities at the time when income tax effects are finalized.
Deferred tax assets relating to tax losses carried forward and deductible temporary differences are recognized
only to the extent that it is probable that future taxable profit will be available against which the tax losses
carried forward and the deductible temporary differences can be utilized. In this case the Group’s evaluation
considers various factors such as estimated future taxable profit based on forecasted operating results, which
are based on historical financial performance. The Group is reviewing the carrying amount of deferred tax
assets every end of the reporting period and in the event that the possibility of earning future taxable income
changes, the deferred tax assets are adjusted up to taxable income sufficient to use deductible temporary
differences.
2) Valuation of financial instruments
Financial assets at FVTPL and FVTOCI are recognized in the consolidated financial statements at fair value.
All derivatives are measured at fair value. Valuation techniques are required in order to determine fair values
of financial instruments where observable market prices do not exist. Financial instruments that are not
actively traded and have low price transparency will have less objective fair value and require broad
judgment in liquidity, concentration, uncertainty in market factors and assumption in price determination and
other risks.
As described in ‘2. Basis of Preparation and Material Accounting Policies (9) 5) Fair value of financial
instruments’, when valuation techniques are used to determine the fair value of a financial instrument,
various general and internally developed techniques are used, and various types of assumptions and variables
are incorporated during the process.
3) Impairment of financial instruments
The accuracy of the provision for credit losses is determined by the estimation of the expected cash flows for
- 54 -
each tenant for estimating the individually assessed loan-loss allowance, and the assumptions and variables in
the model used for estimating the collectively assessed loan-loss allowance payment, guarantee and unused
commitment.
The Group has estimated the allowance for credit losses based on reasonable and supportable information
that was available without undue cost or effort at the reporting date about past events, current conditions and
forecasts of future economic conditions.
Information on measuring expected credit loss is described in 4. Risk Management (1) 2) Measurement of
expected credit loss.
The impact of changes of estimation on measuring expected credit loss during the current period is as follows
(Unit: Korean Won in millions)
<Woori Bank>
Impact of changes in estimates(*)

Loans and other financial assets at
amortized cost 323,597
Guarantees and unused
Expected credit loss allowances
commitments 34,473
Financial assets at FVTOCI 1,489
Securities at amortized cost 592
Total 360,151
(*) The effects of changes in probability of default and loss given default are 212,428 million Won and
147,723 million Won, respectively.
< Woori Financial Capital Co., Ltd >
Impact of changes in estimates

amortized cost (19,885)
commitments -
Financial assets at FVTOCI -
Securities at amortized cost -
Total (19,885)
<Woori Investment Bank Co., Ltd.>

amortized cost (16,467)
commitments 153
Total (16,314)
<Woori Savings Bank>

amortized cost 8,338
commitments -
- 55 -
Total 8,338
<Woori Asset Trust>

amortized cost 936
commitments -
Total 936
4) Defined benefit plan
The Group operates a defined benefit pension plan. Defined benefit obligation is calculated at every end of
the reporting period by performing actuarial valuation, and estimation of assumptions such as discount rate,
expected wage growth rate and mortality rate is required to perform such actuarial valuation. The defined
benefit plan, due to its long-term nature, contains significant uncertainties in its estimates.
5) Impairment of goodwill
The recoverable amount of a cash generating unit (CGU) is determined based on value-in-use calculations.
- 56 -
4. RISK MANAGEMENT
The Group is exposed to various risks that may arise from its operating activities and the main types of risks
are credit risk, market risk, liquidity risk and etc. The Risk Management Organization analyzes and assesses
the level of complex risks in order to manage the risks and the risk management standards such as policies,
regulations, management systems and decision-making have been established and operated for sound
management of the Group.
The risk management organization is operated by Risk Management Committee, Chief Risk Officer(CRO),
and Risk Management Department. The Board of Directors operates a Risk Management Committee
comprised of outside directors for professional risk management. The Risk Management Committee plays a
role as the top decision-making body in risk management by establishing basic policies for risk management
that are in line with the Group’s management strategy and determining the risk level that the Group is willing
to take.
The Chief Risk Officer (CRO) assists the Risk Management Committee and operates a Group Risk
Management Council comprised of risk management managers of subsidiaries to periodically check and
improve the risk burden of external environments and the Group. The risk management department is
independent and is in charge of risk management of the Group. It also supports reporting and decision-
making of key risk-related issues.
(1) Credit risk
Credit risk represents the possibility of financial losses incurred due to the refusal of the transaction or when
the counterparty fails to fulfill its contractual obligations. The goal of credit risk management is to maintain
the Group’s credit risk exposure to a permissible degree and to optimize its rate of return considering such
credit risk.
1) Credit risk management
To measure credit risk, the Group considers the possibility of failure in performing the obligation by the
counterparties, credit exposure to the counterparty, the related default risk and the rate of default loss.
The Group uses the credit rating model to assess the possibility of counterparty’s default risk; and when
assessing the obligor’s credit rating, other than quantitative methods utilizing financial statements and
others, and assessor’s judgement, the Group utilizes credit rating derived using statistical methods.
In order to manage credit risk limit, the Group establishes the appropriate credit line per obligor,
company or industry by monitoring obligor’s credit line, total exposures and loan portfolios when
approving the loan.
The Group mitigates credit risk resulting from the obligor’s credit condition by using financial and
physical collateral, guarantees, netting agreements and purchase of credit derivatives that have low
correlation with the obligor’s credit status. The Group has adopted the comprehensive method to
mitigate its credit risk. Credit risk mitigation is reflected in qualifying financial collateral, trade
receivables, guarantees, residential and commercial real estate and other collaterals. The Group
regularly performs a revaluation of collateral reflecting such credit risk mitigation.
- 57 -
2) Measurement of expected credit loss
K-IFRS 1109 requires entities to measure loss allowance equal to 12-month expected credit losses or
lifetime expected credit losses after classifying financial assets into one of the three stages, depending on
the degree of increase in credit risk since their initial recognition.
Classification Stage 1 Stage 2 Stage 3

No significant increase in credit risk after Significant increase in credit Credit-
Definition
initial recognition (*) risk after initial recognition impaired
Loss 12-month expected credit losses: Lifetime expected credit losses:
allowance Expected credit losses that result from those
Expected credit losses that result from all
default events on the financial instrument that
possible default events over the life of the
are possible within 12 months after the
financial instrument
reporting date
(*) If the financial instrument has low credit risk at the end of the reporting period, the Group may assume that the credit
risk has not increased significantly since initial recognition.
Loss allowance under credit impairment model is measured as the cumulative change in lifetime expected
credit loss since initial recognition.
At the end of each reporting period the Group assesses whether credit risk has significantly been
increased since the date of initial recognition. The Group assesses whether the credit risk has increased
significantly since initial recognition by using credit rating, asset quality level, early warning system,
days past due and others. For financial assets whose contractual cash flows have been modified, the
Group assesses whether there is a significant increase in credit risk on the same basis.
The Group performs the below assessment to both corporate and retail exposures, and indicators of
significant increase in credit risk are as follows:
Corporate Exposures Retail Exposures

Asset quality level ‘Precautionary’ or lower Asset quality level ‘Precautionary’ or lower
More than 30 days past due More than 30 days past due
‘Warning’ level in early warning system Significant decrease in credit rating(*)
Debtor experiencing financial difficulties Deferment of repayment of principal and interest
(Capital impairment, Adverse opinion or Disclaimer
of opinion by external auditors)
Significant decrease in credit rating (*) Deferment of interest
Deferment of repayment of principal and interest
Deferment of interest
(*) The Group has applied the below indicators of significant decrease in credit rating since initial recognition as
follows, and the estimation method is regularly being monitored
Credit rating Significant increased indicator of the credit rating

AAA ~ A+ More than or equal to 4 steps
A- ~ BBB More than or equal to 3 steps
Corporate
BBB- ~ BB+ More than or equal to 2 steps
BB ~ BB- More than or equal to 1 step
1~3 More than or equal to 3 steps
Retail 4~5 More than or equal to 2 steps
6 ~ 10 More than or equal to 1 step
- 58 -
The Group determined that there is no significant increase in credit risk after initial recognition for debt
securities, etc. with a credit rating of A + or higher, which are deemed to have low credit risk at the end
of the reporting period.
The Group concludes that credit is impaired when financial assets are under conditions stated below:
- When principal and interest of loan is overdue for 90 days or longer due to significant deterioration
in credit
- For loans overdue for less than 90 days, when it is determined that not even a portion of the loan
will be recovered unless claim actions such as disposal of collaterals are taken
- When other objective indicators of impairment have been noted for the financial asset.
The Group has estimated the allowance for credit losses using an estimation model that additionally
reflects the forward looking information based on the past experience loss rate data.
Loss allowance is calculated by applying PD (Probability of Default) and LGD (Loss Given Default)
estimated for each financial asset in consideration of factors such as obligor type, credit rating and
portfolio. The estimates are regularly being reviewed in order to reduce discrepancies with actual losses.
In measuring the expected credit losses, the Group is also using reasonable and supportable
macroeconomic indicators such as GDP growth rate, Personal consumption expenditures
increase/decrease rate, consumer price index change rate in order to forecast future economic
conditions.
The Group is conducting the following procedures to estimate and apply forward looking information.
- Development of estimation models through regression analysis of corporate retail/year-by-year
default rate and macroeconomic indicator data by year
Correlation between credit risk and macroeconomic

Major macroeconomic indicators indicators
GDP growth rate Negative(-) Correlation
Personal consumption expenditures
increase/decrease rate Negative(-) Correlation
Won-dollar exchange rate Positive(+) Correlation
- Calculation of estimated default rate incorporating forward looking by applying estimated

macroeconomic indicators provided by verified institutions such as Bank of Korea and National
Assembly Budget Office to the estimation model developed
- Forecast of macroeconomic variables
a) Probability weight
As of December 31, 2023, the probability weights applied to the scenarios of the forecasts of
macroeconomic variables is as follows (Unit: %):
Base Upside Downside Worst

Scenario Scenario Scenario Scenario
Probability weight 44.36 9.41 26.23 20
- 59 -
b) Economic forecast of each major macroeconomic variables by scenario (prospect period: 2024)
As of December 31, 2023, the forecasts of major macroeconomic variables by scenario is as
follows (Unit: Won, %)
Base Upside Downside Worst

Scenario Scenario Scenario Scenario
GDP growth rate 2.1 2.29 1.76 (-)5.10
Personal consumption
expenditures
increase/decrease rate 1.9 2.27 1.23 (-)12.22
Won-dollar exchange
rate 1,263 1,255 1,277 1,560
The results of Woori Bank's sensitivity analysis on expected credit loss provisions due to changes in
macroeconomic indicators as of December 31, 2023 and 2022 are as follows (Unit: Korean Won in
millions):
December 31,
2023
Corporate Personal consumption expenditures Increase by 1% point (46,211)
increase/decrease rate Decrease by 1% point 52,862
Retail Consumer price index change rate Increase by 1% point -
(*2) Decrease by 1% point -
December 31,
2022
Corporate Personal consumption expenditures Increase by 1% point (59,987)
increase/decrease rate Decrease by 1% point 68,036
Retail Consumer price index change Increase by 1% point (24,164)
rate(*2) Decrease by 1% point 28,042
(*1) The sensitivity of the effect of the GDP growth rate on banks' ECLs is not significant.
(*2) The consumer price index was excluded from the estimation model of the forward looking for
- The increase rate between the measured default rate and the predicted default rate is used as a forward
looking adjustment coefficient and reflected to the applicable estimate for the current year.
- 60 -
3) Maximum exposure
The Group’s maximum exposure to credit risk shows the uncertainties related to the maximum possible
variation of financial assets’ net value as a result of changes in the specific risk factors, prior to the
consideration of collaterals that are recorded at net carrying amount after allowances and other credit
enhancements. However, the maximum exposure is the fair value amount (recorded on the books) for
derivatives, maximum contractual obligation for payment guarantees and unused amount of commitments
for loan commitment.
The maximum exposure to credit risk as of December 31, 2023 and 2022 is as follows (Unit: Korean
Won in millions):

2023 2022
Loans and other Korean treasury and government
financial assets at agencies 2,297,088 2,877,685
amortized cost (*1) Banks 21,996,558 21,571,097
Corporates 159,343,530 143,507,852
Consumers 189,510,972 187,804,095
Sub-total 373,148,148 355,760,729
Financial assets at Deposits 39,241 34,995
FVTPL (*2) Debt securities 6,307,238 4,270,532
Loans 782,716 899,228
Derivative assets 5,798,329 8,206,181
Others 2,585 1,505
Sub-total 12,930,109 13,412,441
Financial assets at
FVTOCI Debt securities 36,694,111 32,145,758
Securities at amortized
cost Debt securities 23,996,172 28,268,516
Derivative assets Derivative assets (Designated for
hedging) 26,708 37,786
Off-balance accounts Payment guarantees (*3) 13,793,301 11,921,586
Loan commitments 126,829,192 118,172,070
Sub-total 140,622,493 130,093,656
Total 587,417,741 559,718,886
(*1) Cash and cash equivalents are not included.

(*2) Puttable financial instruments are not included.
(*3) As of December 31, 2023 and 2022, the financial guarantee amount of 3,661,656 million Won and 3,095,091
million Won are included, respectively.
- 61 -
a) Credit risk exposure by geographical areas
The following tables analyze credit risk exposure by geographical areas (Unit: Korean Won in
millions):
December 31, 2023

Korea China USA UK Japan Others (*) Total
Loans and other financial
assets at amortized cost 345,748,021 5,068,801 5,527,208 260,834 617,188 15,926,096 373,148,148
cost 22,529,414 111,832 1,049,669 - - 305,257 23,996,172
Financial assets at FVTPL 10,103,182 519 1,507,518 355,478 143,229 820,183 12,930,109
Financial assets at
FVTOCI 32,422,652 724,786 2,367,997 7 32,194 1,146,475 36,694,111
Derivative assets
(Designated for
hedging) 26,010 - - - 698 - 26,708
Off-balance accounts 136,287,485 921,904 745,832 20,045 26,351 2,620,876 140,622,493
Total 547,116,764 6,827,842 11,198,224 636,364 819,660 20,818,887 587,417,741
(*) Others consist of financial assets in Indonesia, Hong Kong, Germany, Australia, and other countries.
December 31, 2022

Korea China USA UK Japan Others (*) Total
assets at amortized cost 331,572,328 5,188,826 4,721,440 215,174 719,301 13,343,660 355,760,729
cost 26,883,967 642,089 421,248 16,658 - 304,554 28,268,516
Financial assets at FVTPL 9,272,673 2,607 2,210,580 318,322 168,013 1,440,246 13,412,441
Financial assets at
FVTOCI 27,780,323 806,320 2,297,076 1,726 41,421 1,218,892 32,145,758
Derivative assets
(Designated for
hedging) 37,786 - - - - - 37,786
Off-balance accounts 126,531,020 981,139 380,209 25,644 16,987 2,158,657 130,093,656
Total 522,078,097 7,620,981 10,030,553 577,524 945,722 18,466,009 559,718,886
(*) Others consist of financial assets in Indonesia, Hong Kong, Germany, Australia, and other countries.
- 62 -
b) Credit risk exposure by industries
The following tables analyze credit risk exposure by industries, which are service, manufacturing,
finance and insurance, construction, individuals and others in accordance with the Korea Standard
Industrial Classification Code as of December 31, 2023 and 2022 (Unit: Korean Won in millions):
December 31, 2023

Finance and
Service Manufacturing insurance Construction Individuals Others Total
assets at amortized cost 84,704,246 44,591,685 30,388,823 5,583,281 185,083,452 22,796,661 373,148,148
cost 189,193 - 14,151,799 69,720 - 9,585,460 23,996,172
Financial assets at FVTPL 330,193 233,528 7,184,371 81,731 2,600 5,097,686 12,930,109
Financial assets at
FVTOCI 453,694 408,377 25,832,327 290,856 - 9,708,857 36,694,111
Derivative assets
(Designated for
hedging) - - 26,708 - - - 26,708
Off-balance accounts 22,561,220 22,897,412 13,804,163 2,826,738 73,042,394 5,490,566 140,622,493
Total 108,238,546 68,131,002 91,388,191 8,852,326 258,128,446 52,679,230 587,417,741
December 31, 2022

Finance and
Service Manufacturing insurance Construction Individuals Others Total
assets at amortized cost 78,173,716 37,013,486 31,485,795 5,613,480 183,167,572 20,306,680 355,760,729
cost 239,141 - 16,198,175 199,924 - 11,631,276 28,268,516
Financial assets at FVTPL 200,678 184,019 9,776,234 51,244 1,167 3,199,099 13,412,441
Financial assets at
FVTOCI 417,877 231,132 22,249,839 48,225 - 9,198,685 32,145,758
Derivative assets
(Designated for
hedging) - - 37,786 - - - 37,786
Off-balance accounts 18,661,383 22,492,863 10,523,731 3,143,673 69,404,456 5,867,550 130,093,656
Total 97,692,795 59,921,500 90,271,560 9,056,546 252,573,195 50,203,290 559,718,886
- 63 -
4) Credit risk exposure
a) Financial assets
The maximum exposure to credit risk by asset quality, except for financial assets at FVTPL and
derivative asset (designated for hedging) as of December 31, 2023 and 2022 is as follows (Unit:
Korean Won in millions):
December 31, 2023

Stage 1 Stage 2
Above Less than a Above Less than a
appropriate limited credit appropriate limited credit Credit
credit rating rating credit rating rating impairment Loss
(*1) (*2) (*1) (*2) Stage 3 model Total allowance Total, net
assets at amortized cost 321,115,435 26,073,686 12,728,437 13,702,855 1,906,434 768,487 376,295,334 (3,147,186) 373,148,148
Korean treasury and
government agencies 2,299,323 21 - - - - 2,299,344 (2,256) 2,297,088
Banks 21,880,151 122,383 21,771 - 15,295 - 22,039,600 (43,042) 21,996,558
Corporates 132,702,723 18,890,349 2,630,918 5,411,611 882,459 768,487 161,286,547 (1,943,017) 159,343,530
General business 87,551,345 10,147,028 1,773,713 3,150,829 548,169 - 103,171,084 (1,161,824) 102,009,260
Small- and medium-
sized enterprise 36,220,660 8,182,558 753,275 1,587,473 225,463 - 46,969,429 (508,736) 46,460,693
Project financing and
others 8,930,718 560,763 103,930 673,309 108,827 768,487 11,146,034 (272,457) 10,873,577
Consumers 164,233,238 7,060,933 10,075,748 8,291,244 1,008,680 - 190,669,843 (1,158,871) 189,510,972
cost 24,010,113 - - - - - 24,010,113 (13,941) 23,996,172
Financial assets at
FVTOCI (*3) 36,481,028 213,083 - - - - 36,694,111 (27,379) 36,694,111
Total 381,606,576 26,286,769 12,728,437 13,702,855 1,906,434 768,487 436,999,558 (3,188,506) 433,838,431
December 31, 2023

Collateral value
Credit impairment
Stage1 Stage2 Stage3 model Total
Loans and other financial assets at amortized
cost 224,611,919 21,235,346 767,731 768,275 247,383,271
Korean treasury and government agencies 39,199 - - - 39,199
Banks 2,136,530 - - - 2,136,530
Corporates 92,544,712 5,915,710 382,605 768,275 99,611,302
General business 52,951,331 4,058,593 169,855 - 57,179,779
Small- and medium-sized enterprise 33,580,230 1,590,947 112,117 - 35,283,294
Project financing and others 6,013,151 266,170 100,633 768,275 7,148,229
Consumers 129,891,478 15,319,636 385,126 - 145,596,240
Securities at amortized cost - - - - -
Financial assets at FVTOCI (*3) - - - - -
Total 224,611,919 21,235,346 767,731 768,275 247,383,271
(*1) Credit grade of corporates are AAA ~ BBB, and consumers are grades 1 ~ 6.
(*2) Credit grade of corporates are BBB- ~ C, and consumers are grades 7 ~ 10.
(*3) Financial assets at FVTOCI has been disclosed as the amount before deducting loss allowance because loss allowance
does not reduce the carrying amount.
- 64 -
December 31, 2022

Stage 1 Stage 2
appropriate limited credit appropriate limited credit Credit
credit rating rating credit rating rating impairment Loss
(*1) (*2) (*1) (*2) Stage 3 model Total allowance Total, net
assets at amortized cost 308,498,799 23,391,187 13,061,081 11,533,632 1,447,967 313,717 358,246,383 (2,485,654) 355,760,729
Korean treasury and
government agencies 2,879,057 39 - - - - 2,879,096 (1,411) 2,877,685
Banks 21,182,445 393,181 2,125 - 18,053 - 21,595,804 (24,707) 21,571,097
Corporates 120,407,588 16,680,863 2,556,885 4,429,148 637,187 313,717 145,025,388 (1,517,536) 143,507,852
General business 74,939,770 9,291,691 1,754,620 3,083,232 421,659 - 89,490,972 (1,016,039) 88,474,933
Small- and medium-
sized enterprise 34,965,279 6,751,297 754,668 1,257,741 173,818 - 43,902,803 (400,328) 43,502,475
Project financing and
others 10,502,539 637,875 47,597 88,175 41,710 313,717 11,631,613 (101,169) 11,530,444
Consumers 164,029,709 6,317,104 10,502,071 7,104,484 792,727 - 188,746,095 (942,000) 187,804,095
cost 28,276,901 - - - - - 28,276,901 (8,385) 28,268,516
Financial assets at
FVTOCI (*3) 31,914,193 231,565 - - - - 32,145,758 (11,805) 32,145,758
Total 368,689,893 23,622,752 13,061,081 11,533,632 1,447,967 313,717 418,669,042 (2,505,844) 416,175,003
December 31, 2022

Collateral value
Credit impairment
Stage1 Stage2 Stage3 model Total
Loans and other financial assets at amortized
cost 213,228,740 19,354,919 607,614 313,717 233,504,990
Korean treasury and government agencies 24,276 - - - 24,276
Banks 1,858,595 - - - 1,858,595
Corporates 82,314,488 4,982,087 316,085 313,717 87,926,377
General business 44,465,799 3,390,139 194,597 - 48,050,535
Small- and medium-sized enterprise 32,503,289 1,537,173 84,798 - 34,125,260
Project financing and others 5,345,400 54,775 36,690 313,717 5,750,582
Consumers 129,031,381 14,372,832 291,529 - 143,695,742
Securities at amortized cost - - - - -
Financial assets at FVTOCI (*3) - - - - -
Total 213,228,740 19,354,919 607,614 313,717 233,504,990
(*2) Credit grade of corporates are BBB- ~ C, and consumers are grades 7 ~ 10.
(*3) Financial assets at FVTOCI has been disclosed as the amount before deducting loss allowance because loss allowance
does not reduce the carrying amount.
- 65 -
b) Payment Guarantees and commitments
The credit quality of the payment guarantees and loan commitments as of December 31, 2023 and
2022 are as follows (Unit: Korean Won in millions):
December 31, 2023

Stage 1 Stage 2
appropriate limited credit appropriate limited
credit rating rating credit rating credit rating
Financial assets (*1) (*2) (*1) (*2) Stage3 Total
Off-balance accounts:
Payment Guarantees 12,515,536 1,150,185 73,192 40,890 13,498 13,793,301
Loan Commitments 120,623,982 3,512,099 2,166,380 496,824 29,907 126,829,192
Total 133,139,518 4,662,284 2,239,572 537,714 43,405 140,622,493
(*2) Credit grade of corporate are BBB- ~ C, and consumers are grades 7 ~ 10.
December 31, 2022

Stage 1 Stage 2
appropriate limited credit appropriate limited
credit rating rating credit rating credit rating
Financial assets (*1) (*2) (*1) (*2) Stage3 Total
Off-balance accounts:
Payment Guarantees 10,790,470 846,997 25,826 245,061 13,232 11,921,586
Loan Commitments 113,169,542 2,610,173 1,638,982 753,139 234 118,172,070
Total 123,960,012 3,457,170 1,664,808 998,200 13,466 130,093,656
(*2) Credit grade of corporate are BBB- ~ C, and consumers are grades 7 ~ 10.
5) Collateral and other credit enhancements
For the years ended December 31, 2023 and 2022, there have been no significant changes in the
value of collateral or other credit enhancements held by the Group and there have been no
significant changes in collateral or other credit enhancements due to changes in the collateral policy
of the Group.
6) Among financial assets that measured loss allowance at lifetime expected credit losses, amortized
costs before changes in contractual cash flows as of December 31, 2023 and 2022 are 161,893
million Won and 149,511 million Won, respectively, with net losses recognized along with the
changes 5,107 million Won and 8,474 million Won, respectively.
7) The Group determines which loan is subject to write-off in accordance with internal guidelines and
writes off loan receivables when it is determined that the loans are practically irrecoverable. For
example, loans are practically irrecoverable when application is made for rehabilitation under the
Debtor Rehabilitation and Bankruptcy Act and loans are confirmed as irrecoverable by the court’s
decision to waive debtor’s obligation, or when it is impossible to recover the loan amount through
legal means such as auctioning of debtor’s assets or through any other means of recovery available.
As the Group manages receivables that have not lost the right of claim to the debtor for the grounds
of incomplete statute limitation and uncollected receivables under the related laws as receivable
charge-offs, the balance as of December 31, 2023 and 2022 are 10,089,739 million Won and
9,825,284 million Won. In addition, the contractual non-recoverable amount of financial assets
amortized for the year ended December 31, 2023, but still in the process of recovery is 1,599,465
million Won.
- 66 -
(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.
1) Market risk management
Market risk management refers to the process of making and implementing decisions for the avoidance,
acceptance or mitigation of risks by identifying the underlying source of the risks, measuring its level,
and evaluating the appropriateness of the level of accepted market risks for both trading and non-trading
activities.
a) Trading activities
The Group uses the standard approach and internal model approach (Woori Bank) in measuring market
risk for trading positions, and allocates market risk capital through the Risk Management Committee.
Risk management departments of the Group and its subsidiaries manage limits in detail including those
on risk and loss with their management result regularly reported to the Risk Management Committee.
Subsidiaries such as Woori Bank manage market internal capital limits using the Basel III standard
approach, and other subsidiaries manage market risks by applying the simple method.
The Basel III standard approach consists of a sensitivity method that measures linear and nonlinear
losses that may occur due to unfavorable fluctuations in market risk factors, bankruptcy risks that may
occur due to sudden bankruptcy, and residual risk-bearing equity capital for other losses.
Woori Bank, a major subsidiary subject to Basel III standard approach of market risk management, has
the following equity capital required for market risk.(Unit : Korean Won in millions)
Risk Group December 31, 2023

Sensitivity-based risk General interest rate risk 37,832
Equity risk 9,376
Commodity risk 12
Foreign exchange risk 249,044
Non-securitization credit spread risk 27,371
Securitization (excluding CTP (Correlation Trading
Portfolio)) credit spread risk -
CTP credit spread risk -
Default risk Non-Securitization bankruptcy risk -
Securitization (excluding CTP) default risk -
CTP default risk -
Residual risk Residual risk 692
Total 324,327
The minimum, maximum and average VaR for the year December 31, 2022 and the VaR as of
December 31, 2022 are as follows (Unit: Korean Won in millions):
For the year ended

December 31, 2022
Risk factor December 31, 2022 Average Maximum Minimum
Interest rate 11,800 8,847 11,987 4,298
Stock price 7,055 6,590 12,448 1,806
Foreign currencies 17,608 14,002 22,251 5,421
Diversification (17,354) (12,725) (19,640) (4,201)
Total VaR(*) 19,109 16,714 27,046 7,324
(*) VaR (Value at Risk): Retention period of 1 day, Maximum expected losses under 99% level of confidence.
- 67 -
b) Non-trading activities
From the end of 2019 for the Bank and the beginning of 2021 for non-banking subsidiaries, the Bank
and its subsidiaries manage and measure interest risk for non-trading activities through △NII(Change
in Net Interest Income) and △EVE(Change in Economic Value of Equity) in accordance with
IRRBB(Interest Rate Risk in the Banking Book).
△NII represents a change in net interest income that may occur over a certain period (e.g. one year) due
to changes in interest rates, and △EVE indicates the economic value changes in equity capital that
could be caused by changes in interest rates affecting the present value of asset, liabilities, and off-
balance accounts.
△EVE and △NII calculated on interest risk in banking book(IRRBB) basis for assets and liabilities by
subsidiary as of December 31, 2023 and 2022 are as follows(Unit: Korean Won in millions):

△EVE (*1) △NII (*2) △EVE (*1) △NII (*2)
Woori Bank 683,660 743,489 411,447 448,509
Woori Card Co., Ltd. 80,720 76,846 139,005 185,637
Woori Financial
Capital Co., Ltd. 48,523 17,585 43,098 13,814
Woori Investment
Bank Co., Ltd. 4,464 15,303 26,311 8,229
Woori Asset Trust Co.,
Ltd. 1,210 7,018 1,137 6,736
Woori Asset
Management Corp. 832 2,154 913 1,299
Woori Savings Bank 7,347 11,077 6,618 10,348
Woori Private Equity
Asset Management
Co., Ltd. 80 775 547 886
Woori Global Asset
Management Co.,
Ltd. 536 269 251 538
Woori Financial F&I
Co., Ltd. 63,852 3,961 26,069 219
Woori Venture Partners
Co., Ltd.(*3) 340 2782 - -
(*1) △EVE: change in Economic Value of Equity

(*2) △NII: change in Net Interest Income
(*3) Additional investment occurred and added it as a consolidated subsidiary during the year ended December 31,
2023.
- 68 -
At the interest rate re-pricing date, cash flows (both principal and interest) of interest bearing assets and
liabilities, which is the basis of non-trading position interest rate risk management are as follows: (Unit:
December 31, 2023

Within 3 4 to 6 7 to 9 10 to 12 1 to 5
months months months months years Over 5 years Total
Asset:
Loans and other
financial assets
at amortized cost 245,179,685 55,105,699 17,928,072 12,101,395 55,840,540 3,594,287 389,749,678
Financial assets at
FVTPL 2,155,339 178,206 37,672 22,719 52,341 90 2,446,367
Financial assets at
FVTOCI 5,976,531 3,489,341 2,425,700 3,008,905 22,852,783 756,272 38,509,532
Securities at
amortized cost 1,451,409 1,230,486 3,335,565 1,416,082 15,907,380 2,171,914 25,512,836
Total 254,762,964 60,003,732 23,727,009 16,549,101 94,653,044 6,522,563 456,218,413
Liability:
Deposits due to
customers 169,127,109 52,395,270 32,948,424 47,030,448 60,621,757 34,406 362,157,414
Borrowings 20,147,327 5,157,330 1,933,137 2,575,993 4,112,788 437,839 34,364,414
Debentures 7,741,466 5,188,081 4,104,309 5,168,597 18,443,853 3,223,255 43,869,561
Total 197,015,902 62,740,681 38,985,870 54,775,038 83,178,398 3,695,500 440,391,389
December 31, 2022

Within 3 4 to 6 7 to 9 10 to 12 1 to 5
months months months months years Over 5 years Total
Asset:
Loans and other
financial assets
at amortized cost 224,863,400 56,669,335 15,469,920 15,108,779 59,454,649 5,963,926 377,530,009
Financial assets at
FVTPL 1,888,996 119,725 1,364 4,670 71,620 13,129 2,099,504
Financial assets at
FVTOCI 6,093,805 4,224,460 3,014,625 3,550,982 15,409,527 584,203 32,877,602
Securities at
amortized cost 2,749,432 1,806,804 1,768,936 1,427,736 20,126,354 2,100,203 29,979,465
Total 235,595,633 62,820,324 20,254,845 20,092,167 95,062,150 8,661,461 442,486,580
Liability:
Deposits due to
customers 167,237,029 49,107,093 33,506,265 40,006,233 55,855,781 69,861 345,782,262
Borrowings 14,829,024 4,159,096 1,542,340 1,183,331 6,654,602 472,325 28,840,718
Debentures 9,068,737 4,905,727 4,633,137 4,962,350 19,621,659 3,298,581 46,490,191
Total 191,134,790 58,171,916 39,681,742 46,151,914 82,132,042 3,840,767 421,113,171
2) Currency risk
Currency risk arises from the financial instruments denominated in foreign currencies other than the
functional currency. Therefore, no currency risk arises from non-monetary items or financial
instruments denominated in the functional currency.
Financial instruments in foreign currencies exposed to currency risk as of December 31, 2023 and 2022
are as follows (Unit: USD in millions, JPY in millions, CNY in millions, EUR in millions, and Korean
Won in millions):
- 69 -
December 31, 2023

USD JPY CNY EUR Others Total
Korean Korean Korean Korean
Foreign Won Foreign Korean Won Foreign Won Foreign Won Won Korean Won
currency equivalent currency equivalent currency equivalent currency equivalent equivalent equivalent
Asset Cash and cash
equivalents 8,540 11,011,576 108,421 989,519 1,377 248,965 641 914,960 1,145,464 14,310,484
Loans and other
financial assets
at amortized
cost 24,463 31,542,764 138,242 1,261,674 30,536 5,522,075 1,791 2,554,897 4,585,588 45,466,998
Financial assets at
FVTPL 884 1,140,110 49,640 453,047 - - 280 399,828 72,351 2,065,336
Financial assets at
FVTOCI 3,136 4,044,155 - - 3,882 701,938 6 8,549 738,710 5,493,352
Securities at
amortized cost 1,223 1,576,690 - - 618 111,839 68 97,393 184,938 1,970,860
Total 38,246 49,315,295 296,303 2,704,240 36,413 6,584,817 2,786 3,975,627 6,727,051 69,307,030
Liability Financial
liabilities at
FVTPL 350 451,700 23,806 217,266 - - 209 297,521 98,885 1,065,372
Deposits due to
customers 23,962 30,896,247 279,377 2,549,759 23,162 4,188,690 2,122 3,027,521 5,531,242 46,193,459
Borrowings 9,339 12,041,139 70,741 645,621 1,658 299,748 225 321,529 2,632,379 15,940,416
Debentures 4,811 6,202,675 - - - - 195 277,871 - 6,480,546
Other financial
liabilities 3,448 4,446,194 26,977 246,206 7,752 1,401,956 99 141,404 387,310 6,623,070
Total 41,910 54,037,955 400,901 3,658,852 32,572 5,890,394 2,850 4,065,846 8,649,816 76,302,863
Off-balance accounts 7,748 9,990,349 30,143 275,101 2,043 369,483 796 1,135,845 568,935 12,339,713
December 31, 2022

USD JPY CNY EUR Others Total
Korean Korean Korean Korean
Foreign Won Foreign Korean Won Foreign Won Foreign Won Won Korean Won
currency equivalent currency equivalent currency equivalent currency equivalent equivalent equivalent
Asset Cash and cash
equivalents 9,041 11,457,194 64,824 617,888 1,542 279,779 484 653,870 1,022,909 14,031,640
Loans and other
financial assets
at amortized
cost 24,361 30,872,442 116,298 1,108,529 24,637 4,470,059 2,510 3,391,155 4,952,002 44,794,187
Financial assets at
FVTPL 970 1,229,059 25,416 242,260 - - 358 484,172 176,057 2,131,548
Financial assets at
FVTOCI 3,307 4,191,383 - - 3,999 725,511 2 2,573 725,271 5,644,738
Securities at
amortized cost 576 729,811 - - 3,540 642,214 69 93,250 206,497 1,671,772
Total 38,255 48,479,889 206,538 1,968,677 33,718 6,117,563 3,423 4,625,020 7,082,736 68,273,885
Liability Financial
liabilities at
FVTPL 415 526,553 26,766 255,128 - - 322 434,590 274,895 1,491,166
Deposits due to
customers 24,569 31,135,881 227,260 2,166,196 28,125 5,102,886 2,108 2,847,863 5,008,487 46,261,313
Borrowings 6,894 8,737,229 44,365 422,876 1,023 185,652 431 582,034 2,179,085 12,106,876
Debentures 4,174 5,289,246 - - - - 195 263,187 339,188 5,891,621
Other financial
liabilities 3,040 3,852,255 8,685 82,783 4,295 779,233 380 513,285 200,249 5,427,805
Total 39,092 49,541,164 307,076 2,926,983 33,443 6,067,771 3,436 4,640,959 8,001,904 71,178,781
Off-balance accounts 6,698 8,488,374 34,512 328,964 1,141 207,012 787 1,063,680 868,470 10,956,500
- 70 -
(3) Liquidity risk
Liquidity risk refers to the risk that the Group may encounter difficulties in meeting obligations from its
financial liabilities.
1) Liquidity risk management
Liquidity risk management is to prevent potential cash shortages as a result of mismatching maturity of
assets and liabilities or unexpected cash outflows. The consolidated financial liabilities that are relevant
to liquidity risk are incorporated within the scope of risk management. Derivatives instruments are
excluded from those financial liabilities as they reflect expected cash flows for a pre-determined period.
Assets and liabilities are grouped by account under Asset Liability Management (“ALM”) in
accordance with the characteristics of the account. The Group 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.), while maintaining the gap ratio at or below the target limit.
The information on early repayment related to asset securitization is described in NOTE 40.
CONTINGENT LIABILITIES AND COMMITMENTS (4) 5).
2) Maturity analysis of non-derivative financial liabilities
a) Cash flows of principals and interests by remaining contractual maturities of non-derivative

financial liabilities as of December 31, 2023 and 2022 are as follows (Unit: Korean Won in
millions):
December 31, 2023

Within 3 4 to 6 7 to 9 10 to 12 1 to 5 Over
months months months months years 5 years Total
Financial liabilities
at FVTPL 39,524 89,287 - - 10,256 56,221 195,288
Deposits due to
customers 236,125,560 39,103,357 22,776,074 50,089,672 16,898,791 1,549,490 366,542,944
Borrowings 11,415,214 6,626,722 4,345,143 4,579,032 4,331,196 437,839 31,735,146
Debentures 5,510,096 5,328,382 5,383,741 6,035,590 18,439,577 3,223,255 43,920,641
Lease liabilities 74,228 42,106 58,241 33,679 151,127 25,172 384,553
Other financial
liabilities 15,059,935 233,081 21,356 26,403 1,025,252 4,195,930 20,561,957
Total 268,224,557 51,422,935 32,584,555 60,764,376 40,856,199 9,487,907 463,340,529
December 31, 2022

Within 3 4 to 6 7 to 9 10 to 12 1 to 5 Over
months months months months years 5 years Total
at FVTPL 35,161 - - - - 12,113 47,274
Deposits due to
customers 228,890,427 36,851,103 24,091,740 42,652,679 14,999,516 1,522,830 349,008,295
Borrowings 8,969,648 5,734,715 3,210,812 3,156,211 7,457,240 484,909 29,013,535
Debentures 6,348,064 6,841,379 5,211,032 5,214,942 19,621,659 3,298,581 46,535,657
Other financial
liabilities 14,409,376 113,049 19,370 20,315 765,870 3,037,563 18,365,543
Total 258,720,955 49,576,970 32,568,090 51,073,793 42,995,664 8,389,003 443,324,475
- 71 -
b) Cash flows of principals and interests by expected maturities of non-derivative financial liabilities
as of December 31, 2023 and 2022 are as follows (Unit: Korean Won in millions):
December 31, 2023

Within 3 4 to 6 7 to 9 10 to 12 1 to 5 Over 5
months months months months years years Total
Financial liabilities at
FVTPL 39,524 89,287 - - 10,256 56,221 195,288
Deposits due to customers 241,935,362 41,132,677 23,468,344 44,082,420 14,717,842 505,146 365,841,791
Borrowings 11,419,501 6,630,868 4,346,740 4,579,314 4,331,196 437,839 31,745,458
Debentures 5,512,545 5,330,733 5,386,014 6,037,688 18,443,853 3,223,255 43,934,088
Other financial liabilities 15,059,935 233,081 21,356 26,403 1,025,252 4,195,930 20,561,957
Total 274,041,095 53,459,996 33,282,058 54,760,882 38,691,273 8,444,225 462,679,529
December 31, 2022

FVTPL 35,161 - - - - 12,113 47,274
Deposits due to customers 242,132,680 41,113,768 24,269,363 29,670,943 10,490,993 56,013 347,733,760
Borrowings 8,969,648 5,734,715 3,210,812 3,156,211 7,457,240 484,909 29,013,535
Debentures 6,348,064 6,841,379 5,211,032 5,214,942 19,621,659 3,298,581 46,535,657
Other financial liabilities 14,409,376 113,049 19,370 20,315 765,870 3,037,563 18,365,543
Total 271,963,273 53,839,640 32,745,954 38,092,359 38,493,123 6,927,763 442,062,112
3) Maturity analysis of derivative financial liabilities
Derivatives held for trading purpose are not managed in accordance with their contractual maturity,
since the Group holds such financial instruments with the purpose of disposing or redemption before
their maturity. As such, those derivatives are incorporated as “within 3 months” in the table below.
Derivatives designated for hedging purpose are estimated by offsetting cash inflows and cash outflows.
The cash flow by the maturity of derivative financial liabilities as of December 31, 2023 and 2022 is as
follows (Unit: Korean Won in millions):
Remaining maturity
December 31, Cash flow risk hedge (1,223) (875) (590) (302) 13,689 - 10,699
2023 Fair value risk hedge 29,176 34,370 157 35,272 30,241 - 129,216
Trading purpose 5,943,024 - - - - - 5,943,024
December 31, Cash flow risk hedge 856 905 915 1,255 50,682 - 54,613
2022 Fair value risk hedge 25,048 16,175 31,974 18,540 118,027 (3,615) 206,149
Trading purpose 8,905,125 - - - - - 8,905,125
- 72 -
4) Maturity analysis of off-balance accounts (Payment guarantees, commitments, and etcs)
A payment guarantee represents an irrevocable undertaking that the Group should meet a customer’s
obligations to third parties if the customer fails to do so. The loan commitment represents the limit if the
Group has promised a credit to the customer. Loan commitments include commercial standby facilities
and credit lines, liquidity facilities to commercial paper conduits and utilized overdraft facilities. The
maximum limit to be paid by the Group in accordance with guarantees and loan commitment only
applies to principal amounts. There are contractual maturities for payment guarantees, such as financial
guarantees for debentures issued or loans, unused loan commitments, and other credits, however, under
the terms of the guarantees and unused loan commitments, funds should be paid upon demand from the
counterparty. Details of off-balance accounts as of December 31, 2023 and 2022 are as follows (Unit:

Payment guarantees 13,793,301 11,921,586
Other commitments 4,854,099 4,602,429
(4) Operational risk
The Group defines the operational risk that could cause a negative effect on capital resulting from inadequate
internal process, labor work and systematic problem or external factors.
1) Operational risk management
The Group has established and operated a group operational risk management system to cope with new
Basel III global regulations, which is implemented since 2023, and the management of operational risks
follows the procedures for risk recognition, evaluation, measurement, monitoring and reporting, risk
control and mitigation.
2) Operational risk measurement
The Group applies the standard approach for the purpose of calculating operational risk required equity
capital.
- The standard approach is to calculate operational risk required equity capital by multiplying the
Business Indicator Component(BIC), which is calculated by multiplying Business Indicator(BI) that is a
measure based on consolidated financial statements and adjustment coefficient, and the Internal Loss
Multiplier(ILM), an adjusted multiplier based on the average past loss and operating index.
“Operational risk required equity capital” = Business Indicator Component (BIC) × Internal Loss
Multiplier(ILM)
“Business Indicator Component(BIC)” = Business Index(BI) × Adjustment Coefficient
“Internal Loss Multiplier(ILM)” = ln (exp(1)-1 + (Loss Component(LC)/Business Indicator
Component(BIC)^0.8)
Bucket Business Index (BI) section The coefficient

1 1.4 trillion Won or less 12%
2 More than 1.4 trillion Won and less than or equal to 42
trillion Won 15%
3 Over 42 trillion Won 18%
- 73 -
(5) Capital management
The Group complies with the standard of capital adequacy provided by financial regulatory authorities. The
capital adequacy standard is based on Basel Ⅲ published by Basel Committee on Banking Supervision in
Bank for International Settlement and was implemented in Korea in December 2013. The capital adequacy
ratio is calculated by dividing own capital by asset (weighted with a risk premium – risk weighted assets)
based on the consolidated financial statements of the Group.
According to the above regulations, the Group is required to meet the following minimum requirements: Tier
1 common capital ratio of 8.0%, a Tier 1 capital ratio of 9.5%, and a total capital ratio of 11.5% as of
December 31, 2023 and 2022.
Details of the Group’s capital adequacy ratio as of December 31, 2023 and 2022 are as follows (Unit: Korean
Won in millions):
Details December 31, 2023(*) December 31, 2022

Tier 1 capital 26,343,941 23,757,296
Other Tier 1 capital 4,596,584 4,208,994
Tier 2 capital 3,815,920 3,437,735
Total risk-adjusted capital 34,756,445 31,404,025
Risk-weighted assets for credit risk 195,490,941 182,028,062
Risk-weighted assets for market risk 4,697,055 6,759,527
Risk-weighted assets for operational risk 19,603,749 16,519,885
Total risk-weighted assets 219,791,745 205,307,474
Common Equity Tier 1 ratio 11.99% 11.57%
Tier 1 capital ratio 14.08% 13.62%
Total capital ratio 15.81% 15.30%
(*) The capital ratio at the end of the current period is provisional
- 74 -
5. OPERATING SEGMENTS
In evaluating the results of the Group and allocating resources, the Group’s Chief Operation Decision Maker
(“CODM”) utilizes the method of disclosing the financial information of the segments based on the
organization of the Group. This financial information of the segments in this note is regularly reviewed by
the CODM.
(1) Segment by type of organization
The Group’s reporting segments consist of banking, credit card, capital, comprehensive finance and other
sectors, and the composition of such reporting segments was divided based on internal report data
periodically reviewed by the management to evaluate the performance of the segment and make decisions on
the resources to be distributed.
Operational scope
Banking Loans/deposits and relevant services for customers of Woori Bank
Credit card Credit card, cash services, card loans and accompanying business of Woori Card Co., Ltd.
Capital Installments, loans including lease financing, and accompanying business of Woori Financial
Capital Co., Ltd.
Investment Securities operation, sale of financial instruments, project financing and other related activities for
Banking comprehensive financing of Woori Investment bank Co., Ltd.
Others Woori Financial Group Inc., Woori Asset Trust Co., Ltd., Woori Asset Management Corp., Ltd.,
Woori Financial F&I Co., Ltd., Woori Savings Bank., Woori Credit Information Co., Ltd., Woori
Fund Services Co., Ltd., Woori Private Equity Asset Management Co., Ltd., Woori Global Asset
Management Co., Ltd., Woori FIS Co., Ltd. and Woori Finance Research Institute, Woori Venture
Partners Co., Ltd.
- 75 -
(2) The composition of each organization's sectors for the years ended December 31, 2023 and 2022 are as
For the year ended December 31, 2023

Other Internal Consolidated
Investment adjustments adjustments Adjustments
Banking Credit card Capital banking Others (*1) Sub-total (*2) (*3) (*4) Total
Net interest income 6,535,929 667,053 324,013 100,041 115,089 7,742,125 79,401 917,949 3,065 8,742,540
Non-interest
income(expense) 1,475,139 121,593 129,347 44,595 2,011,486 3,782,160 14,475 (740,918) (1,960,879) 1,094,838
Impairment losses due
to credit loss (894,827) (355,879) (188,682) (160,182) (119,684) (1,719,254) - (177,384) 1,722 (1,894,916)
General and
administrative expense (3,799,282) (285,308) (96,469) (51,496) (556,427) (4,788,982) (823) - 346,372 (4,443,433)
Net operating
income(expense) 3,316,959 147,459 168,209 (67,042) 1,450,464 5,016,049 93,053 (353) (1,609,720) 3,499,029
Share of gain of
associates 88,788 - 395 236 3,373 92,792 (143) - 17,182 109,831
Other non-operating
expense (76,312) (4,163) (2,106) (990) (972) (84,543) 3,153 353 (10,370) (91,407)
Non-operating
income(expense) 12,476 (4,163) (1,711) (754) 2,401 8,249 3,010 353 6,812 18,424
Net income(expense)
before tax 3,329,435 143,296 166,498 (67,796) 1,452,865 5,024,298 96,063 - (1,602,908) 3,517,453
Tax expense (814,354) (31,232) (38,662) 14,423 (31,833) (901,658) - 11,099 (890,559)
Net income(loss) 2,515,081 112,064 127,836 (53,373) 1,421,032 4,122,640 96,063 - (1,591,809) 2,626,894
Total assets 458,017,067 17,491,193 12,417,338 6,375,625 29,725,013 524,026,236 2,846,897 - (28,868,197) 498,004,936
Investment in
associate 1,029,697 - 34,613 4,783 23,882,409 24,951,502 26,302 - (23,182,434) 1,795,370
Other assets 456,987,370 17,491,193 12,382,725 6,370,842 5,842,604 499,074,734 2,820,595 - (5,685,763) 496,209,566
Total liabilities 431,313,615 14,830,408 10,796,683 5,273,890 4,424,086 466,638,682 118,442 - (2,149,678) 464,607,446
(*1) Other segments includes gains and losses from Woori Financial Group Inc., Woori Asset Trust Co., Ltd., Woori Savings
Bank, Woori Asset Management Corp., Woori Financial F&I Co., Ltd., Woori Credit Information Co., Ltd., Woori Fund
Service Co., Ltd., Woori Private Equity Asset Management Co., Ltd., Woori Global Asset Management Co., Ltd., Woori
FIS Co., Ltd., Woori Finance Research Institute and Woori Venture Partners Co., Ltd.
(*2) Other segments includes the funds subject to Group's consolidation not included in the reporting segment.
(*3) Internal reconciliation includes the adjustment of deposit insurance premiums of 464,213 million Won and fund
contribution fees of 453,805 million Won from net interest income expenses to non-interest income expenses in order to
present the profit and loss adjustment between reporting divisions in accordance with management accounting standards
as profit and loss in accordance with accounting standards
(*4) Consolidation adjustments include the elimination of 343,810 million Won of internal transactions between Woori FIS
Co., Ltd., the group's IT service agency, and affiliates, and the removal of 1,482,956 million Won of dividends received
by the holding company from its subsidiaries.
- 76 -
Other Internal Consolidated
Investment adjustments adjustments Adjustments
Banking Credit card Capital banking Others (*1) Sub-total (*2) (*3) (*4) Total
Net interest income 6,603,834 675,250 376,133 117,867 73,800 7,846,884 34,307 817,543 (2,155) 8,696,579
Non-interest
income(expense) 1,520,576 110,888 83,428 82,885 1,750,203 3,547,980 17,498 (761,029) (1,655,342) 1,149,107
Impairment losses due
to credit loss (426,552) (238,607) (107,906) (16,491) (38,319) (827,875) - (57,992) 595 (885,272)
General and
administrative expense (3,914,672) (262,525) (99,872) (61,631) (493,502) (4,832,202) (409) - 302,721 (4,529,890)
Net operating
income(expense) 3,783,186 285,006 251,783 122,630 1,292,182 5,734,787 51,396 (1,478) (1,354,181) 4,430,524
Share of gain of
associates 73,958 - 1,430 334 2,173 77,895 (182) - (7,717) 69,996
Other non-operating
expense 5,563 (6,373) (1,835) (1,399) (2,386) (6,430) 2,371 1,478 (12,565) (15,146)
Non-operating
income(expense) 79,521 (6,373) (405) (1,065) (213) 71,465 2,189 1,478 (20,282) 54,850
Net income(expense)
before tax 3,862,707 278,633 251,378 121,565 1,291,969 5,806,252 53,585 - (1,374,463) 4,485,374
Tax expense (959,298) (73,869) (68,050) (29,771) (26,739) (1,157,727) - - (3,665) (1,161,392)
Net income(loss) 2,903,409 204,764 183,328 91,794 1,265,230 4,648,525 53,585 - (1,378,128) 3,323,982
Total assets 443,340,979 16,118,967 12,581,473 5,657,191 28,059,619 505,758,229 2,019,322 - (27,303,155) 480,474,396
Investment in
associate 917,581 - 40,987 6,548 22,427,853 23,392,969 29,658 - (22,116,991) 1,305,636
Other assets 442,423,398 16,118,967 12,540,486 5,650,643 5,631,766 482,365,260 1,989,664 - (5,186,164) 479,168,760
Total liabilities 417,583,793 13,692,456 11,040,754 4,982,410 4,146,997 451,446,410 50,762 - (2,650,118) 448,847,054
(*1) Other segments includes gains and losses from Woori Financial Group Inc., Woori Asset Trust Co., Ltd., Woori Savings
Bank, Woori Asset Management Corp., Woori Financial F&I Co., Ltd., Woori Credit Information Co., Ltd., Woori Fund
Service Co., Ltd., Woori Private Equity Asset Management Co., Ltd., Woori Global Asset Management Co., Ltd., Woori
FIS Co., Ltd. and Woori Finance Research Institute.
(*2) Other segments includes the funds subject to Group's consolidated not included in the reporting segment.
(*3) Internal reconciliation includes the adjustment of deposit insurance premiums of 423,834 million Won and fund
contribution fees of 402,057 million Won from net interest income expenses to non-interest income expenses in order to
present the profit and loss adjustment between reporting divisions in accordance with management accounting standards
as profit and loss in accordance with accounting standards
(*4) Consolidation adjustments include the elimination of 300,297 million Won of internal transactions between Woori FIS
Co., Ltd., the group's IT service agency, and affiliates, and the removal of 1,272,393 million Won of dividends received
by the holding company from its subsidiaries.
- 77 -
(3) Operating profit or loss from external customers for the years ended December 31, 2023 and 2022 are
as follows (Unit: Korean Won in millions):

Details 2023 2022
Domestic 3,055,926 3,835,809
Foreign 443,103 594,715
Total 3,499,029 4,430,524
(4) Major non-current assets as of December 31, 2023 and 2022 are as follows (Unit: Korean Won in
millions):
Details (*) December 31, 2023 (*) December 31, 2022 (*)
Domestic 5,804,919 5,152,033
Foreign 636,820 533,354
Total 6,441,739 5,685,387
(*) Major non-current assets included joint ventures and related business investments, investment properties,
Property, Plant and Equipment, and intangible assets.
(5) Information about major customers
The Group does not have any single customer that generates 10% or more of the Group’s total revenue for
the years ended December 31, 2023 and 2022.
- 78 -
6. STATEMENTS OF CASH FLOWS
(1) Details of cash and cash equivalents are as follows (Unit: Korean Won in millions):

Cash 1,464,606 1,771,316
Foreign currencies 715,495 628,590
Demand deposits 28,248,420 31,729,228
Fixed deposits 128,097 90,014
Total 30,556,618 34,219,148
(2) Details of restricted cash and cash equivalents are as follows (Unit: Korean Won in millions)
Counterparty December 31, 2023 Reason of restriction

Due from banks in local currency:
Due from BOK BOK Reserve deposits
13,420,310 under the BOK Act
Due from banks in foreign currencies:
Due from banks on Bank of Japan and
demand others 957,627 Reserve deposits etc.
Total 14,377,937

Due from BOK BOK Reserve deposits
16,527,445 under the BOK Act
Due from banks on BOK and others Reserve deposits under the
demand 6,437,717 BOK Act and others
Total 22,965,162
(3) Significant transactions of investing activities and financing activities not involving cash inflows and
outflows are as follows (Unit: Korean Won in millions):

2023 2022
Changes in other comprehensive income related to
valuation of financial assets at FVTOCI 725,525 (493,871)
valuation of assets of associate 2,965 612
valuation profit or loss on cash flow hedge (16,524) (9,835)
Changes in financial assets measure at FVTOCI due to
debt-for-equity swap 206 14,594
Changes in the Property, plant and equipment due to
the transfer of assets held-for-sale (2,504) (13,109)
Transfer of investment properties to Property, Plant and
Equipment 2,098 -
Transfer of Property, Plant and Equipment to
investment properties - 7,154
Changes in account payables related to Property,
Plant and Equipment - 281
Changes in account payables related to
intangible assets 11,121 (11,530)
Changes in right-of-use assets and lease
liabilities 219,531 194,236
- 79 -
2023 2022
Changes in other comprehensive income related
to foreign operation translation 45,080 28,746
(4) Adjustments of liabilities from financing activities in current and prior year are as follows (Unit: Korean
Won in millions):

Not involving cash inflows and outflows
Variation of
gain(loss) on
Beginning Foreign valuation of Business Ending
balance Cash flow Exchange hedged items Combination Others (*) balance
Borrowings 28,429,603 2,332,376 191,250 - - 33,517 30,986,746
Debentures 44,198,486 (3,227,650) 82,210 63,615 - 122,584 41,239,245
Lease
liabilities 319,161 (160,673) 1,130 - - 174,838 334,456
Other
liabilities 27,384 118 - - 4 641 28,147
Total 72,974,634 (1,055,829) 274,590 63,615 4 331,580 72,588,594
(*) The change in lease liabilities due to the new contract includes 210,810 million Won.

Not involving cash inflows and outflows
Variation of gains
Beginning Foreign on valuation of Ending
balance Cash flow Exchange hedged items Others (*) balance
Borrowings 24,755,459 2,881,675 760,918 - 31,551 28,429,603
Debentures 44,653,864 (484,874) 297,861 (257,910) (10,455) 44,198,486
Lease liabilities 343,213 (187,531) 4,645 - 158,834 319,161
Other liabilities 26,907 513 - - (36) 27,384
Total 69,779,443 2,209,783 1,063,424 (257,910) 179,894 72,974,634
(*) The change in lease liabilities due to the new contract includes 235,215 million Won.
- 80 -
7. FINANCIAL ASSETS AT FVTPL
(1) Details of financial assets at FVTPL as of December 31, 2023 and 2022 are as follows (Unit: Korean
Won in millions):

Financial assets at fair value through profit or loss
measured at fair value 21,544,756 19,860,573
(2) Financial assets at fair value through profit or loss measured at fair value as of December 31, 2023 and
2022 are as follows (Unit: Korean Won in millions):
Deposits:
Gold banking asset 39,241 34,995
Securities:
Debt securities
Korean treasury and government agencies 4,310,612 2,754,442
Financial institutions 778,832 620,311
Corporates 433,488 721,573
Securities loaned 625,398 -
Others 158,908 174,206
Equity securities 421,989 383,883
Capital contributions 2,459,646 1,976,474
Beneficiary certificates 5,509,915 3,902,762
Others 181,691 143,334
Sub-total 14,880,479 10,676,985
Loans 782,716 899,228
Derivatives assets 5,798,329 8,206,181
Other financial assets 43,991 43,184
Total 21,544,756 19,860,573
The Group does not have financial assets at fair value through profit or loss designated as upon initial
recognition as of December 31, 2023 and 2022.
- 81 -
8. FINANCIAL ASSETS AT FVTOCI
(1) Details of financial assets at FVTOCI as of December 31, 2023 and 2022 are as follows (Unit: Korean
Won in millions):

Debt securities:
Financial institutions 20,885,924 16,870,619
Corporates 3,994,432 4,044,446
Bond denominated in foreign currencies 5,493,295 5,644,684
Securities loaned 592,219 98,026
Sub-total 36,694,111 32,145,758
Equity securities 1,197,384 939,322
Total 37,891,495 33,085,080
(2) Details of equity securities designated as financial assets at FVTOCI as of December 31, 2023 and 2022
are as follows (Unit: Korean Won in millions):
Remarks
Purpose of acquisition 2023 2022
Investment for strategic business
partnership purpose 1,039,203 776,199
Debt-equity swap 158,175 157,216
Insurance for mutual aid
Others 6 5,907 association, etc.
Total 1,197,384 939,322
(3) Changes in the loss allowance and gross carrying amount of financial assets at FVTOCI are as follows
1) Allowance for credit losses

Stage 1 Stage 2 Stage 3 Total
Beginning balance (11,805) - - (11,805)
Transfer to 12-month expected credit losses - - - -
Transfer to lifetime expected credit losses - - - -
Transfer to credit-impaired financial assets - - - -
Net provision of loss allowance (16,542) - - (16,542)
Disposal 1,519 - - 1,519
Others (*) (551) - - (551)
Ending balance (27,379) - - (27,379)
(*) Others consist of foreign currencies translation, etc.

Reversal of loss allowance 827 - - 827
Disposal 714 - - 714
Others (*) (1,200) - - (1,200)
Ending balance (11,805) - - (11,805)
- 82 -
2) Gross carrying amount

Beginning balance 32,145,758 - - 32,145,758
Acquisition 24,350,759 - - 24,350,759
Disposal / Recovery (20,823,293) - - (20823,293)
Gain (loss) on valuation 707,739 - - 707,739
Amortization based on effective interest
method 166,401 - - 166,401
Others (*) 146,747 - - 146,747
Ending balance 36,694,111 - - 36,694,111

Acquisition 16,108,426 - - 16,108,426
Disposal / Recovery (21,670,160) - - (21,670,160)
Gain (loss) on valuation (669,936) - - (669,936)
Amortization based on effective interest
method 41,813 - - 41,813
Others (*) 208,638 - - 208,638
Ending balance 32,145,758 - - 32,145,758
(4) During the years ended December 31, 2023 and 2022, the Group sold its equity securities., designated as
financial assets at FVTOCI in accordance with decision of disposal by the creditors, and the fair values
at disposal dates were 3,194 million Won and 3,567 million Won, respectively and cumulative gains and
losses at disposal dates were 118 million Won in gain and 14,444 million Won in loss, respectively.
- 83 -
9. SECURITIES AT AMORTIZED COST
(1) Details of securities at amortized cost as of December 31, 2023 and 2022 are as follows (Unit: Korean
Won in millions):

Financial institutions 6,660,465 10,283,631
Corporates 7,235,202 6,237,547
Bond denominated in foreign currencies 1,970,861 1,671,772
Allowance for credit losses (13,941) (8,385)
Total 23,996,172 28,268,516
(2) Changes in the loss allowance and gross carrying amount of securities at amortized cost are as follows
1) Loss allowance

Others (*) (7) - - (7)
Ending balance (13,941) - - (13,941)
(*) Changes due to foreign currencies translation, etc.

Others (*) 1 - - 1
Ending balance (8,385) - - (8,385)
- 84 -

Acquisition 4,244,256 - - 4,244,256
Amortization based on effective interest method 167,219 - - 167,219
Others (*) 48,861 - - 48,861
Ending balance 24,010,113 - - 24,010,113

Acquisition 16,873,194 - - 16,873,194
Amortization based on effective interest method 86,212 - - 86,212
Others (*) 97,220 - - 97,220
Ending balance 28,276,901 - - 28,276,901
- 85 -
10. LOANS AND OTHER FINANCIAL ASSETS AT AMORTIZED COST
(1) Details of loans and other financial assets at amortized cost as of December 31, 2023 and 2022 are as

Due from banks 1,950,573 2,994,672
Loans 358,577,179 343,918,560
Other financial assets 12,620,396 8,847,497
Total 373,148,148 355,760,729
(2) Details of due from banks are as follows (Unit: Korean Won in millions):

Due from The Bank of Korea (“BOK”) - 160,000
Due from depository banks 108,344 170,006
Due from non-depository institutions 136 183
Due from the Korea Exchange 68 2,440
Others 135,390 421,318
Loss allowance (59) (116)
Sub-total 243,879 753,831
Due from banks on demand 221,292 199,671
Due from banks on time 366,117 466,963
Others 1,135,072 1,586,408
Loss allowance (15,787) (12,201)
Sub-total 1,706,694 2,240,841
Total 1,950,573 2,994,672
(3) Details of restricted due from banks are as follows (Unit: Korean Won in millions):

Due from KB Securities Co., Ltd.
KSFC and SI SECURITIES
CORPORATION 68 Futures margin
Others Korea Federation of Domestic currency exchange
Savings Bank and and collateral related to
others 129,974 promissory notes and others
Sub-total 130,042
Due from banks National Bank of
on demand Cambodia and others 216,147 Reserve deposits and others
Due from banks National Bank of Usage deposits for fund
on time Cambodia 321 settlement system
Others People’s Bank of China
and others 1,062,130 Reserve deposits and others
Sub-total 1,278,598
Total 1,408,640
- 86 -
Due from BOK The BOK Reserve deposits
160,000 under BOK Act
Due from Customer deposits
KSFC KB Securities Co., Ltd. 2,419 return reserve
Others Korea Federation of
Savings Banks and Korean Won CCP margin and
others 223,705 others
Sub-total 386,124
Due from banks Reserve deposits under BOK
on demand The BOK and others 193,507 Act and others
Foreign
currency
deposits on
time National Bank Cambodia 253 Reserve deposits and others
Others Korea Investment & Overseas futures and options
Securities and others 1,581,298 trade deposits and others
Sub-total 1,775,058
Total 2,161,182
(4) Changes in the loss allowance and gross carrying amount of due from banks are as follows (Unit: Korean
Won in millions):
1) Allowance for credit losses

Provision for allowance for credit loss (5,254) - - (5,254)
Others (*) 1,725 - - 1,725
Ending balance (15,846) - - (15,846)

Provision for allowance for credit loss (7,702) - - (7,702)
Others (*) 1,419 - - 1,419
Ending balance (12,317) - - (12,317)
- 87 -

Net decrease (1,154,265) - - (1,154,265)
Changes due to business combinations 113,000 - - 113,000
Others (*) 695 - - 695
Ending balance 1,966,419 - - 1,966,419

Net increase 166,693 - - 166,693
Others (*) (32,622) - - (32,622)
Ending balance 3,006,989 - - 3,006,989
(5) Details of loans are as follows (Unit: Korean Won in millions):

Loans in local currency 298,157,823 282,686,620
Loans in foreign currencies 28,585,389 26,988,360
Domestic banker’s usance 2,726,633 2,877,079
Credit card accounts 12,531,620 10,370,362
Bills bought in foreign currencies 4,215,956 3,650,792
Bills bought in local currency 496,148 533,879
Factoring receivables 8,712 25,469
Advances for customers on guarantees 9,996 25,698
Private placement bonds 688,437 485,519
Securitized loans 3,203,135 2,990,937
Call loans 2,719,546 3,626,226
Bonds purchased under resale agreements 3,356,392 6,849,038
Financial lease receivables 1,362,279 1,467,858
Installment financial bond 2,635,720 2,832,972
Others 119 140
Loan origination costs and fees 865,694 852,002
Discounted present value (11,360) (10,238)
Allowance for credit losses (2,975,060) (2,334,153)
Total 358,577,179 343,918,560
- 88 -
(6) Changes in the loss allowance of loans are as follows (Unit: Korean Won in millions):

Consumers Corporates
Credit
impairment
Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 model
Beginning balance (147,876) (128,089) (241,942) (453,621) (818,234) (241,465) (27)
Transfer to 12-month expected credit
losses (25,553) 22,750 2,803 (190,665) 190,047 618 -
Transfer to lifetime expected credit
losses 10,881 (12,892) 2,011 28,452 (36,229) 7,777 -
Transfer to credit-impaired financial
assets 7,085 24,577 (31,662) 17,959 33,272 (51,231) -
Net provision of allowance for credit
losses (41,029) (41,105) (340,607) (361,735) (153,392) (515,711) (1,011)
Recovery - - (65,639) - - (44,043) -
Charge-off - - 301,995 - - 298,665 -
Disposal 18 419 114,643 266 512 172,519 949
Interest income from impaired loans - - 15,553 - - 19,341 -
Others (371) 338 22,000 11,656 21,380 (10,173) -
Ending balance (196,845) (134,002) (220,845) (947,688) (762,644) (363,703) (89)

Credit card accounts Total
Credit
impairment
Beginning balance (71,139) (127,814) (103,946) (672,636) (1,074,137) (587,353) (27)
losses (30,312) 30,198 114 (246,530) 242,995 3,535 -
losses 6,894 (7,420) 526 46,227 (56,541) 10,314 -
assets 748 2,381 (3,129) 25,792 60,230 (86,022) -
losses (3,864) (15,457) (338,618) (406,628) (209,954) (1,194,936) (1,011)
Recovery - - (33,710) - - (143,392) -
Charge-off - - 306,005 - - 906,665 -
Disposal - - 39,360 284 931 326,522 949
Interest income from impaired loans - - - - - 34,894 -
Others (61) - - 11,224 21,718 11,827 -
Ending balance (97,734) (118,112) (133,398) (1,242,267) (1,014,758) (717,946) (89)
- 89 -

Credit
impairment
Beginning balance (136,520) (97,604) (206,617) (362,766) (576,740) (251,233) -
losses (21,684) 21,210 474 (74,402) 68,546 5,856 -
losses 10,211 (11,568) 1,357 18,678 (21,502) 2,824 -
assets 3,960 8,975 (12,935) 2,217 12,769 (14,986) -
losses (734) (49,398) (156,286) (22,646) (303,198) (107,038) (27)
Recovery - - (70,077) - - (55,743) -
Charge-off - - 161,850 - - 140,744 -
Disposal - 62 21,862 280 128 37,722 -
Interest income from impaired loans - - 11,805 - - 9,576 -
Changes due to business combinations (4,350) (495) (948) (479) (84) (97) -
Others 1,241 729 7,573 (14,503) 1,847 (9,090) -
Ending balance (147,876) (128,089) (241,942) (453,621) (818,234) (241,465) (27)

Credit
impairment
Beginning balance (68,814) (115,489) (70,927) (568,100) (789,833) (528,777) -
losses (31,360) 31,284 76 (127,446) 121,040 6,406 -
losses 7,576 (7,694) 118 36,465 (40,764) 4,299 -
assets 642 2,190 (2,832) 6,819 23,934 (30,753) -
losses 20,820 (38,105) (204,569) (2,560) (390,701) (467,893) (27)
Recovery - - (53,988) - - (179,808) -
Charge-off - - 220,280 - - 522,874 -
Disposal - - 7,896 280 190 67,480 -
Interest income from impaired loans - - - - - 21,381 -
Changes due to business combinations - - - (4,829) (579) (1,045) -
Others (3) - - (13,265) 2,576 (1,517) -
Ending balance (71,139) (127,814) (103,946) (672,636) (1,074,137) (587,353) (27)
- 90 -
(7) Changes in the gross carrying amount of loans are as follows (Unit: Korean Won in millions):
Credit
impairment
Beginning balance 131,328,377 14,020,582 564,057 179,552,435 9,486,297 625,998 313,717
losses 4,038,074 (4,024,039) (14,035) 2,214,045 (2,209,035) (5,010) -
losses (6,406,254) 6,422,979 (16,725) (4,944,087) 4,971,596 (27,509) -
assets (263,965) (173,536) 437,501 (582,131) (242,382) 824,513 -
Charge-off - - (301,995) - - (298,665) -
Disposal (63) (491) (218,965) (18,149) (719) (404,876) (152,024)
Net increase(decrease) 4,115,668 (1,531,099) 192,248 12,389,915 (1,384,370) 142,393 606,794
Changes due to business combinations 1,144 - - - - - -
Ending balance 132,812,981 14,714,396 642,086 188,612,028 10,621,387 856,844 768,487

Credit
impairment
Beginning balance 9,115,460 1,066,380 179,410 319,996,272 24,573,259 1,369,465 313,717
losses 343,929 (343,765) (164) 6,596,048 (6,576,839) (19,209) -
losses (411,467) 412,222 (755) (11,761,808) 11,806,797 (44,989) -
assets (40,236) (20,039) 60,275 (886,332) (435,957) 1,322,289 -
Charge-off - - (306,005) - - (906,665) -
Disposal - - (73,107) (18,212) (1,210) (696,948) (152,024)
Net increase(decrease) 2,279,382 (131,187) 393,697 18,784,965 (3,046,656) 728,338 606,794
Changes due to business combinations - - - 1,144 - - -
Ending balance 11,287,068 983,611 253,351 332,712,077 26,319,394 1,752,281 768,487
- 91 -

Credit
impairment
Beginning balance 135,139,685 13,500,783 499,969 170,795,255 8,458,279 541,732 -
losses 4,651,157 (4,637,460) (13,697) 1,784,684 (1,768,655) (16,029) -
losses (6,284,951) 6,303,526 (18,575) (3,773,713) 3,792,473 (18,760) -
assets (157,808) (102,097) 259,905 (242,421) (123,225) 365,646 -
Charge-off - - (161,850) - - (140,744) -
Disposal - (259) (57,052) (48,472) (391) (134,732) -
Net increase(decrease) (2,077,449) (1,046,885) 47,727 11,005,551 (873,200) 28,198 313,717
Changes due to business combinations 57,743 2,974 7,630 31,551 1,016 687 -
Ending balance 131,328,377 14,020,582 564,057 179,552,435 9,486,297 625,998 313,717

Credit
impairment
Beginning balance 8,239,303 1,395,139 116,075 314,174,243 23,354,201 1,157,776 -
losses 542,021 (541,913) (108) 6,977,862 (6,948,028) (29,834) -
losses (403,398) 403,598 (200) (10,462,062) 10,499,597 (37,535) -
assets (31,780) (21,244) 53,024 (432,009) (246,566) 678,575 -
Charge-off - - (220,280) - - (522,874) -
Disposal - - (17,082) (48,472) (650) (208,866) -
Net increase(decrease) 769,314 (169,200) 247,981 9,697,416 (2,089,285) 323,906 313,717
Changes due to business combinations - - - 89,294 3,990 8,317 -
Ending balance 9,115,460 1,066,380 179,410 319,996,272 24,573,259 1,369,465 313,717
- 92 -
(8) Details of other financial assets are as follows (Unit: Korean Won in millions):
Cash Management Account asset (CMA asset) 91,000 157,000
Receivables 9,061,936 5,438,469
Accrued income 1,972,330 1,667,397
Telex and telephone subscription rights and refundable deposits 793,510 801,536
Domestic exchange settlement debit 446,570 577,919
Other assets (*) 411,330 344,356
Allowance for credit losses (156,280) (139,180)
Total 12,620,396 8,847,497
(*) The amount included in other assets related employee incidents in prior fiscal year was 63,354 million Won, which
was completely lost.
(9) Changes in the allowances for credit losses on other financial assets are as follows (Unit: Korean Won
in millions):
Beginning balance (4,178) (9,133) (125,869) (139,180)
Transfer to 12-month expected credit losses (388) 285 103 -
Transfer to lifetime expected credit losses 223 (246) 23 -
Transfer to credit-impaired financial assets 50 266 (316) -
Provision of loss allowance (3,141) (8,235) (10,829) (22,205)
Charge-off - - 4,341 4,341
Disposal - - 2,597 2,597
Others (1,585) 1 (249) (1,833)
Ending balance (9,019) (17,062) (130,199) (156,280)

Beginning balance (3,675) (5,580) (57,526) (66,781)
Transfer to 12-month expected credit losses (261) 246 15 -
Transfer to lifetime expected credit losses 209 (225) 16 -
Transfer to credit-impaired financial assets 981 1,134 (2,115) -
Provision of loss allowance (1,749) (4,707) (6,329) (12,785)
Charge-off - - 2,223 2,223
Disposal - - 751 751
Others 317 (1) (62,904) (62,588)
Ending balance (4,178) (9,133) (125,869) (139,180)
- 93 -
(10) Changes in the gross carrying amount of other financial assets are as follows (Unit: Korean Won in
millions):

Beginning balance 8,886,721 21,454 78,502 8,986,677
Transfer to 12-month expected credit losses 14,252 (14,143) (109) -
Transfer to lifetime expected credit losses (30,528) 30,559 (31) -
Transfer to credit-impaired financial assets (7,299) (1,498) 8,797 -
Charge-off - - (4,341) (4,341)
Disposal - - (3,318) (3,318)
Net increase (decrease) 3,634,239 75,526 74,653 3,784,418
Changes due to business combinations 13,240 - - 13,240
Ending balance 12,510,625 111,898 154,153 12,776,676

Beginning balance 9,004,539 106,597 174,868 9,286,004
Transfer to 12-month expected credit losses 9,765 (9,749) (16) -
Transfer to lifetime expected credit losses (38,248) 38,265 (17) -
Transfer to credit-impaired financial assets (1,484) (2,824) 4,308 -
Charge-off - - 24 24
Disposal (5) - (917) (922)
Net increase (decrease) (88,214) (110,835) (99,748) (298,797)
Changes due to business combinations 368 - - 368
Ending balance 8,886,721 21,454 78,502 8,986,677
- 94 -
11. FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES
(1) The fair value hierarchy
The fair value hierarchy for financial instruments is determined by the amount of observable market data.
The specific financial instruments characteristics and market condition such as the existence of the
transactions among market participants 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 Group 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 Group’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 Group’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.
- 95 -
(2) Fair value hierarchy of financial assets and liabilities measured at fair value are as follows (Unit:
December 31, 2023

Level 1 (*) Level 2 (*) Level 3 Total
Financial assets:
Financial assets at FVTPL
Deposits 39,241 - - 39,241
Debt securities 4,414,956 1,888,052 4,230 6,307,238
Equity securities 68,691 19 353,279 421,989
Capital contributions - - 2,459,646 2,459,646
Beneficiary certificates 169,012 3,634,938 1,705,965 5,509,915
Loans - 726,714 56,002 782,716
Derivative assets 113 5,669,078 129,138 5,798,329
Other financial assets in foreign currency - - 42,408 42,408
Others - - 183,274 183,274
Sub-total 4,692,013 11,918,801 4,933,942 21,544,756
Financial assets at FVTOCI
Debt securities 12,392,117 24,301,994 - 36,694,111
Equity securities 649,220 - 548,164 1,197,384
Sub-total 13,041,337 24,301,994 548,164 37,891,495
Derivative assets (designated for hedging) - 26,708 - 26,708
Total 17,733,350 36,247,503 5,482,106 59,462,959
Financial liabilities:
Financial liabilities at FVTPL
Deposits due to customers 39,524 - - 39,524
Derivative liabilities 8,303 5,932,727 1,994 5,943,024
Securities sold 155,765 - - 155,765
Sub-total 203,592 5,932,727 1,994 6,138,313
Derivative liabilities (designated for
hedging) - 153,007 - 153,007
Total 203,592 6,085,734 1,994 6,291,320
(*) There were no transfers between Level 1 and Level 2 of financial assets and liabilities measured at fair value.
The Group recognizes transfers among levels at the end of reporting period in which events have occurred or
conditions have changed.
- 96 -
December 31, 2022
Level 1 (*) Level 2 (*) Level 3 Total
Financial assets:
Deposits 34,995 - - 34,995
Debt securities 2,580,563 1,654,591 1,078 4,236,232
Equity securities 76,007 25 307,851 383,883
Capital contributions - - 1,976,474 1,976,474
Beneficiary certificates 45,394 2,398,592 1,458,776 3,902,762
Loans - 794,723 104,505 899,228
Derivative assets 69,316 8,042,895 93,970 8,206,181
Other financial assets in foreign currency - - 41,679 41,679
Others 34,299 - 144,840 179,139
Sub-total 2,840,574 12,890,826 4,129,173 19,860,573
Debt securities 9,895,456 22,250,302 - 32,145,758
Equity securities 382,257 - 557,065 939,322
Sub-total 10,277,713 22,250,302 557,065 33,085,080
Derivative assets (designated for hedging) - 37,786 - 37,786
Total 13,118,287 35,178,914 4,686,238 52,983,439
Deposits due to customers 35,161 - - 35,161
Derivative liabilities 11,700 8,883,976 9,449 8,905,125
Securities sold 12,113 - - 12,113
Sub-total 58,974 8,883,976 9,449 8,952,399
Derivative liabilities (designated for
hedging) - 202,911 - 202,911
Total 58,974 9,086,887 9,449 9,155,310
(*) Among financial assets and financial liabilities measured at fair value, the amount transferred from Level 2 to
Level 1 is 2,835,187 million Won. The Group recognizes transfers among levels at the end of reporting period
in which events have occurred or conditions have changed.
- 97 -
Financial assets and liabilities at FVTPL, financial liabilities at FVTPL designated as upon initial
recognition, financial assets at FVTOCI, and derivative assets and liabilities 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.
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 Group determines the fair value using valuation methods.
Valuation methods and input variables for each type of financial instruments are as follows:
1) Valuation methods and input variables for each type of financial instrument classified into level 2 as
of December 31, 2023 and 2022 are as follows:
Valuation methods Input variables

Debt securities Fair value is measured by discounting the future cash Risk-free market rate, credit spread,
flows of debt securities applying the risk-free market discount rate originated from credit
rate with credit spread and LSMC and Hull-White grade, volatility of stock and volatility
model. of interest rate
Equity securities and The beneficiary certificates are measured at net asset Values of underlying assets such as
beneficiary certificates value method, DCF model(Discounted Cash Flow bond, discount rate, volatility of
Model), Binomial Tree model and T-F model. stock, terminal growth rate etc.
Derivatives Fair value is measured by models such as option Discount rate, volatility, exchange
model (Closed form). rate, stock prices, fair value
originated from forward price etc.
Loans The future cash flows of debt instruments are Risk-free market rate and credit spread
measured at a discount by applying the market
interest rate applied to entities with similar
creditworthiness to the debtor.
2) Valuation methods and input variables for each type of financial instrument classified into level 3 as
of December 31, 2023 and 2022 are as follows:

Loans Fair value is measured by using the DCF model Values of underlying assets, volatility,
(Discounted Cash Flow Model), which is a valuation discount rate, volatility of stock,
technique commonly used in the market taking into volatility of interest rate
account the price and variability of the underlying
asset, T-F model, LSMC and Hull-White etc.
Debt securities Fair value is measured by models such as LSMC(Least- Discount rate originated from credit
Squares Monte Carlo), Hull-White model. grade, volatility of stocks , volatility
of interest rate etc.
Equity securities, capital Among DCF (Discounted Cash Flow) Model, FCFE Risk-free market rate, market risk
contributions and (Free Cash Flow to Equity) Model, Comparable premium, corporate Beta, stock
Beneficiary certificates Company Analysis, Dividend Discount Model, Risk- prices, volatility of underlying
adjusted Rate of Return Method, Net Asset Value asset, discount rate originated from
Method, LSMC, Hull-White and Precedent credit grade, volatility of interest
Transactions model more than one method is used rate, volatility of real estate value,
given the characteristic of the subject of fair value terminal growth rate, PBR, PSR etc.
measurement.
Derivatives Fair value is measured by models such as option model. Correlation, etc.
Others The fair value of the underlying asset, after calculating Stock price, volatility of underlying
the fair value using the DCF model, etc., considering assets, etc.
the price and volatility of the calculated underlying
asset, is calculated using the binomial tree, which is
commonly used valuation techniques in the market.
- 98 -
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 Impact of changes in significant

measurement Significant unobservable inputs on fair value
technique Type unobservable inputs Range(%) measurement
Loans DCF model and others Discount rate 4.05%~6.58% Fair value increases as discount rate
decreases.
LSMC(Hull-White) Volatility of stock 0.19%~0.24% Fair value increases as volatility of
stock increases.
Volatility of interest 0.47%~0.91% Fair value increases as volatility of
rate interest rate increases.
Discount rate 13.78%~21.92% Fair value increases as discount rate
decreases.
Derivative assets Option Equity related Correlation coefficient 0.32~0.68 Variation of fair value increases as
valuation correlation coefficient increases.
model and
others
Derivative Option Equity related Correlation coefficient 0.32~0.68 Variation of fair value increases as
liabilities valuation correlation coefficient increases.
model and
others
Equity securities, Binomial Tree Discount rate 3.58% Fair value increases as discount rate
capital decreases.
contributions, Stock prices, Volatility 27.34%~76.22% Variation of fair value increases as
and beneficiary of underlying asset, volatility of underlying asset and
certificates Volatility of stocks stock price increases.
Risk-adjusted discount rate Discount rate 6.98% Fair value increases as discount rate
method (Tsiveriotis- decreases.
Fernandes) Volatility of stock 34.6% Variation of fair value increases as
volatility of stock increases.
DCF model and others Discount rate 5.08%~19.90% Fair value increases as discount rate
decreases.
Terminal growth rate 0.00%, 1.00% Fair value increases as terminal
growth rate increases.
Liquidation value -1.00%~1.00% Fair value increases as liquidation
value increases.
LSMC(Hull-White) Discount rate 5.06%~6.86% Fair value increases as discount rate
decreases.
Others Binomial Tree Stock prices, Volatility 15.48%~76.22% Variation of fair value increases as
of underlying asset volatility of underlying asset and
stock price increases.
Discount rate 10.42% Fair value increases as discount rate
decreases.
Growth rate 0.00% Fair value increases as terminal
growth rate increases
Fair value of financial assets and liabilities classified into Level 3 is measured by the Group using its own
valuation methods or using external specialists. Unobservable inputs used in the fair value measurements are
produced by the internal system of the Group and the appropriateness of inputs is reviewed regularly.
- 99 -
(3) Changes in financial assets and liabilities measured at fair value classified into Level 3 are as follows

Other Transfer to
Beginning Business Net income comprehensive Purchases/ Disposals / or out of Ending
balance combination (loss) (*1) income issuances settlements Level 3 (*2) balance
Financial assets:
Financial assets at
FVTPL
Debt securities 1,078 - 152 - 4,000 (1,000) - 4,230
Equity securities 307,851 10,628 10,632 - 62,638 (32,630) (5,840) 353,279
Capital contributions 1,976,474 10,977 65,437 - 655,921 (249,163) - 2,459,646
Beneficiary
certificates 1,458,776 - 3,534 - 280,435 (36,780) - 1,705,965
Loans 104,505 - 483 - 577,296 (626,282) - 56,002
Derivative assets 93,970 - 41,620 - 2,273 (8,725) - 129,138
Other foreign
currency financial
assets 41,679 - 729 - - - - 42,408
Others 144,840 - 9,015 - 32,214 (2,795) - 183,274
Sub-total 4,129,173 21,605 131,602 - 1,614,777 (957,375) (5,840) 4,933,942
Financial assets at
FVTOCI
Equity securities 557,065 - - (6,564) 343 (2,657) (23) 548,164
Loans - - - - 139,567 (139,567) - -
Sub-total 557,065 - - (6,564) 139,910 (142,224) (23) 548,164
Total 4,686,238 21,605 131,602 (6,564) 1,754,687 (1,099,599) (5,863) 5,482,106
FVTPL
Derivative liabilities 9,449 - 1,994 - - (9,449) - 1,994
Total 9,449 - 1,994 - - (9,449) - 1,994
(*1) For financial liabilities, positive numbers represent losses that increase balance and negative numbers represent
gains that decrease balance. The gain amounting to 171,095 million Won for the year ended December 31, 2023,
which is from financial assets and liabilities that the Group holds as at the end of the year.
(*2) The Group recognizes transfers among levels at the end of reporting period in which events have occurred or
- 100 -
Other Transfer to
Beginning Net income comprehensive Purchases/ Disposals / or out of Ending
balance (loss) (*1) income issuances settlements Level 3 (*2) balance
Financial assets:
Financial assets at
FVTPL
Debt securities 2,117 (40) - - (999) - 1,078
Equity securities 303,985 697 - 20,175 (16,974) (32) 307,851
Capital contributions 1,287,723 103,376 - 703,160 (117,785) - 1,976,474
Beneficiary
certificates 1,104,074 (2,922) - 98,420 259,204 - 1,458,776
Loans 213,635 17,544 - 802,092 (928,766) - 104,505
Derivative assets 29,348 64,359 - 582 (319) - 93,970
Other foreign
currency financial
assets - - - 41,679 - - 41,679
Others 96,191 16,744 - 40,836 (8,931) - 144,840
Sub-total 3,037,073 199,758 - 1,706,944 (814,570) (32) 4,129,173
Financial assets at
FVTOCI
Equity securities 581,455 - 2,084 2,357 (28,831) - 557,065
Total 3,618,528 199,758 2,084 1,709,301 (843,401) (32) 4,686,238
FVTPL
Derivative liabilities 4,641 8,058 - (351) (2,899) - 9,449
Total 4,641 8,058 - (351) (2,899) - 9,449
(*1) For financial liabilities, positive numbers represent losses that increase balance and negative numbers represent
gains that decrease balance. The gain amounting to 2,770 million Won for the year ended December 31, 2022,
which is from financial assets and liabilities that the Group holds as at the end of the year.
(*2) The Group recognizes transfers among levels at the end of reporting period in which events have occurred or
- 101 -
(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 of the financial instruments has been performed by classifying with favorable and
unfavorable changes based on how changes in unobservable assumptions would have effects on the
fluctuations of financial instruments’ value. 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 two types of level 3 financial instruments: (1) interest rate related derivatives, currency related
derivatives, equity related derivatives, equity-linked securities beneficiary certificates and loans of which fair
value changes are recognized as net income; (2) equity securities of which fair value changes are recognized
as other comprehensive income.
Meanwhile, among the financial instruments that are classified as Level 3 amounting to 5,484,098 million
Won and 4,695,688 million Won as of December 31, 2023 and 2022, respectively, equity instruments of
4,704,747 million Won and 3,196,703 million Won whose carrying amount are considered to represent the
reasonable approximation of fair value are excluded from the sensitivity analysis.
The sensitivity on fluctuation of input variables by financial instruments as of December 31, 2023 and 2022
is as follows (Unit: Korean Won in millions):
December 31, 2023

Other comprehensive
Net income (loss) income (loss)
Favorable Unfavorable Favorable Unfavorable
Financial assets:
Derivative assets (*1) 88 (95) - -
Loans (*2) 202 (199) - -
Debt securities(*3) 21 (22) - -
Equity securities (*2) (*3) (*4) 11,562 (8,953) - -
Beneficiary certificates (*4) 722 (722) - -
Others (*2) 4,098 (3,921) - -
Equity securities (*3) (*4) - - 28,020 (22,302)
Total 16,693 (13,912) 28,020 (22,302)
Derivative liabilities (*1) 10 (7) - -
Total 10 (7) - -
(*1) Fair value changes of equity related derivatives assets and liabilities and equity-linked securities are calculated by
increasing or decreasing correlation, which are major unobservable variables, by 10%, respectively.
(*2) Fair value changes of equity securities are calculated by increasing or decreasing stock prices (-10%~10%) and
volatility (-10%p~10%p). The stock prices and volatility are major unobservable variables.
(*3) Fair value changes of equity securities are calculated by increasing or decreasing terminal growth rate (-
0.5%p~1%p) and discount rate (-1%p~1%p) or liquidation value (-1%p~1%p). The growth rate, discount rate,
and liquidation value are major unobservable variables.
(*4) Even if the sensitivity analysis of the capital contributions and beneficiary certificates is not possible in practice,
fair value changes of beneficiary certificates and other securities whose major unobservable variables are
composed of the real estate are calculated by increasing or decreasing price fluctuation rate of real estate which is
underlying assets and discount rate by 1%.
- 102 -
December 31, 2022

Other comprehensive
Net income (loss) income (loss)
Favorable Unfavorable Favorable Unfavorable
Financial assets:
Derivative assets (*1) 2,453 (1,993) - -
Loans (*2) 203 (200) - -
Debt securities 1 - - -
Equity securities (*2) (*3) (*4) 10,146 (8,079) - -
Beneficiary certificates (*4) 737 (737) - -
Others (*2) 2,860 (2,790) - -
Financial assets at FVTOCI - - - -
Equity securities (*3) (*4) - - 24,370 (17,579)
Total 16,400 (13,799) 24,370 (17,579)
Derivative liabilities (*1) 41 (39) - -
Total 41 (39) - -
(*1) Fair value changes of equity related derivatives assets and liabilities and equity-linked securities are calculated by
increasing or decreasing historical volatility of the stock price and correlation, which are major unobservable
variables, by 10%, respectively. In the case of interest rate related derivative assets and liabilities, fair value
changes are calculated by increasing or decreasing the volatility of interest rate, which are major unobservable
variables, by 10%.
(*2) Fair value changes of equity securities are calculated by increasing or decreasing stock prices (-10%~10%) and
volatility (-10~10%). The stock prices and volatility are major unobservable variables.
(*3) Fair value changes of equity securities are calculated by increasing or decreasing terminal growth rate (-
0.5%~0.5%) and discount rate (-1~1%) or liquidation value (-1~1%). The growth rate, discount rate, and
liquidation value are major unobservable variables.
(*4) Even if the sensitivity analysis of the capital contributions and beneficiary certificates is not possible in practice,
fair value changes of beneficiary certificates and other securities whose major unobservable variables are
composed of the real estate are calculated by increasing or decreasing price fluctuation rate of real estate which is
underlying assets and discount rate by 1%.
- 103 -
(5) Fair value and carrying amount of financial assets and liabilities that are recorded at amortized cost
are as follows (Unit: Korean Won in millions):
December 31, 2023

Fair value Carrying
Level 1 Level 2 Level 3 Total amount
Financial assets:
Securities at amortized cost 2,361,627 21,303,099 - 23,664,726 23,996,172
amortized cost - 9,905,518 364,211,207 374,116,725 373,148,148
Deposits due to customers - 360,186,521 - 360,186,521 357,784,297
Borrowings - 31,065,237 87,342 31,152,579 30,986,746
Debentures - 40,504,019 - 40,504,019 41,239,245
Other financial liabilities (*) - 24,584,447 609,620 25,194,067 25,780,550
(*) Lease liabilities are excluded as of December 31, 2023.
December 31, 2022

Fair value Carrying
Level 1 Level 2 Level 3 Total amount
Financial assets:
Securities at amortized cost 2,652,449 24,623,369 - 27,275,818 28,268,516
amortized cost - 6,238,724 345,952,544 352,191,268 355,760,730
Deposits due to customers - 343,931,576 - 343,931,576 342,105,209
Borrowings - 26,063,256 2,135,047 28,198,303 28,429,603
Debentures - 42,918,411 - 42,918,411 44,198,486
Other financial liabilities (*) - 21,244,664 536,209 21,780,873 22,492,705
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 Group determines the fair value by using
valuation methods. Valuation methods and input variables for financial assets and liabilities that are
measured at amortized cost are given as follows:

Securities at amortized cost The fair value is measured by discounting the projected Risk-free market rate
cash flows of debt securities by applying risk-free market and credit spread
rate with credit spread.
Loans and other financial The fair value is measured by discounting the projected Risk-free market rate,
assets at amortized cost cash flows of loan products by applying the market credit spread and
discount rate that has been applied to a proxy company prepayment rate
that has similar credit rating to the debtor.
Deposits due to customers, The fair value is measured by discounting the projected Risk-free market rate
borrowings, debentures and cash flows of debt products by applying the market and credit spread
other financial liabilities discount rate that is reflecting credit rating of the Group.
- 104 -
(6) Financial instruments by category
Carrying amounts of financial assets and liabilities by each category are as follows (Unit: Korean Won in
millions):
December 31, 2023

Derivatives
assets
Financial assets
Financial assets Financial assets Financial assets (designated for
at FVTPL at FVTOCI at amortized cost hedging) Total
Deposits 39,241 - 1,950,573 - 1,989,814
Securities 14,880,479 37,891,495 23,996,172 - 76,768,146
Loans 782,716 - 358,577,179 - 359,359,895
Derivative assets 5,798,329 - - 26,708 5,825,037
Other financial assets 43,991 - 12,620,396 - 12,664,387
Total 21,544,756 37,891,495 397,144,320 26,708 456,607,279
December 31, 2023

Derivatives
Financial Financial liabilities
liabilities at liabilities at (designated for
FVTPL amortized cost hedging) Total
Deposits due to customers 39,524 357,784,297 - 357,823,821
Borrowings 155,765 30,986,746 - 31,142,511
Debentures - 41,239,245 - 41,239,245
Derivative liabilities 5,943,024 - 153,007 6,096,031
Other financial liabilities (*) - 25,780,550 - 25,780,550
Total 6,138,313 455,790,838 153,007 462,082,158
December 31, 2022

Derivatives
assets
Financial assets
Financial assets Financial assets Financial assets (designated for
at FVTPL at FVTOCI at amortized cost hedging) Total
Deposits 34,995 - 2,994,672 - 3,029,667
Securities 10,676,985 33,085,080 28,268,516 - 72,030,581
Loans 899,228 - 343,918,560 - 344,817,788
Derivative assets 8,206,181 - - 37,786 8,243,967
Other financial assets 43,184 - 8,847,497 - 8,890,681
Total 19,860,573 33,085,080 384,029,245 37,786 437,012,684
December 31, 2022

Derivatives
Financial Financial liabilities
liabilities at liabilities at (designated for
FVTPL amortized cost hedging) Total
Deposits due to customers 35,161 342,105,209 - 342,140,370
Borrowings 12,113 28,429,603 - 28,441,716
Debentures - 44,198,486 - 44,198,486
Derivative liabilities 8,905,125 - 202,911 9,108,036
Other financial liabilities (*) - 22,492,707 - 22,492,707
Total 8,952,399 437,226,005 202,911 446,381,315
- 105 -
(7) Income or expense from financial instruments by category
Income or expense from financial assets and liabilities by each category during the years ended December
31, 2023 and 2022 are as follows (Unit: Korean Won in millions):

Fees and Gain or loss
commissions Reversal on
Interest income income (provision) of transactions Dividends,
(expense) (expense) credit loss and valuation etc. Total
Financial assets at FVTPL 192,094 514 - 488,486 222,357 903,451
Financial assets at
FVTOCI 999,407 1,621 (16,542) (37,641) 17,936 964,781
cost 782,513 - (5,549) - - 776,964
assets at amortized cost 18,667,540 578,387 (1,839,987) 203,942 - 17,609,882
amortized cost (11,887,127) 1,247 - - - (11,885,880)
Net derivatives
(designated for hedging) - - - 15,678 - 15,678
Total 8,754,427 581,769 (1,862,078) 670,465 240,293 8,384,876

Fees and Gain or loss
commissions Reversal on
Interest income income (provision) of transactions Dividends,
(expense) (expense) credit loss and valuation etc. Total
Financial assets at FVTPL 106,698 (134) - 238,502 136,136 481,202
Financial assets at
FVTOCI 632,615 1,606 827 (21,498) 23,846 637,396
cost 515,246 - (3,151) - - 512,095
assets at amortized cost 13,399,990 600,902 (881,668) 74,204 - 13,193,428
amortized cost (5,950,277) 2,094 - - - (5,948,183)
Net derivatives
(designated for hedging) - - - 78,822 - 78,822
Total 8,704,272 604,468 (883,992) 370,030 159,982 8,954,760
- 106 -
12. DERECOGNITION AND OFFSET OF FINANCIAL INSTRUMENTS
(1) Derecognition of financial instruments
Transferred financial assets that do not meet the condition of derecognition in their entirety.
1) Bonds sold under repurchase agreements
The financial instruments that were disposed but the Group agreed to repurchase at the fixed amounts at
the same time, so that they did not meet the conditions of derecognition, are as follows (Unit: Korean
Won in millions):

2023 2022
Assets transferred Financial assets at FVTPL 238,461 214,577
Securities at amortized cost 48,368 1,171,300
Total 843,412 1,969,075
Related liabilities Bonds sold under repurchase agreements 757,691 1,898,744
2) Securities loaned
When the Group loans its securities to outside parties, the legal ownerships of the securities are
transferred; however, they should be returned at the end of lending period. Therefore, the Group does
not derecognize them from the consolidated financial statements as it owns majority of risks and
benefits from the securities continuously, regardless of the transfer of legal ownership. The carrying
amount of the securities loaned are as follows (Unit: Korean Won in millions):
December 31, 2023 December 31, 2022 Loaned to
Financial assets Korean treasury and The Korea Securities
at FVTPL government bonds 625,398 - Finance Corporation
Financial assets Korean treasury and Korea Securities
at FVTOCI government bonds 592,218 98,027 Depository
3) Liquidity of financial assets
As of December 31, 2023 and 2022, the consolidated structured companies issued asset-backed
securities with loans and corporate bonds held by the Group as liquid assets, and the Group bear related
risks through the purchase agreements or credit contributions. The transaction details of the transfer of
the financial instrument are as follows:

Carrying amount (*) Carrying amount (*)
Financial assets at FVPL - 49,808
Assets transferred
Loans at amortized cost 5,098,217 4,640,182
Asset-backed borrowings 2,434,900 231,800
Related liabilities Asset-backed bonds 1,487,895 1,209,364
(*) The carrying amount is the amount before the allowance for bad debts.
On the other hand, the details of transferred financial assets that have not been removed, such as bonds
sold under the repurchase agreement and loan securities, are also described in Note 18. The Group does
not have financial instruments that are continuously involved.
- 107 -
(2) The offset of financial assets and liabilities
The Group possesses both the uncollected domestic exchange receivables and the unpaid domestic exchange
payable, which satisfy offsetting criteria of K-IFRS 1032. Therefore, the total number of uncollected
domestic exchange receivables has been offset with a part of unpaid domestic exchange payables, and they
have been disclosed in loans at amortized cost and other financial assets and other financial liabilities of the
Group’s statements of financial position, respectively.
The Group possesses the derivative assets, derivative liabilities, receivable spot exchange and payable spot
exchange that do not satisfy the offsetting criteria of K-IFRS 1032, but provide the Group under the
circumstances of the trading party’s default, insolvency or bankruptcy, with the right of offsetting. Items such
as cash collateral cannot satisfy the offsetting criteria of K-IFRS 1032, but in accordance with the collateral
arrangements and under the circumstances of the trading party’s default, insolvency or bankruptcy, the net
amount of derivative assets and derivative liabilities, receivable spot exchange and payable spot exchange
can be offset.
The Group has entered into a resale and repurchase agreement and accounted it as a collateralized borrowing.
The Group has also entered into a resale and purchase agreement and accounted it as a secured loans. The
Group under the repurchase agreements has an offsetting right only upon the counterparty’s default,
insolvency or bankruptcy; thus, the repurchase agreements are applied by the TBMA/ISMA Global Master
Repurchase Agreement, which does not satisfy the offsetting criteria of K-IFRS 1032. The Group disclosed
bonds sold under repurchase agreements as borrowings and bonds purchased under resale agreements as loan
at amortized cost and other financial assets.
As of December 31, 2023 and 2022, the financial instruments to be offset and may be covered by master
netting agreements and similar agreements are as follows (Unit: Korean Won in millions):
December 31, 2023

Related amounts not setoff
in the consolidated
Net statement of financial
Gross Gross amounts of position
amounts of amounts of consolidated Cash
recognized recognized financial Netting collateral
financial financial assets agreements received Net
assets assets setoff presented and others and others amounts
Financial assets:
Derivative assets (*1) 5,200,277 - 5,200,277
11,328,147 424,466 1,089,011
Receivable spot exchange (*2) 7,641,347 - 7,641,347
Bonds purchased under resale
3,256,392 - 3,256,392 3,256,392 - -
agreements (*2)
Domestic exchange settlement
49,034,521 48,587,951 446,570 - - 446,570
debits (*2) (*5)
Total 65,132,537 48,587,951 16,544,586 14,584,539 424,466 1,535,581
Derivative liabilities (*1) 5,126,697 - 5,126,697
11,425,925 139,143 1,203,575
Payable spot exchange (*3) 7,641,946 - 7,641,946
Bonds sold under repurchase
1,119,991 - 1,119,991 1,119,991 - -
agreements (*4)
49,974,648 48,587,951 1,386,697 1,367,709 - 18,988
credits (*3) (*5)
Total 63,863,282 48,587,951 15,275,331 13,913,625 139,143 1,222,563
(*1) The items include derivative assets and liabilities held for trading and designated for hedging.
(*2) The items are included in loan at amortized cost and other financial assets.
(*3) The items are included in other financial liabilities.
(*4) The items are included in borrowings.
(*5) Certain financial assets and liabilities are presented as net amounts.
- 108 -
December 31, 2022

Related amounts not
setoff in the
Net consolidated statement
Gross Gross amounts of of financial position
amounts of amounts of consolidated Cash
recognized recognized financial Netting collateral
financial financial assets agreements received Net
assets assets setoff presented and others and others amounts
Financial assets:
Derivative assets (*1) 7,032,465 - 7,032,465
9,175,416 748,981 1,616,779
Receivable spot exchange (*2) 4,508,711 - 4,508,711
Bonds purchased under resale
6,793,938 - 6,793,938 6,793,938 - -
agreements (*2)
39,787,371 39,209,452 577,919 - - 577,919
debits (*2) (*5)
Total 58,122,485 39,209,452 18,913,033 15,969,354 748,981 2,194,698
Derivative liabilities (*1) 7,652,440 - 7,652,440
10,043,092 145,268 1,972,695
Payable spot exchange (*3) 4,508,615 - 4,508,615
Bonds sold under repurchase
2,313,044 - 2,313,044 2,313,044 - -
agreements (*4)
43,841,373 39,209,452 4,631,921 2,504,062 - 2,127,859
credits (*3) (*5)
Total 58,315,472 39,209,452 19,106,020 14,860,198 145,268 4,100,554
(*1) The items include derivative assets and liabilities held for trading and designated for hedging.
(*2) The items are included in loan at amortized cost and other financial assets.
(*3) The items are included in other financial liabilities.
(*4) The items are included in borrowings.
(*5) Certain financial assets and liabilities are presented as net amounts.
- 109 -
13. INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
(1) Investments in associates accounted for using the equity method of accounting are as follows:
Percentage of ownership (%)

December 31, December 31 Financial
Joint ventures and associates (*4) Main business 2023 2022 Location statements as of
Woori Bank
W Service Networks Co., Ltd. Freight & staffing
4.9 4.9 Korea 2023-11-30
(*1)(*5) services
Korea Credit Bureau Co., Ltd.
Credit information 9.9 9.9 Korea 2023-12-31
(*2)
Korea Finance Security Co., Ltd.
Security service 15.0 15.0 Korea 2023-11-30
(*1) (*5)
Wholesale and real
Wongwang Co., Ltd. (*3) 29.0 29.0 Korea -
estate
Sejin Construction Co., Ltd. (*3) Construction 29.6 29.6 Korea -
Electronic
ARES-TECH Co., Ltd. (*3) component 23.4 23.4 Korea -
manufacturing
Telecommunication
Beomgyo.,Ltd. (*3) equipment retail 23.1 23.1 Korea -
sales
NK Eng Co., Ltd. (*3) Manufacturing 23.1 23.1 Korea -
Woori Growth Partnerships New
Other financial
Technology Private Equity - 23.1 Korea -
services
Fund(*8)
2016KIF-IMM Woori Bank Other financial
- 20.0 Korea -
Technology Venture Fund(*8) services
K BANK Co., Ltd. (*2)(*5) Finance 12.6 12.6 Korea 2023-11-30
Woori Bank-Company K Korea Other financial
- 25.0 Korea -
Movie Asset Fund (*8) services
Partner One Value Up I Private Other financial
23.3 23.3 Korea 2023-12-31
Equity Fund services
IBK KIP Seongjang Dideemdol
Other financial
1st Private Investment Limited 20.0 20.0 Korea 2023-12-31
services
Partnership
Crevisse Raim Impact 1st Startup
Other financial
Venture Specialist Private 25.0 25.0 Korea 2023-12-31
services
Equity Fund
Credit card and
LOTTE CARD Co., Ltd. (*5) installment 20.0 20.0 Korea 2023-09-30
financing
Union Technology Finance Other financial
29.7 29.7 Korea 2023-12-31
Investment Association services
Other information
technology and
Dicustody Co., Ltd.(*2) 1.0 1.0 Korea 2023-12-31
computer operation
related services
Manufacture of
Orient Shipyard Co., Ltd. (*5) 22.7 22.7 Korea 2023-11-30
sections for ships
Other information
Joongang Network Solution technology and
25.3 25.3 Korea 2023-09-30
Co.,Ltd. (*5) computer operation
related services
Win Mortgage Co.,LTd. Other financial
4.5 - Korea 2023-09-30
(*1)(*5)(*12) services
Together-Korea Government
Other financial
Private Pool Private Securities 100.0 100.0 Korea 2023-12-31
services
Investment Trust No. 3
Other financial
BTS 2nd Private Equity Fund 20.0 20.0 Korea 2023-12-31
services
Other financial
STASSETS FUND III 28.3 28.3 Korea 2023-12-31
services
- 110 -
SF CREDIT PARTNERS, Other financial
10.0 - Korea 2023-12-31
LLC(*2)(*12) services
Other financial
Rea Company (*5) (*12) 24.5 - Korea 2023-09-30
services
Other financial
ARAM CMC Co.,Ltd. (*5) (*12) 20.0 - Korea 2023-11-30
services
Woori Bank (*6)

Japanese Hotel Real Estate Private Other financial
19.9 19.9 Korea 2023-12-31
Equity Fund No.2 services
Woori Seoul Beltway Private Trust and collective
25.0 25.0 Korea 2023-12-31
Special Asset Fund No.1 investment
Woori General Private Securities
Collective
Investment Trust(Bond) No.1 25.0 - Korea 2023-12-31
investment business
(*12)
Woori Short-term Bond Securities
Collective
Investment Trust(Bond) 15.0 27.9 Korea 2023-12-31
investment business
ClassC-F
Woori Safe Plus General Type
Collective
Private Investment Trust S- 9.1 9.2 Korea 2023-12-31
investment business
8(Bond)
Collective
investment business
(*12)
Woori Smart General Private
Collective
Equity Investment Trust 28.6 - Korea 2023-12-31
investment business
1(bond)(*12)
Collective
investment business
(*12)
Woori Asset Global Partnership Collective
57.7 - Korea 2023-12-31
Fund No. 5(*12) investment business
Collective
and Special Bank Bond Active 20.8 - Korea 2023-12-31
investment business
ETF(*12)
Woori 25-09 Corporate Bond(AA- Collective
29.3 - Korea
or higher) Active ETF (*12) investment business 2023-12-31
Woori Financial Capital Co., Ltd.

WOORI TAERIM 1st Fund Other financial
25.6 25.6 Korea 2023-12-31
services
Portone-Cape Fund No.1 Other financial
20.0 20.0 Korea 2023-12-31
services
KIWOOM WOORI Financial 1st Other financial
- 9.1 Korea -
Fund (*7)(*8) services
DeepDive WOORI 2022-1 Other financial
11.9 11.9 Korea 2023-12-31
Financial Investment Fund (*7) services
Darwin Green Packaging Private Other financial
20.4 20.4 Korea 2023-12-31
DS Power Semicon Private Equity Other financial
- 21.0 Korea -
Fund (*8) services
Koreawide partners 2nd Private Other financial
26.7 26.7 Korea 2023-12-31

(*6)
Woori FirstValue Private Real
Real estate business 12.0 12.0 Korea 2023-12-31
Estate Fund No.2
WooriG Real Infrastructure Blind Investment trust
General Type Private and discretionary 0.1 0.1 Korea 2023-12-31
Placement Investment Trust investment business
- 111 -
Woori Asset Management Co. Ltd.
Woori Star50 feeder fund(H) (*8) Collective
- 17.9 Korea -
investment business
Woori Together TDF 2025(*8) Collective
- 23.6 Korea -
investment business
Woori Together TDF 2030 Collective
28.0 23.8 Korea 2023-12-31
investment business
Collective
Return Feeder fund (Balance 20.4 - Korea 2023-12-31
investment business
Bond) (*12)
Woori Multi Return Private
Collective
Securities Investment Trust - - Korea -
investment business
2(Balanced Bond)(*8)(*12)

Management Co., Ltd.
Australia Green Energy 1st Other financial
4.0 4.0 Korea 2023-12-31
PEF(*2) services
Aarden Woori Apparel 1st Private Other financial
0.5 0.5 Korea 2023-12-31
Equity Fund (*2) services
Woori Dyno 1st Private Equity Other financial
19.6 19.6 Korea 2023-12-31
Fund (*2) services
Woori Venture Partners Co., Ltd.

KTB-KORUS FUND(*9) Asset Management 37.5 - Korea 2023-12-31
KTB China Platform
Asset Management 18.7 - Korea 2023-12-31
Fund(*9)(*10)(*11)
KTBN Venture Fund
No.7(*9)(*10)
KTBN Venture Fund No.8(*10) Asset Management 21.7 - Korea 2023-12-31
KTBN Digital Contents Korea
Fund No.9(*9)(*10)
KTBN Media Contents
Fund(*9)(*10)(*11)
KTB China Synergy
Fund(*10)(*11)
NAVER-KTB Audio Contents
Fund(*11)
KTBN Venture Fund
No.13(*10)(*11)
KTBN Future Contents
Fund(*10)(*11)
KB-KTB Technology Venture
Fund(*11)
Woori 2022 Scaleup Venture
Fund
Woori 2022 Start-up Venture
Fund
KTB-NHN China Private Equity
Fund(*9)
KTBN GI Private Equity
Fund(*11)
Medical material
Chirochem 28.6 - Korea 2023-12-31
Manufacturing
Japanese Hotel Real Estate Private

Equity Fund 1
Other financial
Godo Kaisha Oceanos 1 (*5) 47.8 47.8 Japan 2023-10-31
services
- 112 -
Real Estate Master Investment
Trust No.2
Other financial
Woori Zip 1(*5)
services
62.4 64.0 Japan 2023-09-30
Other financial
Woori Zip 2 (*5)
services
62.8 64.0 Japan 2023-09-30
Woori bank and Woori card Co., Ltd.

(*6)
Dongwoo C & C Co., Ltd. (*3) Construction 24.5 24.5 Korea -
Aggregate
SJCO Co., Ltd. (*3) transportation and 29.8 29.8 Korea
wholesale -
Wholesale and
G2 Collection Co., Ltd. (*3) 29.2 29.2 Korea
retail sales -
KG Fashion Co.,
Manufacturing 20.8 - Korea 2023-11-30
Ltd.(*3)(*5)(*12)
Kyesan Engineering Co., Ltd. (*3) Construction 23.3 23.3 Korea -
Good Software Lap Co., Ltd. (*3) Service 29.4 29.4 Korea -
Force TEC Co., Ltd. (*8) Manufacturing - 24.5 Korea -
Wholesale and
DAEA SNC Co., Ltd. (*3) 25.5 25.5 Korea
retail sales -
PREXCO Co., Ltd. (*3) Manufacturing 28.1 28.1 Korea -
JiWon Plating Co., Ltd. (*3) Plating 20.8 20.8 Korea -
Youngdong Sea Food Co., Ltd. Processed sea food
24.5 24.5 Korea
(*3) manufacturing -
Telecommunication
KUM HWA Co., Ltd. equipment retail 20.1 20.1 Korea 2023-12-31
sales
Jinmyung Plus Co., Ltd.(*5) Manufacturing 21.3 21.3 Korea 2023-09-30
Woori bank and Woori Financial

Capital Co., Ltd. (*6)
JC Assurance No.2 Private Equity Other financial
23.5 23.5 Korea 2023-12-31
Fund services
Dream Company Growth no.1 Other financial
27.8 27.8 Korea 2023-12-31
PEF services
Other financial
HMS-Oriens 1st Fund 22.8 22.8 2023-12-31
services
Woori G Senior Loan Private
Collective
Placement Investment Trust 21.7 21.7 Korea 2023-12-31
investment business
No.1
Genesis Eco No.1 Private Equity Other financial
29.0 29.0 Korea 2023-12-31
Fund services
Paratus Woori Material
Other financial
Component Equipment joint 29.9 29.9 Korea 2023-12-31
services
venture company
Midas No. 8 Private Equity Joint Other financial
28.5 28.5 Korea 2023-12-31
Venture Company services
Other financial
Orchestra Private Equity Fund IV 28.2 28.2 Korea 2023-12-31
services
Other financial
Synaptic Green No.1 PEF 21.1 21.1 Korea 2023-12-31
services
IGEN2023No. 1 Private Equity Other financial
24.8 24.8 Korea 2023-12-31
Fund services
Other financial
PCC-Woori LP Secondary Fund 38.9 38.8 Korea 2023-12-31
services
Synaptic Future Growth Private Other financial
23.8 - Korea 2023-12-31
Equity Fund 1 (*12) investment
- 113 -
Woori Bank and Woori Asset
Management Co. Ltd.(*6)
Woori BIG2 Plus Securities
Collective
Investment Trust(Balanced 14.1 23.1 Korea 2023-12-31
investment business
Bond)
Woori Bank and Woori Private

Equity Asset Management Co., Ltd.
(*6)
Woori-Q Corporate Restructuring Other financial
32.4 35.6 Korea 2023-12-31
Private Equity Fund(*13) services
Woori Bank, Woori Financial Capital

Co., Ltd., Woori Investment Bank
Co., Ltd. and Woori Private Equity
Asset Management Co., Ltd. (*6)
Woori-Shinyoung Growth-Cap Other financial
Private Equity Fund I services
35.0 35.0 Korea 2023-12-31
NH Woori Newdeal Growth
Other financial
Alpha Private Equity Fund
services
32.7 - Korea 2023-12-31
1(*12)
(*1) Most of the significant business transactions of associates are with the Group as of December 31, 2023 and
2022.
(*2) The Group can participate in decision-making body and exercise significant influence over financial policies
and operational policies decision making of the associates.
(*3) There is no investment balance as of December 31, 2023 and 2022.
(*4) Woori G Oncorp Corporate support of Major Industry General Type Private Placement Investment Trust
(Type 2) and other 12 joint ventures and associates can exercise significant influence but was classified as an
item measured at fair value through profit or loss.
(*5) The equity method was applied using the most recent financial statements available from the settlement date
because no financial statements were available at the end of the reporting period and the significant
transactions or events that occurred between the end of the reporting period of the associate and the end of the
reporting period of the subsidiary were duly reflected.
(*6) Two or more subsidiaries may invest or operate to exert significant influence on the decision-making process
for activities related to the investee.
(*7) The Group can participate as a co-operator to exert significant influence.
(*8) It was excluded from associates in current year.
(*9) It has been liquidating as of December 31, 2023.
(*10) It was excluded from associates during the period.
(*11) The Group classified it as an associate because it has significant influence as a general partner of the
investment association.
(*12) It was added to associates in current year.
(*13) It was classified as an associate due to holding of voting rights according to the initial investment agreement
ratio.
- 114 -
(2) Changes in the carrying value of investments in associates accounted for using the equity method of
accounting are as follows (Unit: Korean Won in millions):

Share of
Acquisition January 1, profits(losses) Business Disposal/ Change in December
cost 2023 and others Acquisition combination Reclassification Dividends capital 31, 2023
W Service Networks Co., Ltd. 108 208 13 - - - (5) - 216
Korea Credit Bureau Co., Ltd. 3,313 5,709 814 - - - (90) - 6,433
Korea Finance Security Co., Ltd. 3,267 2,374 (99) - - - - 1,010 3,285
Woori Growth Partnerships New
Technology Private Equity Fund - 10,889 (51) - - (10,838) - - -
2016KIF-IMM Woori Bank
Technology Venture Fund - 9,474 539 - - (10,013) - - -
K BANK Co., Ltd. 236,232 247,789 5,327 - - - - 6,936 260,052
Woori Bank-Company K Korea
Movie Asset Fund - 239 52 - - (103) (188) - -
Partner One Value Up I Private
Equity Fund 5,039 4,278 (1,048) - - - - - 3,230
IBK KIP Seongjang Dideemdol
1st Private Investment Limited
Partnership 4,356 10,285 1,162 - - (3,200) - - 8,247
Crevisse Raim Impact 1st Startup
Venture Specialist Private Equity
Fund 4,436 4,355 - 82 - - - - 4,437
LOTTE CARD Co.,Ltd. 346,810 514,131 91,533 - - - (13,199) (5,073) 587,392
Union Technology Finance
Investment Association 13,449 14,462 (1,004) - - (1,188) - - 12,270
Dicustody Co., Ltd. 1 1 - - - - - - 1
Orient Shipyard Co., Ltd.(*) - - - - - - - - -
Joongang Network Solution
Co.,Ltd. - - 1 - - - - 87 88
Win Mortgage Co.,LTd. 23 - 84 23 - - (2) - 105
Private Pool Private Securities
Investment Trust No.3 10,000 10,243 297 - - - - - 10,540
BTS 2nd Private Equity Fund 5,226 2,881 (243) 2,200 - - - - 4,838
STASSETS FUND III 9,000 1,230 (324) 7,500 - - - - 8,406
SF CREDIT PARTNERS, LLC 13,059 - 99 13,059 - - - (313) 12,845
Japanese Hotel Real Estate Private
Equity Fund No.2 3,174 2,855 86 - - - (133) (120) 2,688
Woori Seoul Beltway Private
Special Asset Fund No.1 12,464 9,874 451 2,709 - - (444) - 12,590
Investment Trust(Bond) No.1 50,000 - 1,686 50,000 - - - - 51,686
Woori Short-term Bond Securities
Investment Trust(Bond) ClassC-
F 100,000 112,025 7,670 - - (10,352) (3,779) - 105,564
Private Investment Trust S-
8(Bond) 10,000 10,182 507 - - - (359) - 10,330
Investment Trust(Bond) No.2 30,000 - 829 30,000 - - - - 30,829
Equity Investment Trust 1(bond) 40,000 - 1,135 40,000 - - - - 41,135
Investment Trust(Bond) No.2 50,000 - 1,205 50,000 - - - - 51,205
Woori Asset Global Partnership
Fund No.5 22,500 - (429) 22,500 - - - - 22,071
WOORI TAERIM 1st Fund 1,100 988 - - - - - - 988
Portone-Cape Fund No.1 340 464 (19) - - - - - 445
KIWOOM WOORI Financial 1st
Fund - 953 (10) - - (943) - - -
DeepDive WOORI 2021-1
Financial Investment Fund 222 878 1,128 - - (678) (92) - 1,236
Darwin Green Packaging Private
Equity Fund 4,000 3,945 92 - - - (80) - 3,957
DS Power Semicon Private Equity
Fund - 2,976 495 - - (2,971) (500) - -
Koreawide partners 2nd Private
Equity Fund 20,000 20,000 (765) - - - - - 19,235
- 115 -
Share of
Estate Fund No.2 9,000 558 2 - - - - - 560
WooriG Real Infrastructure Blind
General Type Private Placement
Investment Trust 52 102 4 - - (47) (4) - 55
Woori Star50 feeder fund(H) - 126 (12) - - (114) - - -
Woori Together TDF 2025 - 1,990 116 - - (2,106) - - -
Woori Together TDF 2030 3,000 2,033 291 1,000 - - - - 3,324
Return Feeder fund (Balance
Bond) 10,000 - 348 - - 10,028 - - 10,376
Australia Green Energy 1st PEF 4,913 4,858 (47) - - - - - 4,811
Aarden Woori Apparel 1st Private
Equity Fund 100 97 36 - - - - - 133
Woori Dyno 1st Private Equity
Fund 2,000 1,994 364 - - - - - 2,358
KTB-KORUS FUND 3,626 - (267) - 3,626 - - - 3,359
KTB China Platform Fund 17,023 - (964) - 17,023 - - - 16,059
KTBN Venture Fund No.7 16,972 - (225) - 16,972 - (703) - 16,044
KTBN Venture Fund No.8 3,325 - (814) - 3,325 - - - 2,511
Fund No.9 5,329 - 268 - 5,329 - - - 5,597
KTBN Media Contents Fund 330 - (20) - 330 - (27) - 283
KTB China Synergy Fund 21,629 - (1,224) - 21,629 - - - 20,405
Fund 284 - 4 - 284 - - - 288
KTBN Venture Fund No.13 13,279 - 3,407 - 13,279 - (2,528) - 14,158
KTBN Future Contents Fund 3,892 - 669 - 3,892 - - - 4,561
KTBN Venture Fund No.16 17,546 - 1,015 - 17,546 - - - 18,561
KTBN Venture Fund No.18 26,308 - 662 2,850 23,458 - - - 26,970
Fund 7,755 - (155) 2,000 5,755 - - - 7,600
WOORI 2022 Scaleup Venture
Fund 14,000 - (414) 13,645 355 - (8) - 13,578
WOORI 2022 Start-up Venture
Fund 2,564 - (131) - 2,564 - - - 2,433
KTB-NHN China Private Equity
Fund 1,272 - (103) - 1,272 - (1,024) (142) 3
KTBN GI Private Equity Fund 189 - 392 - 189 - - 36 617
Chirochem 102 - - - 102 - - - 102
Godo Kaisha Oceanos 1 10,800 8,788 92 - - - (748) (154) 7,978
Woori Zip 1 8,706 8,690 (127) - - (548) - (386) 7,629
Woori Zip 2 8,411 12,180 (107) - - (844) - (534) 10,695
KG Fashion Co., Ltd.(*) - - - - - - - - -
KUM HWA Co., Ltd. (*) - - - - - - - - -
Jinmyung Plus Co., Ltd. - 10 4 - - - - - 14
JC Assurance No.2 Private Equity
Fund (*) 29,349 - - - - - - - -
Dream Company Growth no.1
PEF 7,153 7,861 362 - - - (414) - 7,809
HMS-Oriens 1st Fund 12,000 13,252 778 - - - - - 14,030
Placement Investment Trust
No.1 75,114 81,861 3,341 - - (5,975) (3,637) - 75,590
Genesis Eco No.1 Private Equity
Fund 12,000 11,216 (274) - - - - - 10,942
Component Equipment joint
venture company 17,700 17,250 (271) - - - - - 16,979
Midas No. 8 Private Equity Joint
Venture Company 18,537 18,713 282 - - - (530) - 18,465
Orchestra Private Equity Fund IV 9,700 9,698 457 - - (178) (422) - 9,555
Synaptic Green No.1 PEF 8,000 7,793 (182) - - - - - 7,611
IGEN2022No. 1 Private Equity
Fund 7,422 8,010 336 - - - (363) - 7,983
PCC-Woori LP Secondary Fund 10,435 12,984 (2,450) - - (4) - - 10,530
Synaptic Future Growth Private
Equity Fund 7,295 - (226) 7,295 - - - - 7,069
- 116 -
Share of
Woori-Q Corporate Restructuring
Private Equity Fund 17,441 27,536 2,708 369 - (10,330) - - 20,283
Woori-Shinyoung Growth-Cap
Private Equity Fund I 17,018 43,274 (9,793) - - - - - 33,481
Alpha Private Equity Fund 1 34,006 - (1,019) 34,006 - - - - 32,987
Investment Trust(Balanced
Bond) 2,200 1,074 543 2,000 - (1,074) - - 2,543
and Special Bank Bond Active
ETF 12,008 - 103 - - 12,183 - - 12,286
Woori 25-09 Corporate Bond(AA-
or higher) Active ETF 29,001 - 820 29,001 - - - - 29,821
1,536,905 1,305,636 109,792 310,239 136,930 (39,295) (29,279) 1,347 1,795,370
(*) The amount for which no loss was recognized for associates due to discontinuation of the equity method was 2
million Won for KUM HWA Co., Ltd., 28 million Won for Orient Shipyard Co.,Ltd., 120 million Won in KG
FASHION CO., LTD., 371 million Won in JC Assurance No.2 Private Equity Fund and the accumulated amount is 4
million Won for KUM HWA Co., Ltd., 28 million Won for Orient Shipyard Co.,Ltd., 120 million Won in KG
FASHION CO., LTD., 371 million Won in JC Assurance No.2 Private Equity Fund.

Share of
Acquisition January 1, profits(losses) Disposal/ Change in December
cost 2022 and others Acquisition Reclassification Dividends capital 31, 2022
W Service Networks Co., Ltd. 108 183 29 - - (4) - 208
Korea Credit Bureau Co., Ltd. 3,313 9,423 (3,714) - - - - 5,709
Korea Finance Security Co.,
Ltd. 3,267 3,101 (727) - - - - 2,374
Woori Growth Partnerships
New Technology Private
Equity Fund 12,942 12,448 490 - (2,049) - - 10,889
Technology Venture Fund 7,594 12,630 (1,619) - (801) (736) - 9,474
K BANK Co., Ltd. 236,232 239,493 11,854 - - - (3,558) 247,789
Woori Bank-Company K
Korea Movie Asset Fund - 345 71 - - (177) - 239
Partner One Value Up I
Private Equity Fund 5,039 6,576 (2,298) - - - - 4,278
IBK KIP Seongjang
Dideemdol 1st Private
Investment Limited
Partnership 7,556 11,153 1,312 - (2,180) - - 10,285
Crevisse Raim Impact 1st
Startup Venture Specialist
Private Equity Fund 4,355 4,254 1 100 - - - 4,355
LOTTE CARD Co.,Ltd. 346,810 458,295 58,400 - - (12,960) 10,396 514,131
Private Pool Private
Securities Investment Trust
No. 3 10,000 10,070 173 - - - - 10,243
Genesis Environmental
Energy Company 1st Private
Equity Fund - 4,126 (41) - (3,738) (347) - -
Investment Association 14,637 12,388 187 2,250 (363) - - 14,462
Dicustody Co., Ltd. 1 1 - - - - - 1
Orient Shipyard Co., Ltd. - - - - - - - -
BTS 2nd Private Equity Fund 3,026 - (145) 3,026 - - - 2,881
STASSETS FUND III 1,500 - (270) 1,500 - - - 1,230
Japanese Hotel Real Estate
Private Equity Fund No.2 3,174 3,196 194 - - (299) (236) 2,855
- 117 -
Share of
Special Asset Fund No.1 9,791 7,551 246 2,312 - (235) - 9,874
Woori Multi-Return Securities
Investment Trust 3 (Balanced
Bond) - 10,023 - - (9,950) (73) - -
Woori Short-term Bond
Securities Investment
Trust(Bond) ClassC-F 110,000 151,822 2,312 50,000 (90,137) (1,972) - 112,025
8(Bond) 10,000 - 230 10,000 - (48) - 10,182
WOORI TAERIM 1st Fund 1,100 991 (3) - - - - 988
Portone-Cape Fund No.1 340 489 (25) - - - - 464
KIWOOM WOORI Financial
1st Investment Fund 1,000 973 (20) - - - - 953
878
Financial Investment Fund 900 993 (12) - (100) (3) -
Darwin Green Packaging
3,945
Private Equity Fund 4,000 3,957 388 - - (400) -
DS Power Semicon Private
Equity Fund 3,000 - 245 3,000 - (269) - 2,976
Koreawide partners 2nd
Private Equity Fund 20,000 - - 20,000 - - - 20,000
Estate Fund No.2 9,000 763 (6) - (199) - - 558
WooriG Real Infrastructure
Blind General Type Private
Placement Investment Trust 100 100 2 - - - - 102
Bond) 1,200 - (161) - 1,235 - - 1,074
Woori Together TDF 2025 2,000 - (202) - 2,192 - - 1,990
Woori Together TDF 2030 2,000 - (214) - 2,247 - - 2,033
WOORI Star50 feeder
fund(H) 200 - (5) - 131 - - 126
Woori Hanhwa Eureka Private
Equity Fund - 327 (48) - (164) (115) - -
Aarden Woori Apparel 1st
Private Equity Fund 100 99 (2) - - - - 97
Woori Dyno 1st Private
Equity Fund 2,000 - (6) 2,000 - - - 1,994
Australia Green Energy 1st
PEF 4,913 - (55) 4,913 - - - 4,858
Godo Kaisha Oceanos 1 10,800 9,905 84 - - (1,049) (152) 8,788
Woori Zip 1 9,254 10,496 (138) - (873) - (795) 8,690
Woori Zip 2 12,928 14,732 (127) - (1,309) - (1,116) 12,180
Force TEC Co., Ltd. (*) - - 56 - - - (56) -
KUM HWA Co., Ltd. (*) - - - - - - - -
Jinmyung Plus Co., Ltd. - - 10 - - - - 10
JC Assurance No.2 Private
Equity Fund 29,349 17,728 (17,728) - - - - -
PEF 7,412 7,914 418 - - (471) - 7,861
HMS-Oriens 1st Fund 12,000 12,007 1,245 - - - - 13,252
WooriG Senior Loan General
Type Private Investment
Trust No.1 80,268 88,029 3,788 14,073 (20,322) (3,707) - 81,861
Genesis Eco No.1 Private
Equity Fund 12,000 11,120 (99) 195 - - - 11,216
- 118 -
Share of
venture company 17,700 17,493 (243) - - - - 17,250
Midas No. 8 Private Equity
Joint Venture Company 18,735 18,968 275 - - (530) - 18,713
Orchestra Private Equity Fund
IV 9,878 - 197 10,000 (122) (377) - 9,698
Synaptic Green No.1 PEF 8,000 - (207) 8,000 - - - 7,793
IGEN2022No. 1 Private
Equity Fund 7,822 - 650 8,000 (475) (165) - 8,010
PCC-Woori LP Secondary
Fund 10,440 12,350 674 3,440 (3,480) - - 12,984
Woori High Plus Short-term
High Graded ESG Bond Sec
Feeder Inv Trust 1 - 73,787 - - (73,598) (189) - -
Woori-Q Corporate
Restructuring Private Equity
Fund 27,063 46,155 (288) 536 (18,867) - - 27,536
Woori-Shinyoung Growth-
Cap Private Equity Fund I 17,018 28,713 14,561 - - - - 43,274
1,131,865 1,335,167 69,689 143,345 (222,922) (24,126) 4,483 1,305,636
(*) As a result of discontinuation of the equity method, related companies’ losses amount not recognized is 665 million
Won for Force TEC Co., Ltd. 3,743 million Won for Orient Shipyard Co., Ltd. and 0.2 million Won for KUM HWA
Co., Ltd. and cumulated amount is 1,462 million Won for Force TEC Co., Ltd. 3,743 million Won for Orient
Shipyard Co., Ltd. and 2 million Won for KUM HWA Co., Ltd.
- 119 -
(3) Summary financial information relating to investments in associates accounted for using the equity
method of accounting is as follows (Unit: Korean Won in millions):
December 31, 2023

Net Other Total
Operating income comprehensive comprehensive
Assets Liabilities revenue (loss) income(loss) income(loss)
W Service Networks Co., Ltd. 6,887 2,496 19,350 1,069 - 1,069
Korea Credit Bureau Co., Ltd. 131,164 68,756 163,707 8,012 - 8,012
Korea Finance Security Co., Ltd. 36,185 14,287 44,709 (464) 6,730 6,266
K BANK Co., Ltd. 20,799,599 18,903,298 826,894 49,853 47,885 97,738
Partner One Value Up I Private Equity Fund 14,182 293 (4,107) (4,505) - (4,505)
IBK KIP Seongjang Dideemdol 1st Private
Investment Limited Partnership 41,533 305 6,501 5,823 - 5,823
Crevisse Raim Impact 1st Startup Venture
Specialist Private Equity Fund 15,754 100 2 (388) - (388)
LOTTE CARD Co., Ltd. (*1) 22,329,308 19,191,007 1,937,383 363,673 (19,888) 343,785
Union Technology Finance Investment
Association 41,543 233 2,261 (838) - (838)
Dicustody Co., Ltd. 92 - - (3) - (3)
Orient Shipyard Co., Ltd. 10,708 27,225 - (124) - (124)
Joongang Network Solution Co.,Ltd. 1,505 3,156 5,758 5 - 5
Win Mortgage Co.,LTd. 3,518 1,197 9,309 378 - 378
Together-Korea Government Private Pool
Private Securities Investment Trust No. 3 10,543 1 227 222 - 222
BTS 2nd Private Equity Fund 25,030 837 4 (1,213) - (1,213)
STASSETS FUND III 30,014 312 95 (1,145) - (1,145)
SF CREDIT PARTNERS, LLC 149,157 25,996 7,618 (4,610) (2,819) (7,429)
Rea Company 2,248 3,736 802 (694) - (694)
ARAM CMC Co.,Ltd. 669 485 1,005 (254) - (254)
Japanese Hotel Real Estate Private Equity
Fund No.2 13,541 12 54 46 (602) (556)
Woori Seoul Beltway Private Special Asset
Fund No.1 50,362 2 1,858 1,805 - 1,805
Woori General Private Securities Investment
Trust(Bond) No.1 414,760 208,014 12,617 6,746 - 6,746
Woori Short-term Bond Securities Investment
Trust(Bond) ClassC-F 828,793 126,879 34,607 31,283 - 31,283
Woori Safe Plus General Type Private
Investment Trust S-8(Bond) 113,413 6 4,774 4,542 - 4,542
Trust(Bond) No.2 224,205 111,165 5,767 3,040 - 3,040
Woori Smart General Private Equity
Investment Trust 1(bond) 289,553 145,580 7,373 3,973 - 3,973
Trust(Bond) No.3 532,139 347,809 9,304 4,342 - 4,342
Woori Asset Global Partnership Fund No.5 38,537 281 - (744) - (744)
WOORI TAERIM 1st Fund 4,045 183 - - - -
Portone-Cape Fund No.1 2,324 100 - (103) - (103)
DeepDive WOORI 2021-1 Financial
Investment Fund 10,400 19 9,607 9,467 - 9,467
Darwin Green Packaging Private Equity Fund 19,390 - 759 451 - 451
Koreawide partners 2nd Private Equity Fund 75,064 2,931 - (2,831) - (2,831)
Woori FirstValue Private Real Estate Fund
No.2 67,024 62,357 32 18 - 18
WooriG Real Infrastructure Blind General
Type Private Placement Investment Trust 114,909 92 6,053 4,892 - 4,892
Woori Together TDF 2030 11,944 61 2,528 1,017 - 1,017
Woori Together OCIO Target Return Feeder
fund (Balance Bond) 50,831 1 2,446 2,444 - 2,444
Australia Green Energy 1st PEF 121,454 24 508 (1,189) - (1,189)
Aarden Woori Apparel 1st Private Equity
Fund 28,219 90 1 (332) - (332)
Woori Dyno 1st Private Equity Fund 12,068 43 2,053 1,886 - 1,886
- 120 -
December 31, 2023
Net Other Total
KTB-KORUS FUND 8,957 1 127 (712) - (712)
KTB China Platform Fund 85,909 13 2,411 (5,160) - (5,160)
KTBN Venture Fund No.7 79,871 - 6,420 508 - 508
KTBN Venture Fund No.8 11,758 207 2,359 (4,559) - (4,559)
KTBN Digital Contents Korea Fund No.9 20,257 1,599 3,030 (1,142) - (1,142)
KTBN Media Contents Fund 1,887 - 199 (35) - (35)
KTB China Synergy Fund 145,464 9,977 23,055 (8,686) - (8,686)
NAVER-KTB Audio Contents Fund 29,419 652 1,017 237 - 237
KTBN Venture Fund No.13 72,943 737 21,662 18,507 - 18,507
KTBN Future Contents Fund 34,696 486 7,394 4,776 - 4,776
KTBN Venture Fund No.16 182,850 1,875 40,201 11,133 - 11,133
KTBN Venture Fund No.18 268,437 2,526 31,543 8,036 - 8,036
KB-KTB Technology Venture Fund 42,046 246 2,055 (1,076) - (1,076)
WOORI 2022 Scaleup Venture Fund 68,626 826 504 (2,758) - (2,758)
WOORI 2022 Start-up Venture Fund 8,237 156 42 (576) - (576)
KTB-NHN China Private Equity Fund 16 7 946 (315) (319) (634)
KTBN GI Private Equity Fund 12,391 45 - 7,146 712 7,858
Chirochem 732 375 4,215 148 - 148
Godo Kaisha Oceanos 1 62,021 45,334 2,765 192 - 192
Woori Zip 1 44,448 31,702 2,066 (198) - (198)
Woori Zip 2 62,642 45,012 3,023 (167) - (167)
KG Fashion Co., Ltd. 2,559 3,022 943 (569) - (569)
KUM HWA Co., Ltd. 4 167 - - - -
Jinmyung Plus Co., Ltd. 519 454 146 (3) - (3)
JC Assurance No.2 Private Equity Fund 121,596 8 - (628) - (628)
Dream Company Growth no.1 PEF 28,366 255 1,490 1,300 - 1,300
HMS-Oriens 1st Fund 61,498 1 3,957 3,408 - 3,408
Woori G Senior Loan Private Placement
Investment Trust No.1 349,154 22 17,759 16,726 - 16,726
Genesis Eco No.1 Private Equity Fund 38,064 314 - (947) - (947)
Paratus Woori Material Component
Equipment joint venture company 58,298 1,510 - (906) - (906)
Midas No. 8 Private Equity Joint Venture
Company 65,063 242 1,956 1,002 - 1,002
Orchestra Private Equity Fund IV 34,041 122 1,680 1,172 - 1,172
Synaptic Green No.1 PEF 36,325 175 4 (867) - (867)
IGEN2022No. 1 Private Equity Fund 32,255 124 1,847 1,350 - 1,350
PCC-Woori LP Secondary Fund 27,773 668 908 (6,350) - (6,350)
Synaptic Future Growth Private Equity Fund
1 30,049 301 2 (951) - (951)
Woori-Q Corporate Restructuring Private
Equity Fund 63,265 456 4,945 3,018 - 3,018
Woori-Shinyoung Growth-Cap Private Equity
Fund I 97,265 1,522 (26,435) (27,768) - (27,768)
NH Woori Newdeal Growth Alpha Private
Equity Fund 1 100,215 1,588 2 (3,605) - (3,605)
Woori BIG2 Plus Securities Investment
Trust(Balanced Bond) 16,630 5 1,383 1,383 - 1,383
Woori 25-09 Corporate Bond(AA- or higher)
Active ETF 133,729 32,028 3,006 2,831 - 2,831
Woori Short Term Government and Special
Bank Bond Active ETF 62,185 3,212 1,222 978 - 978
(*1) The amount is after reflecting the fair value adjustment that occurred when acquiring the shares and the adjustments
that occurred by difference of accounting policies with the Group.
- 121 -
December 31, 2022

Net Other Total
W Service Networks Co., Ltd. 7,052 2,825 19,697 1,215 - 1,215
Korea Credit Bureau Co., Ltd. 155,165 100,065 144,907 13,809 - 13,809
Korea Finance Security Co., Ltd. 28,792 12,964 47,043 (3,856) - (3,856)
Woori Growth Partnerships New Technology
Private Equity Fund 47,394 208 2,978 2,185 - 2,185
2016KIF-IMM Woori Bank Technology
Venture Fund 47,979 609 665 (7,839) - (7,839)
K BANK Co., Ltd. 16,694,289 14,896,426 491,880 91,059 (32,156) 58,903
Woori Bank-Company K Korea Movie Asset
Fund (*1) 989 33 462 324 - 324
Partner One Value Up I Private Equity Fund 18,395 - (9,431) (9,831) - (9,831)
IBK KIP Seongjang Dideemdol 1st Private
Investment Limited Partnership 51,804 385 8,092 7,288 - 7,288
Crevisse Raim Impact 1st Startup Venture
Specialist Private Equity Fund 15,811 95 1 (383) - (383)
LOTTE CARD Co., Ltd. (*2) 19,983,059 17,179,093 1,925,577 268,096 43,162 311,258
Together-Korea Government Private Pool
Private Securities Investment Trust No. 3 10,246 1 218 170 - 170
Union Technology Finance Investment
Association 48,991 299 2,300 632 - 632
Dicustody Co., Ltd. 95 - - (3) - (3)
Orient Shipyard Co., Ltd. 10,832 27,225 - (16,467) - (16,467)
BTS 2nd Private Equity Fund 15,012 608 1 (725) - (725)
STASSETS FUND III 4,660 313 37 (953) - (953)
Japanese Hotel Real Estate Private Equity
Fund 2 14,387 13 1,050 968 (1,186) (218)
Woori Seoul Beltway Private Special Asset
Fund No.1 39,497 2 1,028 984 - 984
Woori Short-term Bond Securities Investment
Trust(Bond) ClassC-F 468,357 67,022 14,189 11,804 - 11,804
Woori Safe Plus General Type Private
Investment Trust S-8(Bond) 115,781 4,508 1,899 1,763 - 1,763
WOORI TAERIM 1st Fund 4,047 185 - (13) - (13)
Portone-Cape Fund No.1 2,344 26 - (129) - (129)
KIWOOM WOORI Financial 1st Investment
Fund 10,597 111 1 (222) - (222)
DeepDive WOORI 2022-1 Financial
Investment Fund 7,412 37 57 (103) - (103)
Darwin Green Packaging Private Equity Fund 19,332 - 2,215 1,904 - 1,904
DS Power Semicon Private Equity Fund 14,230 44 1,185 937 - 937
Koreawide partners 2nd Private Equity Fund 77,039 2,038 3,020 1 - 1
Woori FirstValue Private Real Estate Fund
No.2 67,005 62,357 3 (54) - (54)
WooriG Real Infrastructure Blind General
Type Private Placement Investment Trust 73,064 56 3,140 2,874 - 2,874
Woori BIG2 Plus Securities Investment
Trust(Balanced Bond) 4,667 12 389 (636) - (636)
Woori Together TDF 2025 8,513 16 1,287 (1,018) - (1,018)
Woori Together TDF 2030 8,615 - 1,352 (1,108) - (1,108)
WOORI Star50 feeder fund(H) 709 - 48 (480) - (480)
Aarden Woori Apparel 1st Private Equity
Fund 20,750 89 8 (325) - (325)
Woori Dyno 1st Private Equity Fund 10,212 43 200 (31) - (31)
Australia Green Energy 1st PEF 122,634 14 30 (1,380) - (1,380)
Godo Kaisha Oceanos 1 63,741 45,358 2,942 176 - 176
Woori Zip 1 48,309 34,346 2,085 (215) - (215)
Woori Zip 2 68,388 48,927 3,069 (198) - (198)
Force TEC Co., Ltd. 10,489 24,804 25,182 (2,664) - (2,664)
KUM HWA Co., Ltd. 4 159 - (8) - (8)
Jinmyung Plus Co.,Ltd. 696 649 177 (9) - (9)
- 122 -
December 31, 2022
Net Other Total
JC Assurance No.2 Private Equity Fund 122,015 3 - (929) - (929)
Dream Company Growth no.1 PEF 28,351 50 1,695 1,506 - 1,506
HMS-Oriens 1st Fund 58,095 6 3,829 3,279 - 3,279
Woori G Senior Loan Private Placement
Investment Trust No.1 378,145 23 18,584 17,496 - 17,496
Genesis Eco No.1 Private Equity Fund 38,700 5 48 (593) - (593)
Paratus Woori Material Component
Equipment joint venture company 58,311 617 7 (812) - (812)
Midas No. 8 Private Equity Joint Venture
Company 65,936 242 1,928 977 - 977
Orchestra Private Equity Fund IV 34,427 - 1,580 878 - 878
Synaptic Green No.1 PEF 37,017 - 4 (983) - (983)
IGEN2023No. 1 Private Equity Fund 32,362 122 3,166 2,616 - 2,616
PCC-Woori LP Secondary Fund 33,591 168 6,127 1,152 - 1,152
Woori-Q Corporate Restructuring Private
Equity Fund 75,973 418 3,019 (4,696) - (4,696)
Woori-Shinyoung Growth-Cap Private Equity
Fund I 123,824 312 41,780 40,544 - 40,544
(*1) It is scheduled to be dissolved because of liquidation for the year ended December 31, 2021.
(*2) The amount is after reflecting the fair value adjustment that occurred when acquiring the shares and the adjustments
that occurred by difference of accounting policies with the Group.
(4) The entities that the Group has not applied equity method of accounting although the Group’s
ownership interest is more than 20% as of December 31, 2023 and 2022 are as follows:
December 31, 2023

Associate (*) Number of shares owned Ownership (%)
CL Tech Co., Ltd. 10,191 28.6
(*) Although the Group’s ownership interest of the entity is more than 20%, the Group does not have significant
influence over the entity since it is going through work-out process under receivership, accordingly it is
excluded from the investment in joint ventures and associates.
December 31, 2022

Associate (*) Number of shares owned Ownership (%)
CL Tech Co., Ltd. 10,191 28.6
(*) Although the Group’s ownership interest of the entity is more than 20%, the Group does not have significant
influence over the entity since it is going through work-out process under receivership, accordingly it is
excluded from the investment in joint ventures and associates.
- 123 -
(5) As of December 31, 2023 and 2022, the reconciliations from the net assets of the associates to the
carrying amount of the shares of the investment in joint ventures and associates are as follows (Unit:
Korean Won in millions except for ownership):
December 31, 2023

Ownership
Total net Ownership portion of Basis Intercompany Book
asset (%) net assets difference Impairment transaction value
W Service Networks Co., Ltd. 4,391 4.9 216 - - - 216
Korea Credit Bureau Co., Ltd. 62,408 9.9 6,186 247 - - 6,433
Ltd. 21,898 15.0 3,285 - - - 3,285
K BANK Co., Ltd. (*) 1,893,785 12.6 238,158 21,894 - - 260,052
Partner One Value Up I Private
Equity Fund 13,889 23.3 3,230 - - - 3,230
IBK KIP Seongjang
Investment Limited
Partnership 41,228 20.0 8,247 - - - 8,247
Private Equity Fund 15,654 25.0 3,914 - - 523 4,437
LOTTE CARD Co., Ltd. (*) 2,936,964 20.0 587,392 - - - 587,392
Investment Association 41,310 29.7 12,270 - - - 12,270
Dicustody Co., Ltd. 92 1.0 1 - - - 1
Orient Shipyard Co., Ltd. (16,517) 22.7 (3,754) - - 3,754 -
Joongang Network Solution
Co.,Ltd. (1,651) 25.3 (419) - - 507 88
Win Mortgage Co.,LTd. 2,321 4.5 105 - - - 105
No. 3 10,542 100.0 10,540 - - - 10,540
BTS 2nd Private Equity Fund 24,193 20.0 4,838 - - - 4,838
STASSETS FUND III 29,702 28.3 8,406 - - - 8,406
SF CREDIT PARTNERS,
LLC 123,161 10.0 12,316 - - 529 12,845
Rea Company (1,488) 24.5 (365) - - 365 -
ARAM CMC Co.,Ltd. 184 20.0 37 - - (37) -
Private Equity Fund No.2 13,529 19.9 2,688 - - - 2,688
Special Asset Fund No.1 50,360 25.0 12,590 - - - 12,590
Woori General Private
Trust(Bond) No.1 206,746 25.0 51,686 - - - 51,686
Trust(Bond) ClassC-F 701,914 15.0 105,564 - - - 105,564
8(Bond) 113,407 9.1 10,330 - - - 10,330
Trust(Bond) No.2 113,040 27.3 30,829 - - - 30,829
Equity Investment Trust
1(bond) 143,973 28.6 41,135 - - - 41,135
Trust(Bond) No.3 184,330 27.8 51,205 - - - 51,205
Woori Asset Global
Partnership Fund No.5 38,256 57.7 22,071 - - - 22,071
WOORI TAERIM 1st Fund 3,862 25.6 988 - - - 988
- 124 -
December 31, 2023
Ownership
Portone-Cape Fund No.1 2,224 20.0 445 - - - 445
Financial Investment Fund 10,381 11.9 1,236 - - - 1,236
Private Equity Fund 19,390 20.4 3,957 - - - 3,957
Equity Fund 72,133 26.7 19,235 - - - 19,235
Estate Fund No.2 4,667 12.0 560 - - - 560
WooriG Real Infrastructure
Placement Investment Trust 114,817 0.1 55 - - - 55
Woori Together TDF 2030 11,894 28.0 3,324 - - - 3,324
Return Feeder fund (Balance
Bond) 50,837 20.4 10,376 - - - 10,376
PEF 121,430 4.0 4,811 - - - 4,811
Private Equity Fund 28,129 0.5 133 - - - 133
Fund 12,025 19.6 2,358 - - - 2,358
KTB-KORUS FUND 8,956 37.5 3,359 - - - 3,359
KTB China Platform Fund 85,895 18.7 16,059 - - - 16,059
KTBN Venture Fund No.7 79,871 20.1 16,044 - - - 16,044
Fund No.9 18,658 30 5,597 - - - 5,597
KTBN Media Contents Fund 1,887 15 283 - - - 283
KTB China Synergy Fund 135,487 15.1 20,405 - - - 20,405
Fund 28,767 1 288 - - - 288
KTBN Future Contents Fund 34,210 13.3 4,561 - - - 4,561
Fund 41,800 18.2 7,600 - - - 7,600
WOORI 2022 Scaleup Venture
Fund 67,800 20 13,578 - - - 13,578
WOORI 2022 Start-up Venture
Fund 8,081 30.1 2,433 - - - 2,433
KTB-NHN China Private
Equity Fund 9 33.3 3 - - - 3
KTBN GI Private Equity Fund 12,346 5 617 - - - 617
Chirochem 357 28.6 102 - - - 102
Godo Kaisha Oceanos 1 16,687 47.8 7,978 - - - 7,978
Woori Zip 1 12,746 62.4 7,629 - - - 7,629
Woori Zip 2 17,630 62.8 10,695 - - - 10,695
KG Fashion Co., Ltd. (463) 20.8 (96) - - 96 -
KUM HWA Co., Ltd. (163) 20.1 (33) - - 33 -
Jinmyung Plus Co., Ltd. 65 21.3 14 - - - 14
Equity Fund 121,588 23.5 28,610 - (28,610) - -
PEF 28,111 27.8 7,809 - - - 7,809
HMS-Oriens 1st Fund 61,497 22.8 14,030 - - - 14,030
Placement Investment Trust
No.1 349,132 21.7 75,590 - - - 75,590
- 125 -
December 31, 2023
Ownership
Equity Fund 37,750 29.0 10,942 - - - 10,942
venture company 56,788 29.9 16,979 - - - 16,979
Joint Venture Company 64,821 28.5 18,465 - - - 18,465
Orchestra Private Equity Fund
IV 33,919 28.2 9,555 - - - 9,555
Synaptic Green No.1 PEF 36,150 21.1 7,611 - - - 7,611
Fund 32,131 24.8 7,983 - - - 7,983
Fund 27,105 38.9 10,530 - - - 10,530
Synaptic Future Growth
Private Equity Fund 1 29,748 23.8 7,069 - - - 7,069
Woori-Q Corporate
Fund 62,809 32.4 20,283 - - - 20,283
Private Equity Fund I 95,743 35.0 33,481 - - - 33,481
Alpha Private Equity Fund 1 98,627 32.7 32,987 - - - 32,987
Bond) 16,625 14.1 2,543 - - - 2,543
Woori 25-09 Corporate Bond
(AA- or higher) Active ETF 101,701 29.3 29,821 - - - 29,821
and Special Bank Bond
Active ETF 58,973 20.8 12,286 - - - 12,286
(*) The net asset equity amount is after the debt-for-equity swap, non-controlling etc.
- 126 -
December 31, 2022

Ownership
W Service Networks Co., Ltd. 4,227 4.9 209 - - (1) 208
Korea Credit Bureau Co., Ltd. 55,100 9.9 5,462 246 - 1 5,709
Ltd. 15,828 15.0 2,374 - - - 2,374
Woori Growth Partnerships
New Technology Private
Equity Fund 47,185 23.1 10,889 - - - 10,889
Technology Venture Fund 47,370 20.0 9,474 - - - 9,474
K BANK Co., Ltd. (*) 1,796,269 12.6 225,894 21,894 - 1 247,789
Woori Bank-Company K
Korea Movie Asset Fund 957 25.0 239 - - - 239
Partner One Value Up Ist
IBK KIP Seongjang
Investment Limited
Partnership 51,419 20.0 10,284 - - 1 10,285
Private Equity Fund 15,716 25.0 3,929 - - 426 4,355
LOTTE CARD Co., Ltd. (*) 2,570,656 20.0 514,131 - - - 514,131
No.3 10,245 100.0 10,244 - - (1) 10,243
Investment Association 48,692 29.7 14,463 - - (1) 14,462
Dicustody Co., Ltd. 95 1.0 1 - - - 1
Orient Shipyard Co., Ltd. (16,393) 22.7 (3,721) - - 3,721 -
BTS 2nd Private Equity Fund 14,405 20.0 2,881 - - - 2,881
STASSETS FUND III 4,347 28.3 1,230 - - - 1,230
Private Equity Fund No.2 14,374 19.9 2,855 - - - 2,855
Special Asset Fund No.1 39,495 25.0 9,874 - - - 9,874
(Bond) ClassC-F 401,335 27.9 112,025 - - - 112,025
8(Bond) 111,273 9.2 10,182 - - - 10,182
WOORI TAERIM 1st Fund 3,862 25.6 988 - - - 988
Portone-Cape Fund No.1 2,318 20.0 464 - - - 464
KIWOOM WOORI Financial
1st Investment Fund 10,486 9.1 953 - - - 953
Financial Investment Fund 7,375 11.9 878 - - - 878
DS Power Semicon Private
Equity Fund 14,186 21.0 2,976 - - - 2,976
Equity Fund 75,001 26.7 20,000 - - - 20,000
Estate Fund No.2 4,648 12.0 558 - - - 558
Woori G Real Infrastructure
Placement Investment Trust 73,008 0.1 102 - - - 102
- 127 -
December 31, 2022
Ownership
Bond) 4,655 23.1 1,074 - - - 1,074
WOORI Star50 feeder fund(H) 709 17.9 126 - - - 126
Private Equity Fund 20,661 0.5 97 - - - 97
Fund 10,169 19.6 1,994 - - - 1,994
PEF 122,620 4.0 4,858 - - - 4,858
Godo Kaisha Oceanos 1 18,383 47.8 8,788 - - - 8,788
Woori Zip 1 13,963 64.0 8,690 - - - 8,690
Woori Zip 2 19,461 64.0 12,180 - - - 12,180
Force TEC (14,315) 24.5 (3,513) - - 3,513 -
KUM HWA Co., Ltd. (155) 20.1 (31) - - 31 -
Jinmyung Plus Co.,Ltd. 47 21.3 10 - - - 10
Equity Fund 122,012 23.5 17,728 - (17,728) - -
PEF 28,301 27.8 7,861 - - - 7,861
HMS-Oriens 1st Fund 58,089 22.8 13,252 - - - 13,252
Woori G Senior Loan General
Type Private Investment
Trust No.1 378,122 21.7 81,861 - - - 81,861
Equity Fund 38,695 29.0 11,216 - - - 11,216
venture company 57,694 29.9 17,250 - - - 17,250
Joint Venture Company 65,694 28.5 18,713 - - - 18,713
Orchestra Private Equity
Fund IV 34,427 28.2 9,698 - - - 9,698
Synaptic Green No.1 PEF 37,017 21.1 7,793 - - - 7,793
Fund 32,240 24.8 8,010 - - - 8,010
Fund 33,423 38.8 12,984 - - - 12,984
Woori-Q Corporate
Fund 75,555 35.6 27,536 - - - 27,536
Private Equity Fund I 123,512 35.0 43,274 - - - 43,274
(*) The net asset equity amount is after the debt-for-equity swap, non-controlling etc.
- 128 -
14. INVESTMENT PROPERTIES
(1) Details of investment properties are as follows (Unit: Korean Won in millions):

Acquisition cost 510,990 418,775
Accumulated depreciation (38,136) (30,982)
Accumulated impairment losses (86) (86)
Net carrying value 472,768 387,707
(2) Changes in investment properties are as follows (Unit: Korean Won in millions):

2023 2022
Beginning balance 387,707 389,495
Acquisition 99,234 -
Disposal - (1,206)
Depreciation (5,398) (3,925)
Transfer (2,098) 7,153
Foreign currencies translation adjustments (6,677) (3,810)
Ending balance 472,768 387,707
(3) Fair value of investment properties amounted to 802,109 million won and 647,072 million won as of
December 31, 2023 and 2022, respectively. The fair value of investment properties has been assessed
on the basis of recent similar real estate market price and officially assessed land price in the area of the
investment properties, is classified as level 3 on the fair value hierarchy.
(4) Rental fee earned from investment properties is amounting to 26,477 million won and 22,798 million
won for the years ended December 31, 2023 and 2022, respectively. Operating expenses directly related
to the investment properties where rental fee was earned is amounting to 5,568 million won and 4,093
million won.
(5) The lease payments expected to be received in the future under lease contracts relating to investment
properties as of December 31, 2023 and 2022 are as follows (Unit: Korean Won in millions):

Lease payments:
Within a year 14,784 12,368
More than 1 year and within 2 years 8,214 8,481
More than 2 years and within 3 years 3,744 5,320
More than 5 years 2,944 2,568
Total 35,852 34,572
- 129 -
15. PROPERTY, PLANT AND EQUIPMENT
(1) Details of Property, Plant and Equipment as of December 31, 2023 and 2022 are as follows (Unit: Korean
Won in millions):
December 31, 2023

Equipment Leasehold Construction
Land Building and vehicles improvement in progress Structures Total
Property, Plant and
Equipment (owned) 1,709,712 719,738 265,064 61,369 37,194 - 2,793,077
Right-of-use asset - 362,702 20,980 - - - 383,682
Carrying value 1,709,712 1,082,440 286,044 61,369 37,194 - 3,176,759
December 31, 2022

Property, Plant and
Equipment (owned) 1,695,357 730,676 261,278 58,352 32,184 - 2,777,847
Right-of-use asset - 349,494 15,589 - - - 365,083
Carrying value 1,695,357 1,080,170 276,867 58,352 32,184 - 3,142,930
(2) Details of Property, Plant and Equipment (owned) as of December 31, 2023 and 2022 are as follows (Unit:
December 31, 2023

Acquisition cost 1,710,372 1,098,682 1,229,740 486,763 37,194 20 4,562,771
Accumulated depreciation - (378,944) (964,676) (425,394) - (20) (1,769,034)
Accumulated impairment
losses (660) - - - - - (660)
Net carrying value 1,709,712 719,738 265,064 61,369 37,194 - 2,793,077
December 31, 2022

Acquisition cost 1,696,017 1,078,385 1,179,928 470,513 32,184 20 4,457,047
Accumulated depreciation - (347,709) (918,650) (412,161) - (20) (1,678,540)
losses (660) - - - - - (660)
Net carrying value 1,695,357 730,676 261,278 58,352 32,184 - 2,777,847
- 130 -
(3) Details of changes in Property, Plant and Equipment(owned) are as follows (Unit: Korean Won in
millions):

Beginning balance 1,695,357 730,676 261,278 58,352 32,184 - 2,777,847
Acquisitions 43 18,107 112,908 24,874 8,790 - 164,722
Disposals (367) (530) (13,630) (1,017) (3,600) - (19,144)
Depreciation - (33,318) (96,684) (21,062) - - (151,064)
Classification of assets
held for sale (936) (1,568) - - - - (2,504)
Transfer 5,445 (3,347) - - - - 2,098
Foreign currencies
translation adjustments 638 322 296 186 (68) - 1,374
Business combination 9,530 9,530 318 - - - 19,378
Others 2 (134) 578 36 (112) - 370
Ending balance 1,709,712 719,738 265,064 61,369 37,194 - 2,793,077

Beginning balance 1,719,325 756,964 258,361 51,354 3,171 1 2,789,176
Acquisitions 24 14,524 98,620 28,178 31,810 - 173,156
Disposals (20,024) (788) (1,003) (656) - - (22,471)
Depreciation - (32,290) (97,600) (21,185) - (1) (151,076)
Classification of assets
held for sale (6,405) (6,704) - - - - (13,109)
Transfer (3,040) (4,113) - - - - (7,153)
Foreign currencies
translation adjustments (855) (428) 392 549 225 - (117)
Business combination 5,917 3,523 2,586 - - - 12,026
Others 415 (12) (78) 112 (3,022) - (2,585)
Ending balance 1,695,357 730,676 261,278 58,352 32,184 - 2,777,847
(4) Details of right-of-use assets as of December 31, 2023 and 2022 are as follows (Unit: Korean Won in
millions):
December 31, 2023

Building Equipment and vehicles Total
Acquisition cost 735,396 40,389 775,785
Accumulated depreciation (372,694) (19,409) (392,103)
Net carrying value 362,702 20,980 383,682
December 31, 2022

Acquisition cost 643,484 32,700 676,184
Accumulated depreciation (293,990) (17,111) (311,101)
Net carrying value 349,494 15,589 365,083
- 131 -
(5) Details of changes in right-of-use assets for the years ended December 31, 2023 and 2022 are as follows

Beginning balance 349,494 15,589 365,083
New contracts 192,111 18,699 210,810
Changes in contract 25,570 138 25,708
Termination (15,340) (1,647) (16,987)
Depreciation (201,232) (12,133) (213,365)
Business combination 675 271 946
Others 11,424 63 11,487
Ending balance 362,702 20,980 383,682

Beginning balance 367,480 18,064 385,544
New contracts 225,396 9,819 235,215
Changes in contract 3,514 (26) 3,488
Termination (43,597) (870) (44,467)
Depreciation (211,175) (11,406) (222,581)
Business combination 819 - 819
Others 7,057 8 7,065
Ending balance 349,494 15,589 365,083
16. INTANGIBLE ASSETS
(1) Details of intangible assets are as follows (Unit: Korean Won in millions):
December 31, 2023

Other
Industrial Development intangible Membership Construction
Goodwill property rights cost assets deposit in progress Total
Acquisition cost 445,093 2,292 859,678 1,388,397 50,857 8,142 2,754,459
Accumulated amortization - (1,783) (617,587) (1,101,688) - - (1,721,058)
losses - - - (33,553) (3,006) - (36,559)
Net carrying value 445,093 509 242,091 253,156 47,851 8,142 996,842
December 31, 2022

Other
Acquisition cost 397,527 2,219 754,031 1,244,516 46,231 3,027 2,447,551
Accumulated amortization - (1,576) (541,404) (1,018,591) - - (1,561,571)
losses - - - (33,552) (3,314) - (36,866)
Net carrying value 397,527 643 212,627 192,373 42,917 3,027 849,114
- 132 -
(2) Details of changes in intangible assets are as follows (Unit: Korean Won in millions):

Other
Beginning balance 397,527 643 212,627 192,373 42,917 3,027 849,114
Acquisitions - 72 105,596 125,509 4,000 7,612 242,789
Disposal - - - (1,028) (1,290) - (2,318)
Amortization (*) - (206) (76,192) (84,556) - - (160,954)
Reversal of impairment
losses - - - - 37 - 37
Transfer - - 61 650 (392) (350) (31)
Business combination 41,527 - - 18,882 2,565 - 62,974
Foreign currencies
translation
adjustments 6,039 - (1) 854 4 (28) 6,868
Others - - - 472 10 (2,119) (1,637)
Ending balance 445,093 509 242,091 253,156 47,851 8,142 996,842
(*) Amortization of other intangible assets amounting to 22,349 million won is included in other operating
expenses.

Other
Beginning balance 345,449 723 207,708 193,182 37,607 717 785,386
Acquisitions - 162 91,992 62,073 6,571 2,421 163,219
Disposal - - - (2) (1,295) - (1,297)
Amortization (*) - (242) (87,294) (75,299) - - (162,835)
Impairment losses - - - - 88 - 88
Transfer - - 300 182 - (482) -
Business combination 57,670 - - 7,795 - - 65,465
Foreign currencies
translation
adjustments (5,592) - (5) (865) (42) (53) (6,557)
Others - - (74) 5,307 (12) 424 5,645
Ending balance 397,527 643 212,627 192,373 42,917 3,027 849,114
(*) Amortization of other intangible assets amounting to 14,664 million won is included in other operating
expenses.
(3) Goodwill
1) Details of allocated goodwill based on each cash-generating unit as of December 31, 2023 and 2022
are as follows (Unit: Korean won in million):
Cash-generating unit (*1) December 31, 2023 December 31, 2022

Woori Asset Management Corp. 43,036 43,036
Woori Global Asset Management Co., Ltd. 2,030 2,030
Woori Asset Trust Co., Ltd. 141,780 141,780
Woori Venture Partners Co., Ltd. 41,527 -
PT Bank Woori Saudara Indonesia 1906 Tbk (*2) 100,267 97,029
WOORI BANK (CAMBODIA) PLC (*3) 56,513 55,570
PT Woori Finance Indonesia Tbk.(*4) 53,097 51,382
Others 6,843 6,700
Total 445,093 397,527
(*1) Allocated to the cash-generating unit that will benefit from the synergy effect of the business combination,
and the cash-generating unit is generally comprised of the operating segment or sub-sectors.
(*2) The Group has acquired Saudara Bank to expand retail sales in Indonesia, and recognized the goodwill as it is
expected to strengthen the competitiveness by securing a local sales network in Indonesia.
(*3) The Group has acquired VisionFund Cambodia to expand retail sales in Cambodia, and recognized goodwill
based on the economies of scale and acquired customer base.
- 133 -
(*4) The Group has acquired PT Batavia Prosperindo Finance Tbk to expand installment finance business in
Indonesia, and recognized the goodwill as it is expected to strengthen the competitiveness and existing
customer relationships by securing sales network of used cars in Indonesia.
2) Impairment test
The recoverable amount of the cash-generating unit is measured at larger amount between the fair value
less costs to sell and the value to use.
The net fair value is calculated by deducting costs of disposal from the amount received from the sale of
the cash-generating unit in an arm’s length transaction between the parties with reasonable judgment
and willingness to negotiate. In case of difficulty in measuring this amount, the sale amount of a similar
cash-generating unit in the past market is calculated by reflecting the characteristics of the cash-
generating unit. If reliable information related to fair value less costs to sell is not available, value in use
is considered as recoverable amount. Value in use is the present value of future cash flows expected to
be generated by the cash-generating unit. Future cash flows are estimated based on the latest financial
budget approved by the management, with an estimated period of up to five years. The Group applied
1.0% - 4.3% growth rate to estimate future cash flow for the period over five years. The main
assumptions used to estimate cash flows are about the size of the market and the share of the group. The
appropriate discount rate for discounting future cash flows is the pre-tax discount rate, including
assumptions about risk-free interest rates, market risk premium, and systemic risk of cash-generating
units. The impairment test, which compares the carrying amount and recoverable amount of the cash-
generating unit to which goodwill has been allocated, is conducted every year and every time an
impairment sign occurs.
PT Bank Woori
Woori Asset Woori Venture Saudara WOORI BANK
Woori Asset Management Partners Co., Indonesia 1906 (CAMBODIA) PT Woori Finance
Category Trust Co., Ltd. Corp.(*) Ltd. Tbk PLC IndonesiaTbk
Discount rate (%). 16.61 16.44 16.93 11.39 17.72 15.33
Terminal growth rate (%) 1.0 1.0 1.0 1.0 1.0 4.3
Recoverable amount. 439,760 186,709 275,795 979,387 586,446 159,255
Carrying amount 414,455 160,596 221,248 740,558 509,730 120,355
(*)The Group conducted a consolidated impairment test on the goodwill of Woori Asset Management
and Woori Global Asset Management, which are scheduled to merge in January 2024.
As a result of the impairment test on goodwill, it is determined that the carrying amount of the cash-
generating unit to which the goodwill has been allocated will not exceed the recoverable amount.
3) Sensitivity analysis
The sensitivity of the fair value measurement to changes in significant but unobservable inputs used in
measuring fair value is as follows (Unit: Korean Won in millions):
Woori Asset Woori Asset Woori Venture PT Bank Woori WOORI BANK PT Woori
Trust Co., Management Partners Co., Saudara Indonesia (CAMBODIA) Finance
Category Ltd. Corp.(*) Ltd. 1906 Tbk PLC Indonesia Tbk
Discount rate Increase by
(%). 1.0% point (33,658) (7,931) (32,715) (95,630) (47,185) (14,150)
Decrease by
1.0% point 40,101 9,343 38,927 116,564 53,812 17,719
Terminal Increase by
growth rate 1.0% point 23,853 5,217 24,520 47,933 9,762 13,470
(%) Decrease by
1.0% point (20,274) (4,451) (20,874) (39,513) (8,659) (10,734)
- 134 -
17. ASSETS HELD FOR SALE
Assets held for sale are as follows (Unit: Korean Won in millions):
Assets (*) December 31, 2023 December 31, 2022

Property, Plant and Equipment 11,573 9,589
Others 8,772 4,183
Total 20,345 13,772
(*) The Group classifies assets as held for sale that are highly likely to be sold within one year from
The Group measured assets held for sale at the lower of their net fair value or carrying amount.
The Group has decided to sell some of the Property, Plant and Equipment through internal consultation
during the current year and classified the property as non-current assets held for sale. The assets are expected
to be sold within 12 months, and those that were scheduled to be sold at the end of the prior year have been
sold and removed. On the other hand, other assets that are expected to be sold as of the end of the current
year are classified as assets that are expected to be sold within one year due to the possibility of being sold as
buildings and land acquired through auction.
- 135 -
18. ASSETS SUBJECT TO LIEN AND ASSETS ACQUIRED THROUGH FORECLOSURES
(1) Assets subjected to lien are as follows (Unit: Korean Won in millions):
December 31, 2023

Collateral given to Amount Reason for collateral
Related to bonds sold under
Financial assets at Korean treasury and Mirae Asset Global
238,461 repurchase agreements
FVTPL government bonds, etc. Investments Co., Ltd.
(*1)
Korean treasury and Korea Securities Securities borrowing
675,815
government bonds, etc. Depository collateral
Korean treasury and SHINHAN
6,534 Future trading collateral
government bonds, etc. SECURITIES CO, etc.
Korean financial institutions’ Korea Exchange Co., Ltd Variable margin deposit for
385,394
debt securities, etc. etc. CSA, etc.
Korean capital contributions, Korea Software Financial
107 Bid guarantee, etc.
etc. Cooperative
Financial assets at Related to bonds sold under
Korean treasury and Korea Securities
FVTOCI 73,846 repurchase agreements
government bonds Depository
(*1)
Korean financial institutions’
The BOK, etc. 8,182,907 Settlement risk, etc.
debt securities, etc.
Debt securities in Korea Investment & 955,126 Substitute securities, etc.
foreign currencies Securities, etc.
Debt securities in Postal Savings Bank of
foreign currencies China
(*1)
Securities at Korean treasury and
amortized cost government bonds
Debt securities in
NATIXIS 48,368 repurchase agreements
foreign currencies
(*1)
Debt securities in FEDERAL RESERVE Related to the borrowing
23,180
foreign currencies BANK limit
Loan at amortized MORGAN STANLEY
Other due from banks in local Variable margin deposit for
cost and other BANK INTL, SEL, 26,854
currency CSA, etc.
financial assets etc.
Other due from banks in Korea Investment & Overseas futures option
765,330
foreign currency Securities, etc. deposit, etc.
Mortgage loan Public offering 1,242,963 Related to covered bonds
Property, Plant and Right to collateral and
Land and building Gakorea Co., Ltd , etc. 1,808
Equipment others (*2)
Investment properties Land and building Gakorea Co., Ltd. 5,211 Right to collateral (*2)
Total 23,494,947
(*1) The Group has the agreements to repurchase the sold assets at the predetermined price or the price that includes the
rate of return and to provide the guarantee on the assets. The transferee has the right to sell or to provide as guarantee.
Therefore, the Group does not derecognize the assets, but recognizes the relevant amounts as liability (bonds sold
under repurchase agreements). The asset is equivalent to a mortgage-backed debt security.
(*2) The maximum pledge amount is 339 million Won.
- 136 -
December 31, 2022

Collateral given to Amount Reason for collateral
KOREA SECURITIES Related to bonds sold under
Financial assets at Korean treasury and
FINANCE 198,377 repurchase agreements
FVTPL government bonds, etc.
CORPORATION, etc. (*1)
Korean treasury and Korea Securities Securities borrowing
659,050
government bonds, etc. Depository collateral
Korean treasury and SHINHAN
6,939 Future trading collateral
government bonds, etc. SECURITIES CO, etc.
Korean financial institutions’ SC FIRST BANK Variable margin deposit for
245,876
debt securities, etc. KOREA, SEOUL, etc. CSA, etc.
Korean financial institutions’ SHINHAN ASSET
debt securities, etc. MANAGEMENT, etc.
(*1)
Korean capital contributions, Korea Software Financial
104 Bid guarantee, etc.
etc. Cooperative
Financial assets at Related to bonds sold under
FVTOCI 460 repurchase agreements
(*1)
Korean financial institutions’
debt securities, etc.
Debt securities in Variable margin deposit for
BNP-PARIBAS, etc. 1,060,120
foreign currencies CSA, etc.
Debt securities in
SC BANK, H.K, etc. 582,738 repurchase agreements
foreign currencies
(*1)
Securities at Related to bonds sold under
amortized cost 1,100,351 repurchase agreements
(*1)
Korean treasury and
government bonds
Debt securities in
NATIXIS, etc. 70,949 repurchase agreements
foreign currencies
(*1)
Debt securities in Related to the borrowing
FHLB ADVANCE, etc. 10,570
foreign currencies limit
Loan at amortized
Due from banks in local Daishin AMC Co.,Ltd.
cost and other 1,500 Right of pledge
currency and others
financial assets
Other due from banks in local The Korea Exchange,
133,539 Margin deposit for CCP
currency etc.
Other due from banks in Korea Investment & Overseas futures option
1,142,784
foreign currency Securities, etc. deposit, etc.
Mortgage loan Public offering 1,892,723 Related to covered bonds
Property, Plant and Right to collateral and
Land and building Gakorea Co., Ltd , etc. 1,851
Equipment others (*2)
Investment properties Right to collateral and
Land and building Gakorea Co., Ltd., etc. 5,365
others (*2)
Total 24,344,522
(*1) The Group has the agreements to repurchase the sold assets at the predetermined price or the price that includes the
rate of return and to provide the guarantee on the assets. The transferee has the right to sell or to provide as guarantee.
Therefore, the Group does not derecognize the assets, but recognizes the relevant amounts as liability (bonds sold
under repurchase agreements). The asset is equivalent to a mortgage-backed debt security.
(*2) The maximum pledge amount is 522 million Won.
- 137 -
(2) As of December 31, 2023 and 2022 there is no asset acquired through foreclosures.

Investment properties
Land 6,404 6,404
Building 148 165
Sub-total 6,552 6,569
Other assets
Land for non-business use 30,950 21,302
Building for non-business use (*1) 5,174 3,049
Movables for non-business use (*2) 111 165
Real estate assessment provision for non-
business use (1,611) (1,176)
Sub-total 34,624 23,340
Assets held for sale
Land 2,393 2,351
Building 1,853 1,832
Sub-total 4,246 4,183
Total 45,422 34,092
(*1) The cumulative depreciation amount as of December 31, 2023 and 2022 is 1,471 million Won and 1,055
million Won, respectively.
(*2) The cumulative depreciation amount as of December 31, 2023 and 2022 is 886 million Won and 882 million
Won, respectively.
(3) Securities loaned are as follows (Unit: Korean Won in millions):

2023 2022 Loaned to
Financial assets at Korean treasury and government Korea Securities Finance
FVTPL bonds 625,398 - Corporation
Financial assets at Korean treasury and government Korea Securities
FVTOCI bonds 592,218 98,027 Depository
Securities loaned are lending of specific securities to borrowers who agree to return the same amount of the
same security at the end of lending period. As the Group does not derecognize these securities.
(4) Collaterals held that can be disposed and re-subjected to lien regardless of defaults of counterparties
Fair values of collaterals held that can be disposed and re-subjected to lien regardless of defaults of
counterparties as of December 31, 2023 and 2022 are as follows (Unit: Korean Won in millions):
December 31, 2023

Fair values of collaterals were disposed or re-
Fair values of collaterals subjected to lien
Securities 3,443,822 -
December 31, 2022

Fair values of collaterals were disposed or re-
Fair values of collaterals subjected to lien
Securities 7,109,933 -
- 138 -
19. OTHER ASSETS
Details of other assets are as follows (Unit: Korean Won in millions):

Lease assets 3,306,464 2,593,578
Prepaid expenses 345,202 287,323
Advance payments 95,025 99,772
Non-operational assets 34,625 23,340
Others 60,471 57,539
Total 3,841,787 3,061,552
20. FINANCIAL LIABILITIES AT FVTPL
(1) Financial liabilities at FVTPL are as follows (Unit: Korean Won in millions):

Financial instruments at fair value through profit
or loss measured at fair value 6,138,313 8,952,399
Total 6,138,313 8,952,399
(2) Financial liabilities at fair value through profit or loss measured at fair value are as follows (Unit: Korean
Won in millions):

Deposits
Gold banking liabilities 39,524 35,161
Borrowings
Securities sold 155,765 12,113
Derivative liabilities 5,943,024 8,905,125
Total 6,138,313 8,952,399
- 139 -
21. DEPOSITS DUE TO CUSTOMERS
Details of deposits due to customers by type are as follows (Unit: Korean Won in millions):

Deposits in local currency:
Deposits on demand 8,803,962 15,627,300
Deposits at termination 282,846,971 270,092,855
Mutual installment 21,602 22,995
Deposits on notes payables 4,119,801 3,675,596
Deposits on CMA 95,237 60,079
Certificate of deposits 14,767,307 5,255,889
Other deposits 1,117,673 1,196,486
Sub-total 311,772,553 295,931,200
Deposits in foreign currencies:
Deposits in foreign currencies 46,196,650 46,263,943
Present value discount (184,906) (92,352)
Customers' deposits for beneficiary - 2,418
Total 357,784,297 342,105,209
22. BORROWINGS AND DEBENTURES
(1) Details of borrowings are as follows (Unit: Korean Won in millions):
December 31, 2023

Lenders Interest rate (%) Amount
Borrowings in local currency:
Borrowings from The BOK The BOK 2.0 1,565,444
Borrowings from Small Enterprise and Market
0.0 ~ 3.4
government funds Service and others 1,996,579
Others The Korea Development Bank
0.0 ~ 6.7
and others 11,206,471
Sub-total 14,768,494
Borrowings in foreign
currencies:
Borrowings in foreign The Export-Import Bank of
0.0 ~ 10.0
currencies Korea and others 14,006,644
Bills sold Others 0.0 ~ 2.7 6,325

Call money Bank and others 4.1 ~ 6.6 1,115,923
Bonds sold under repurchase Other financial institutions
1.0 ~ 11.7
agreements 1,119,991
Present value discount (30,631)
Total 30,986,746
- 140 -
December 31, 2022
Lenders Interest rate (%) Amount
Borrowings in local currency:
Borrowings from The BOK The BOK 0.3 ~ 1.8 3,040,877
Borrowings from Small Enterprise and Market
0.0 ~ 3.5
government funds Service and others 2,021,049
Others The Korea Development Bank
0.0 ~ 6.7
and others 9,562,082
Sub-total 14,624,008
Borrowings in foreign
currencies:
Borrowings in foreign The Export-Import Bank of
(0.1) ~ 10.6
currencies Korea and others 11,161,294
Bills sold Others 0.0 ~ 2.4 7,308

Call money Bank and others 1.6 ~ 5.5 400,071
Bonds sold under repurchase Other financial institutions
0.2 ~ 6.4
agreements 2,313,044
Present value discount (76,122)
Total 28,429,603
(2) Details of debentures are as follows (Unit: Korean Won in millions):
Interest rate (%) Amount Interest rate (%) Amount

Face value of bond (*):
Ordinary bonds 0.8 ~ 7.5 34,393,418 0.8 ~ 7.5 37,132,334
Subordinated bonds 1.9 ~ 5.1 5,241,848 1.9 ~ 5.1 5,835,325
Other bonds 1.6 ~ 17.0 1,667,895 0.8 ~ 17.0 1,271,364
Sub-total 41,303,161 44,239,023
Discounts on bonds (63,916) (40,537)
Total 41,239,245 44,198,486
(*) Included debentures under fair value hedge amounting to 3,943,224 million won and 3,076,983 million won as
of December 31, 2023 and 2022 respectively. Also, debentures under cash flow hedge amounting to 932,392
million won and 1,324,812 million won are included as of December 31, 2023 and 2022 respectively.
- 141 -
23. PROVISIONS
(1) Details of provisions are as follows (Unit: Korean Won in millions):

Asset retirement obligation 95,179 82,717
Provisions for guarantees (*1) 80,703 76,508
Provisions for unused loan commitments 135,335 106,033
Other provisions (*2) 494,814 280,607
Total 806,031 545,865
(*1) Provisions for guarantees includes provision for financial guarantee of 50,125 million won and
47,969 million won as of December 31, 2023 and 2022, respectively.
(*2) Other provisions consist of provision for litigation, loss compensation and others.
(2) Changes in provisions for guarantees and unused loan commitments are as follows (Unit: Korean Won
in millions):
1) Provisions for guarantees

Stage1 Stage2 Stage3 Total
Beginning balance 44,496 24,327 7,685 76,508
loss 20,503 (20,503) - -
Transfer to expected credit loss for the
entire period (453) 453 - -
assets (4) (3) 7 -
Provisions used - - - -
Net provision (reversal) of unused
amount 5,492 (1,470) (467) 3,555
Others (*) 644 (4) - 640
Ending balance 70,678 2,800 7,225 80,703
(*) Recognized as a result of new financial guarantee contract valued at initial fair value.

Beginning balance 52,830 15,269 6,767 74,866
loss 1,206 (1,206) - -
entire period (119) 119 - -
assets (3) (338) 341 -
Provisions used - - - -
amount (3,449) 10,483 577 7,611
Others (*) (5,969) - - (5,969)
Ending balance 44,496 24,327 7,685 76,508
(*) Recognized as a result of new financial guarantee contract valued at initial fair value.
- 142 -
2) Provisions for unused loan commitment

Beginning balance 67,640 38,188 205 106,033
loss 19,492 (19,458) (34) -
entire period (3,631) 3,670 (39) -
assets (183) (263) 446 -
amount 25,438 4,191 (346) 29,283
Others 19 - - 19
Ending balance 108,775 26,328 232 135,335

Beginning balance 67,440 44,536 320 112,296
loss 14,349 (14,217) (132) -
entire period (2,619) 2,648 (29) -
assets (197) (306) 503 -
amount (11,402) 5,527 (457) (6,332)
Others 69 - - 69
Ending balance 67,640 38,188 205 106,033
(3) Changes in asset retirement obligation for the years ended December 31, 2023 and 2022, are as follows

2023 2022
Provisions provided 6,979 4,082
Provisions used (1,542) (7,400)
Reversal of provisions unused (1,202) (21)
Unwinding of discount 2,412 909
Increase (decrease) of restoration
expense,etc. 5,815 4,370
The amount of the asset retirement obligation is the present value of the best estimate of future expected
expenditure to settle the obligation – arising from leased property as of December 31,2023, discounted by
appropriate discount rate. The restoration cost is expected to occur by the end of each property’s lease period,
and the Group has used average lease period of each category of leases terminated during the past years in
order to rationally estimate the lease period. In addition, the Group used average amount of actual recovery
cost for the past 3 years and the inflation rate for last year in order to estimate future recovery cost.
- 143 -
(4) Changes in other provisions for the years ended December 31, 2023 and 2022, are as follows (Unit:
For the years ended

December 31
2023 2022
Provisions provided 265,574 36,284
Provisions used (30,974) (8,540)
Reversal of provisions unused (*) (18,579) (54,893)
Foreign currencies translation adjustments (1,844) (621)
Others 30 182
(*) The Group provided Korean won settlement services for trading transaction settlement between Korea
and Iran, investigated by U.S. prosecutors (federal prosecutors, New York state prosecutors) and New
York State Department of Financial Services for violations of U.S. sanctions against Iran, Sudan, Syria
and Cuba. In this regard, the Office of Foreign Assets Control concluded its investigation in December
2020 urging the bank’s attention without taking any additional sanctions, and New York State Department
of Financial Services concluded its investigation in February 2022 without taking any additional sanctions.
Meanwhile, in June 2022, the Group reversed the provision related to the investigation of the U.S.
Prosecutors, which have not been completed yet, in consideration of the opinion of an independent legal
expert that the probability of sanctions by the U.S. Prosecutors in this case is low.
(5) Others
1) The Group recognized the estimated amount of compensation related to incomplete sales of
Derivative Linked Fund (DLF) in 2019 and provisions for fines expected to be imposed by the
Financial Services Commission as the best estimate of expenditure required to fulfill its current
obligations at the end of the period.
2) The Group recognized provisions for estimated compensation amounts related to the prepayment
arising from the delay in the redemption of funds before the prior fiscal year and the dispute settlement
as the best estimate of the expenditure amounting to 180.2 billion won. In addition, The Group
recognized provision amounting to 53.6 billion won for estimated compensation of expected
customer loss related to delayed redemption of fund during the current period.
- 144 -
24. NET DEFINED BENEFIT LIABILITY(ASSET)
The Group’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 account of projected earnings increases, using actuarial assumptions that give the
best estimate of the future cash flows that will arise under the plan liabilities.
The Group 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- A decrease in profitability of blue-chip bonds will be offset by some
chip bonds 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 are as follows (Unit: Korean Won in millions):

Present value of defined benefit obligation 1,574,087 1,377,545
Fair value of plan assets (1,807,408) (1,661,623)
Net defined benefit liabilities (*) (233,321) (284,078)
(*) Net defined benefit assets of 232,321 million won as of December 31, 2023 are the subtracted
amount of the net defined benefit liability of 6,939 million won from the net defined benefit assets of
240,260 million won. Net defined benefit assets of 284,078 million won as of December 31, 2022
are the subtracted amount of the net defined benefit assets of 319,280 million won from the net
defined benefit liability of 35,202 million won.
(2) Changes in the carrying value of defined benefit obligation are as follows (Unit: Korean Won in
millions):

2023 2022
Beginning balance 1,377,545 1,618,098
Current service cost 132,302 166,741
Interest cost 72,683 48,238
Remeasurements Financial assumption 70,284 (356,344)
Demographic assumptions - (9)
Experience adjustments 13,926 (3,838)
Retirement benefit paid (92,146) (92,914)
Foreign currencies translation adjustments 80 (69)
Others (587) (2,358)
Ending balance 1,574,087 1,377,545
- 145 -
(3) Changes in the plan assets are as follows (Unit: Korean Won in millions):

2023 2022
Interest income 91,550 49,916
Remeasurements (23,752) (18,095)
Employer’s contributions 175,220 127,979
Retirement benefit paid (94,607) (87,472)
Others (2,626) (2,163)
Ending balance 1,807,408 1,661,623
(4) The fair value of the plan assets by composition is as follows as of December 31, 2023 and 2022.

Cash and due from banks 1,807,408 1,661,623
Meanwhile, among plan assets, realized returns on plan assets amount to 67,798 million won and
31,821 million won for the years ended December 31, 2023 and 2022, respectively. The contribution
expected to be paid in the next accounting year amounts to 128,665 million won.
(5) Amounts related to the defined benefit plan that are recognized in the consolidated statements of
comprehensive income are as follows (Unit: Korean Won in millions):

2023 2022
Current service cost 132,302 166,741
Net interest expense (18,867) (1,678)
Cost recognized in net income 113,435 165,063
Remeasurements (*) 107,962 (342,096)

Cost recognized in total comprehensive income 221,397 (177,033)
(*) Amount before tax
Retirement benefits related to defined contribution plans recognized as expenses are 6,217 million won,
and 4,240 million won for the years ended December 31, 2023 and 2022, respectively.
(6) Key actuarial assumptions used in net defined benefit liability measurement are as follows:

Discount rate 4.25% ~ 5.15% 5.25% ~ 5.99%
Future wage growth rate 2.24% ~ 5.79% 2.1% ~ 5.84%
Mortality rate Issued by Korea Insurance Issued by Korea Insurance
Development Institute Development Institute
Retirement rate Experience rate for each Experience rate for each
employment classification employment classification
The weighted average maturity of defined benefit liability is a minimum of 5.01 to a maximum 10.76
years.
- 146 -
(7) The sensitivity to actuarial assumptions used in the assessment of defined benefit obligation is as

Discount rate Increase by 1% point (137,355) (146,319)
Decrease by 1% point 158,691 170,529
Future wage growth rate Increase by 1% point 160,663 174,546
Decrease by 1% point (141,355) (153,712)
25. OTHER FINANCIAL LIABILITIES AND OTHER LIABILITIES
Other financial liabilities and other liabilities are as follows (Unit: Korean Won in millions):

Other financial liabilities:
Accounts payable 10,188,192 6,001,858
Accrued expenses 4,339,314 3,219,349
Borrowings from trust accounts 5,207,791 3,475,118
Agency business revenue 271,946 213,845
Foreign exchange payables 887,817 822,446
Domestic exchange settlement credits 1,386,697 4,631,921
Lease liabilities 334,456 319,161
Other miscellaneous financial liabilities 3,520,039 4,148,621
Present value discount (21,247) (20,451)
Sub-total 26,115,005 22,811,868
Other liabilities:
Unearned income 390,455 351,633
Other miscellaneous liabilities 413,442 338,524
Sub-total 803,897 690,157
Total 26,918,902 23,502,025
- 147 -
26. DERIVATIVES
(1) Derivative assets and derivative liabilities are as follows (Unit: Korean Won in millions):
December 31, 2023

Assets Liabilities
Nominal For cash For fair value For For cash For fair value
amount flow hedge hedge trading flow hedge hedge For trading
Interest rate:
Futures 317,018 - - - - - -
Forwards 3,960,000 - - 83,198 - - 169,527
Swaps 138,734,758 - 698 367,333 512 135,263 213,885
Purchase options 150,000 - - 6,556 - - -
Written options 400,000 - - - - - 15,359
Currency:
Futures 1,728 - - - - - -
Forwards 97,713,561 - - 1,935,832 - - 885,870
Swaps 79,160,356 26,010 - 2,669,550 17,232 - 3,643,463
Written options 122,696 - - - - - 585
Equity:
Futures 480,311 - - - - - -
Forwards 137 - - 36 - - -
Swaps 461,112 - - 126,028 - - 1,994
Purchase options 16,444,709 - - 608,296 - - -
Written options 16,887,247 - - - - - 1,012,341
Total 354,972,942 26,010 698 5,798,329 17,744 135,263 5,943,024
December 31, 2022

Assets Liabilities
Nominal For cash For fair value For For cash For fair value
amount flow hedge hedge trading flow hedge hedge For trading
Interest rate:
Futures 42,545 - - - - - -
Forwards 2,620,000 - - 249,356 - - -
Swaps 136,550,518 2,041 - 440,540 - 193,831 474,158
Written options 310,000 - - - - - 16,752
Currency:
Futures 51,136 - - - - - -
Forwards 90,134,257 - - 3,083,082 - - 1,360,535
Swaps 97,197,309 35,745 - 3,105,901 9,080 - 5,500,970
Written options 570,982 - - - - - 7,929
Equity:
Futures 958,589 - - - - - -
Forwards 183 - - 100 - - -
Swaps 568,835 - - 90,237 - - 673
Purchase options 29,801,478 - - 1,204,475 - - -
Written options 29,874,836 - - - - - 1,544,108
Total 389,338,520 37,786 - 8,206,181 9,080 193,831 8,905,125
Derivatives held for trading are classified into financial assets at FVTPL (Note 7) and financial liabilities at
FVTPL (Note 20), and derivatives designated for hedging are presented as a separate line item in the
consolidated statements of financial position.
- 148 -
(2) Overview of the Group’s hedge accounting
1) Fair value hedge
As of December 31, 2023, the Group has applied fair value hedge on fixed interest rate foreign currency
denominated debentures amounting to 3,682,140 million Won, and foreign currency loans amounting to
261,084 million Won. The purpose of the hedging is to avoid fair value volatility risk of fixed interest
rate foreign and local currency denominated debentures derived from fluctuations of market interest
rate, and as such the Group entered into interest rate swap agreements designated as hedging
instruments.
Pursuant to the interest rate swap agreement, by swapping the calculated difference between the fixed
interest rate and floating interest rate applied to the nominal value, the fair value fluctuation risk is
hedged as the foreign currency denominated debentures fixed interest rate terms are converted to
floating interest rate. Pursuant to the interest rate swap agreement, hedge ratio is determined by
matching the nominal value of hedging instrument to the face value of the hedged item.
In this hedging relationship, only the market interest rate fluctuation, which is the most significant part
of the fair value change of the hedged item, is designated as the hedged risk, and other risk factors
including credit risk are not included in the hedged risk. Therefore, the ineffective portion of the hedge
could arise from fluctuations in the timing of the cash flow of the hedged item, price margin set by
counterparty of hedging instrument, and unilateral change in credit risk of any party of hedging
instrument.
The interest rate swap agreements and the hedged items are subject to fluctuations in the underlying
market rate of interest and the Group expects the fair value of the interest rate swap contract and the
value of the hedged item to generally change in the opposite direction.
The fair value of the interest rate swap at the end of the reporting period is determined by discounting
future cash flows estimated by using the yield curve at the end of the reporting period and the credit risk
embedded in the contract and the average interest rate is determined based on the outstanding balance at
the end of the reporting period. The variable interest rate applied to the interest rate swap is
Compounding SOFR or CD 3M plus spread. In accordance with the terms of each interest rate swap
contract designated as a hedging instrument, the Group receives interest at a fixed interest rate and pays
interest at a variable interest rate.
2) Cash Flow Hedge
As of the December 31, 2023, the Group has applied cash flow hedge on local currency denominated
debentures amounting to 179,945 million won and debentures on foreign currency amounting to
752,447 million won The Group’s hedging strategies are to ① Mitigate risks of cash flow fluctuation
from variable interest rate debentures on local currency due to changes in market interest rate by
entering into an interest rate swap contract and thereby designating it as hedging instrument; ②
Mitigate the risks of cash flow fluctuation from principal and interest of variable interest rate debentures
denominated in foreign currency due to changes in foreign exchange rates and interest rates by entering
into a currency swap contract and thereby designating it as hedging instrument; ③ Mitigate the risks of
cash flow fluctuation from principal and interest of fixed interest rate debentures denominated in foreign
currency due to changes in foreign exchange rates and ④ Mitigate the risks of cash flow fluctuation in
variable interest rate foreign currency borrowings resulting from changes in market interest rates and
designate it as a hedging instrument through entering into currency swap contracts and interest rate swap
contracts.
This means exchanging a predetermined nominal amount as set forth in the interest rate swap contract
adjusted by the differences between the fixed and variable interest rates, which results in the conversion
of interest rates of debentures in local currency from variable interest into fixed interest, eliminating the
cash flow fluctuation risk.
- 149 -
In addition, this also means a payment of predetermined principal amount as set forth in the currency
swap adjusted by fixed interest rate, an exchange of an amount calculated by applying variable interest
rate to USD or applying fixed interest rate to SGD, and an exchange of the principal denominated in
KRW and principal denominated in foreign currency at maturity eliminating cash flow fluctuation risk
on principal and interest.
The hedge ratio is determined by matching the nominal amount of the hedging instrument to the face
amount of the hedged item in accordance with interest rate swap and currency swap.
Only interest rate and foreign exchange rate fluctuation risk, which is the most significant factor in the
cash flow fluctuation of the hedged item, is addressed in this hedging relationship, and other risk factors
such as credit risk are not subject to hedging.
Thus, there could be hedge ineffectiveness arising from price margin set by the counterparty of hedging
instruments and unilateral change in credit risk of any party in the transaction.
The interest rate swap, currency swap contract and the hedged item are all affected by the changes in
market interest rate and foreign exchange rates which are basic factors of the derivative. The Group
expects that the value of interest rate swap contract, currency swap contract and value of the hedged
item will generally fluctuate in opposite direction.
3) Hedges of Net Investment in Foreign Operations
Foreign currency exposure arises from the Group's net investments in Woori America Bank, Woori
Bank(Cambodia) PLC and Hong Kong Woori Investment Bank, and overseas branches, which use USD
as their functional currency. The risk arises from fluctuations in the spot exchange rate between USD
and KRW. This may result in different net investment amounts.
The risk hedged in the net investment hedging is the volatility of KRW against USD, which may reduce
the carrying amount of the Group's net investments in Woori America Bank, Woori Bank(Cambodia)
PLC and Hong Kong Woori Investment Bank.
A portion of the Group's net investments in Woori America Bank, Woori Bank(Cambodia) PLC and
Hong Kong Woori Investment Bank, and overseas branches are hedged in USD denominated foreign
currency bonds(Carrying amount as of December 31, 2023: USD 863,959,317) and mitigate foreign
exchange risk arising from the net assets of subsidiaries.
The bonds was designated as a hedging instrument for changes in the value of net investment resulting
from fluctuations in the USD/KRW spot exchange rate.
To assess the effectiveness of the hedging instrument, the Group determines the economic relationship
between the hedging instrument and the hedged item by comparing (offsetting) changes in the carrying
amount of the liability due to changes in the spot exchange rate with changes. The Group's policy is to
hedge the net investment only within the principal range of the liability.
- 150 -
(3) The nominal amounts of the hedging instrument are as follows (Unit: USD, AUD, EUR, and Korean
Won in millions):
December 31, 2023

1 year to 5 More than 5
1 year or less years years Total
Fair value hedge
Interest rate risk
Interest rate swap (USD) 1,000,000,000 1,975,000,000 - 2,975,000,000
Interest rate swap (KRW) 240,000 - 20,000 260,000
Cash flow hedge
Interest rate risk
Interest rate swap (KRW) - 140,000 - 140,000
Foreign currencies translation
risk and interest rate risk
Currency swap (USD) - 270,000,000 - 270,000,000
risk
Currency swap (EUR) - 194,780,000 - 194,780,000
Hedges of net investment in
foreign operations
Exchange risk
Foreign currency bond (USD) 400,000,000 463,959,317 - 863,959,317
December 31, 2022

1 year to 5 More than 5
1 year or less years years Total
Fair value hedge
Interest rate risk
Interest rate swap (USD) - 2,075,000,000 300,000,000 2,375,000,000
Interest rate swap (AUD) 150,000,000 - - 150,000,000
Interest rate swap (KRW) 150,000 - - 150,000
Cash flow hedge
Interest rate risk
Interest rate swap (KRW) 50,000 140,000 - 190,000
risk
Currency swap (USD) 80,000,000 100,000,000 - 180,000,000
Currency swap (EUR) - 194,780,000 - 194,780,000
Hedges of net investment in
foreign operations
Exchange risk
Foreign currency bond (USD) 272,390,437 592,000,000 - 864,390,437
- 151 -
(4) The average interest rate and average currency rate of the hedging instrument as of December 31, 2023
and 2022 are as follows:
December 31, 2023

Average interest rate and average exchange rate
Fair value hedge
Interest rate risk
Interest rate swap (USD) Fixed 3.60% receipt and (C.SOFR) + 1.47% paid
Interest rate swap (KRW) Fixed 4.13% receipt and CD 3M paid
Cash flow hedge
Interest rate risk
Interest rate swap (KRW) KRW CMS 5Y+0.46% receipt, 3.65% paid
Currency swap (USD) USD 1M SOFR+1.12% receipt, KRW 4.37% paid, USD/KRW = 1,293.97
risk
Currency swap (USD) USD 1.75% receipt, KRW 1.63% paid, USD/KRW = 1,138.50
Currency swap (EUR) EUR 1.98% receipt, KRW 3.40% paid, EUR/KRW = 1,344.08
Hedges of net investment
Exchanging rate risk
Foreign currency denominated
debentures(USD/KRW) 1,306.12
December 31, 2022

Average interest rate and average exchange rate
Fair value hedge
Interest rate risk
Interest rate swap (USD) Fixed 3.62% receipt and Libor 3M+1.45% floating paid
Interest rate swap (USD) Fixed 2.05% receipt and (C.SOFR)+0.65% paid
Interest rate swap (AUD) Fixed 0.84% receipt and BBSW 3M+0.72% paid
Interest rate swap (KRW) Fixed 3.13% receipt and CD 3M paid
Cash flow hedge
Interest rate risk
Interest rate swap (KRW) KRW CMS 5Y+0.46% receipt, 3.65% paid
Interest rate swap (KRW) KRW CD+0.33% receipt, 1.68% paid
Currency swap (USD) USD 1M Libor+0.79% receipt, KRW 0.80% paid, KRW/USD = 1,226.29
risk
Currency swap (USD) USD 1.50% receipt, KRW 1.57% paid, KRW/USD = 1,140.50
Currency swap (EUR) EUR 1.98% receipt, KRW 3.86% paid, KRW/EUR = 1,344.08
Exchanging rate risk
Foreign currency denominated
debentures(KRW/USD) 1,344.37
- 152 -
(5) The amounts related to items designated as hedging instruments are as follows (Unit: USD, AUD, EUR,
and Korean Won in millions):
December 31, 2023

Carrying amount of the hedging
instrument Line item in the
statement of financial Changing in fair
Nominal amounts of position where the value used for
the hedging hedging instrument is calculating hedge
instrument Assets Liabilities located ineffectiveness
Fair value hedge
Interest rate risk
Interest rate
Swap(USD) 2,975,000,000 Derivative assets
Interest rate 698 135,263 (designated for hedging) 55,651
Swap(KRW) 260,000
Cash flow hedge
Interest rate risk
Interest rate Derivative liabilities
swap(KRW) 140,000 - 512 (designated for hedging) (2,433)
Foreign currency
translation risk and
interest rate risk
Currency Derivative assets
swap(USD) (designated for hedging)
Derivative liabilities
270,000,000 7,356 17,232 (designated for hedging) (913)
Foreign currency
translation risk
swap(USD) (5,644)
100,000,000 10,956 - (designated for hedging)
swap(EUR) 19,063
194,780,000 7,698 - (designated for hedging)
in foreign operations
Exchange rate risk
Foreign currency
bond(USD) 863,959,317 - 1,113,989 Foreign currency bond (19,088)
December 31, 2022

Carrying amount of the hedging
instrument Line item in the
statement of financial Changing in fair
Nominal amounts of position where the value used for
the hedging hedging instrument is calculating hedge
instrument Assets Liabilities located ineffectiveness
Fair value hedge
Interest rate risk
Interest rate
Swap(USD) 2,375,000,000 Derivative assets
Interest rate (designated for hedging)
Swap(AUD) 150,000,000 - 193,831 (247,765)
Derivative liabilities
Interest rate (designated for hedging)
Swap(KRW) 150,000
Cash flow hedge
Interest rate risk
Interest rate Derivative liabilities
swap(KRW) 190,000 2,041 - (designated for hedging) 1,690
Foreign currency
translation risk and
interest rate risk
Currency - Derivative liabilities
swap(USD) 270,000,000 17,909 (designated for hedging) 58,253
Foreign currency
translation risk
Currency Derivative liabilities
swap(USD) -
180,000,000 17,836 (designated for hedging) 9,317
Currency Derivative liabilities
swap(EUR) 194,780,000 - 9,080 (designated for hedging) (10,286)
in foreign operations
Exchange rate risk
Foreign currency
bond(USD) 864,390,437 - 1,095,442 Foreign currency bond (28,553)
- 153 -
(6) Details of carrying amount to hedge and amount due to hedge accounting are as follows (Unit: Korean
Won in millions):
December 31, 2023
Accumulated amount of Line item in the Changing in
fair value hedge statement of fair value
adjustments on the hedged financial used for
item included in the position in calculating Cash flow
Carrying amount of the carrying amount of the which the hedge hedge
hedged item hedged item hedged item is ineffectivene reserve
Assets Liabilities Assets Liabilities included ss (*)
Fair value hedge
Interest rate risk
Debentures - 3,943,224 - 142,902 Debentures (58,306) -
Cash flow hedge
Interest rate risk
Debentures - 179,945 - - Debentures 2,433 25
Foreign currencies
translation risk
and interest rate
risk
Debentures - 346,388 - - Debentures 22,914 (8,819)
Foreign currencies
translation risk
Debentures - 406,059 - - Debentures (13,419) (11,416)
Hedges of net
investment in
foreign operations
Exchange rate risk
Foreign Foreign
operations net operations net
asset - 1,113,989 - - asset 19,088 (34,750)
(*) After tax amount
December 31, 2022

Accumulated amount of Line item in the Changing in
fair value hedge statement of fair value
adjustments on the hedged financial used for
item included in the position in calculating Cash flow
Carrying amount of the carrying amount of the which the hedge hedge
hedged item hedged item hedged item is ineffectivene reserve
Assets Liabilities Assets Liabilities included ss (*)
Fair value hedge
Interest rate risk
Debentures - 3,076,983 - (199,804) Debentures 257,911 -
Cash flow hedge
Interest rate risk
Debentures - 229,892 - - Debentures (3,742) 2,531
Foreign currencies
translation risk
and interest rate
risk
Debentures - 342,019 - - Debentures (23,296) 8,648
Foreign currencies
translation risk
Debentures - 752,901 - - Debentures 11,256 (24,600)
Hedges of net
investment in
foreign operations
Exchange rate risk
Foreign Foreign
operations net operations net
asset - 1,095,442 - - asset 28,553 (38,797)
(*) After tax amount
- 154 -
(7) Amounts recognized in profit or loss due to the ineffective portion of fair value hedges during the
current period are as follows (Unit: Korean Won in millions):

Hedge ineffectiveness
recognized in profit or Line item in the profit or loss that
loss includes hedge ineffectiveness
Fair value hedge Interest rate risk (2,655) Other net operating income(expense)

Hedge ineffectiveness
recognized in profit or Line item in the profit or loss that
loss includes hedge ineffectiveness
Fair value hedge Interest rate risk 10,146 Other net operating income(expense)
(8) Reclassification of profit or loss from other comprehensive income and equity related to cash flow
hedges are as follows (Unit: Korean Won in millions):

Changes in Amounts
Changes in Hedge the value reclassified
the value of ineffective of foreign from cash
hedging ness basis flow hedge Line item
instruments recognize spread Line item reserve to affected in profit
recognized in d in profit recognized recognized in the profit or or loss due to
OCI or loss in OCI profit or loss loss reclassification
Cash Interest rate risk Other net
flow operating Other net
hedge income operating income
(2,433) - - (expense) - (expense)
Foreign currencies Other net
translation risk operating Other net
and interest rate income operating income
risk (913) - (4,871) (expense) (11,683) (expense)
income operating income
13,419 - (3,521) (expense) (6,950) (expense)

Changes in Amounts
Changes in Hedge the value reclassified
the value of ineffective of foreign from cash
hedging ness basis flow hedge Line item
instruments recognize spread Line item reserve to affected in profit
recognized in d in profit recognized recognized in the profit or or loss due to
OCI or loss in OCI profit or loss loss reclassification
Cash Interest rate risk Other net
flow operating Other net
hedge income operating income
1,653 37 - (expense) 220 (expense)
and interest rate income operating income
risk 58,253 - (1,721) (expense) (53,743) (expense)
income operating income
(969) - 2,046 (expense) (16,111) (expense)
- 155 -
(9) The amounts recognized in profit or loss and other comprehensive income related to the hedging of net
investments in foreign operations are as follows (Unit: Korean Won in millions):
Line item which

Profit or loss Hedge ineffectiveness recognized the hedge
recognized in OCI recognized in profit or loss ineffectiveness
Hedges of net Exchange
investment in rate risk
foreign operation (19,088) 5,039 (14,049)
Line item which

Profit or loss Hedge ineffectiveness recognized the hedge
recognized in OCI recognized in profit or loss ineffectiveness
Hedges of net Exchange
investment in rate risk
foreign operation (38,797) - -
27. DEFERRED DAY 1 PROFITS OR LOSSES
Changes in deferred day 1 profits or losses are as follows (Unit: Korean Won in millions):

2023 2022
New transactions - 21,656
Amounts recognized in losses (10,116) (32,803)
In case some variables to measure fair values of financial instruments are not observable in the market,
valuation techniques are utilized to evaluate such financial instruments. Those financial instruments are
recorded the transaction price as at the time of acquisition, even though there are difference noted between
the transaction price and the fair value. The table above presents the difference yet to be realized as profit or
losses as of December 31,2023 and 2022.
28. EQUITY
(1) Details of equity as of December 31, 2023 and 2022 are as follows (Unit: Korean Won in millions):

Capital
Common stock capital 3,802,676 3,640,303
Hybrid securities 3,611,129 3,112,449
Capital surplus
Paid in capital in excess of par 854,499 643,544
Others 81,064 38,841
Sub-total 935,563 682,385
Capital adjustments
Treasury stocks (39,348) (3,819)
Other adjustments (*1) (1,648,535) (1,780,367)
Sub-total (1,687,883) (1,784,186)
Accumulated other comprehensive income
Financial assets at FVTOCI 79,694 (645,731)
Changes in capital due to equity method 3,471 475
Gain (loss) on foreign currency translation 15,579 (24,202)
- 156 -
of foreign operations
Gain (loss) on hedges of net investment in
foreign operations (34,750) (20,701)
Remeasurements of defined benefit plan (24,262) 55,235
Gain (loss) on valuation of cash flow hedge (20,806) (4,282)
Sub-total 18,926 (639,206)
Retained earnings (*2) (*3) 24,986,470 23,750,152
Non-controlling interest (*4) 1,730,609 2,865,445
Total 33,397,490 31,627,342
(*1) Included 178,060 million Won in capital transaction gains and losses recognized by Woori Bank and
(formerly) Woori Financial Group in 2014 and 2,238,228 million Won due to the spin-off of Gyeongnam
Bank and Gwangju Bank.
(*2) The regulatory reserve for credit losses in retained earnings amounted to 2,839,475 million Won and
2,966,960 million Won as of December 31, 2023 and 2022, respectively in accordance with the relevant
article.
(*3) The earned surplus reserve in retained earnings amounted to 300,190 million Won and 181,860 million Won
as of December 31, 2023 and 2022 in accordance with the Article 53 of the Financial Holding Company Act.
(*4) The hybrid securities issued by Woori Bank amounting to 1,546,447 million Won and 2,344,816 million Won
as of December 31, 2023 and 2022, respectively, are recognized as non-controlling interests. 95,637 million
Won and 113,995 million Won of dividends for the hybrid securities issued by Woori Bank are allocated to
net profit and loss of the non-controlling interests for the years ended December 31, 2023 and 2022,
respectively.
(2) The number of authorized shares and others of the Group are as follows:

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 751,949,461 Shares 728,060,549 Shares
Capital stock 3,802,676 million Won 3,640,303 million Won
(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 (%) 2023 2022
Securities in local
2019-07-18 - 3.49 500,000 500,000
currency
Securities in local
2019-10-11 - 3.32 500,000 500,000
currency
Securities in local
2020-02-06 - 3.34 400,000 400,000
currency
Securities in local
2020-06-12 - 3.23 300,000 300,000
currency
Securities in local
2020-10-23 - 3.00 200,000 200,000
currency
Securities in local
2021-04-08 - 3.15 200,000 200,000
currency
Securities in local
2021-10-14 - 3.60 200,000 200,000
currency
Securities in local
2022-02-17 - 4.10 300,000 300,000
currency
Securities in local
2022-07-28 - 4.99 300,000 300,000
currency
Securities in local
2022-10-25 - 5.97 220,000 220,000
currency
Securities in local
2023-02-10 - 4.65 300,000 -
currency
Securities in local
2023-09-07 - 5.04 200,000 -
currency
- 157 -
Issuance cost (8,871) (7,551)
Total 3,611,129 3,112,449
The hybrid securities mentioned above do not have maturity date but are redeemable after 5 years from date
of issuance.
(4) Accumulated other comprehensive income
Changes in the accumulated other comprehensive income are as follows (Unit: Korean Won in millions):

Beginning Increase Reclassification Income tax Ending
balance (decrease) (*) adjustments effect balance
Net gain (loss) on valuation of
financial assets at FVTOCI (645,731) 783,583 200,309 (258,467) 79,694
Changes in capital due to equity
method 475 (1,434) - 4,430 3,471
Gain (loss) on foreign currency
translation of foreign operations (24,202) 39,458 - 323 15,579
Gain (loss) on hedges of net
investment in foreign operations (20,701) (19,088) - 5,039 (34,750)
Remeasurement gain (loss) related
to defined benefit plan 55,235 (108,217) - 28,720 (24,262)
Gain (loss) on valuation of cash
flow hedge (4,282) (15,906) (944) 326 (20,806)
Total (639,206) 678,396 199,365 (219,629) 18,926
(*) The increase(decrease) of financial asset valuation profit or loss at fair value through other comprehensive income
and non-current assets held for sale are changes due to the period evaluation, and the reclassification adjustments
amounting to 86 million Won and (50) million Won are due to disposal of equity securities and non-current assets
held for sale, respectively during the period.

Beginning Increase Reclassification Income tax Ending
balance (decrease) (*) adjustments effect balance
Net gain (loss) on valuation of
financial assets at FVTOCI (162,522) (659,906) 21,498 155,199 (645,731)
Changes in capital due to equity
method (138) 6,563 - (5,950) 475
Gain (loss) on foreign currency
translation of foreign operations (63,781) 33,368 - 6,211 (24,202)
Gain (loss) on hedges of net
investment in foreign operations - (28,553) - 7,852 (20,701)
Remeasurement gain (loss) related
to defined benefit plan (195,944) 346,553 - (95,374) 55,235
Gain (loss) on valuation of cash
flow hedge 5,553 (10,373) (220) 758 (4,282)
Capital related to non-current assets
held for sale 279 (385) - 106 -
Total (416,553) (312,733) 21,278 68,802 (639,206)
(*) The increase(decrease) of financial asset valuation profit or loss at fair value through other comprehensive income
and non-current assets held for sale are changes due to the period evaluation, and the reclassification adjustments
amounting to (10,254) million Won and 279 million Won are due to disposal of equity securities and non-current
assets held for sale, respectively during the period.
- 158 -
(5) Regulatory Reserve for Credit Loss
In accordance with Article 26 ~ 28 of the Financial holding company Supervision Regulations, the Group
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):

2023 2022
Planned provision of regulatory reserve (reversal) for
credit loss (446,933) (127,485)
Ending balance 2,392,542 2,839,475
2) Provision of regulatory reserve for credit loss, adjusted 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):

2023 2022
Net income before regulatory reserve 2,626,894 3,323,982
Provision of regulatory reserve (reversal) for credit loss (446,933) (127,485)
Adjusted net income after the provision of regulatory reserve 3,073,827 3,451,467
Dividends to hybrid securities (131,148) (91,756)
Adjusted net income after regulatory reserve and dividends to
hybrid securities 2,942,679 3,359,711
Adjusted EPS after regulatory reserve and the dividends to
hybrid securities (Unit: Korean Won) 4,002 4,615
(6) Treasury stock
Details of treasury stocks are as follows (Unit: Shares, Korean Won in millions):
December 31, 2023

Beginning balance Acquisition Disposal and others Ending balance
Number of shares 343,991 13,552,312 (10,468,806) 3,427,497
Carrying amount 3,819 157,222 (121,693) 39,348
December 31, 2022

Beginning balance Acquisition Disposal and others Ending balance
Number of shares 343,991 - - 343,991
Carrying amount 3,819 - - 3,819
- 159 -
29. DIVIDENDS
(1) Dividends per share and the total dividends for the fiscal year ending December 31, 2022 were 980
Won and 713,497 million Won, respectively, and the dividends were approved at the regular general
shareholders' meeting held on March 24, 2023 and were paid in April 2023.
(2) On July 21, 2023, in accordance with a resolution of the Board of Directors, the Group declared the
quarterly dividend of 180 Won per share (total dividend of 130,748 million Won) with June 30, 2023 as
record date, and the dividends were paid in August 2023.
(3) On October 26, 2023, in accordance with a resolution of the Board of Directors, the Group declared the
quarterly dividend of 180 won per share (a total dividend of 135,341 million Won) with September 30,
2023 as record date, and the dividends were paid in November 2023.
(4) A dividend in respect of the year ended December 31, 2023, of 640 won per share, amounting to a total
dividend of 481,213 million Won, is to be proposed to shareholders at the annual general meeting on
March 22, 2024, with February 29, 2024 as record date. These financial statements do not include this
dividend payable.
30. NET INTEREST INCOME
(1) Interest income recognized is as follows (Unit: Korean Won in millions):

2023 2022
Financial assets at FVTPL 192,094 106,698
Financial assets at amortized cost:
Securities at amortized cost 782,513 515,246
Loans and other financial assets at amortized cost:
Interest on due from banks 543,789 244,331
Interest on loans 18,042,706 13,109,022
Interest of other receivables 81,045 46,637
Subtotal 18,667,540 13,399,990
Total 20,641,554 14,654,549
(2) Details of interest expense recognized are as follows (Unit: Korean Won in millions):

2023 2022
Interest on deposits due to customers 8,738,249 4,120,811
Interest on borrowings 1,294,710 598,185
Interest on debentures 1,507,108 1,036,191
Other interest expense 348,588 195,090
Interest on lease liabilities 10,359 7,693
Total 11,899,014 5,957,970
- 160 -
31. NET FEES AND COMMISSIONS INCOME
(1) Details of fees and commissions income recognized are as follows (Unit: Korean Won in millions):

2023 2022
Fees and commission received for brokerage 146,216 185,545
Fees and commission received related to credit 182,151 189,856
Fees and commission received for electronic finance 125,760 130,712
Fees and commission received on foreign exchange handling 55,993 56,812
Fees and commission received on foreign exchange 99,071 96,713
Fees and commission received for guarantee 88,580 85,340
Fees and commission received on credit card 640,918 594,897
Fees and commission received on securities business 58,553 111,211
Fees and commission from trust management 266,197 266,447
Fees and commission received on credit information 10,768 10,190
Fees and commission received related to lease 698,463 572,563
Other fees 193,144 199,414
Total 2,565,814 2,499,700
(2) Details of fees and commissions expense incurred are as follows (Unit: Korean Won in millions):

2023 2022
Fees and commissions paid 339,340 325,536
Credit card commission 488,742 446,885
Securities business commission 1,287 1,414
Others 15,964 15,695
Total 845,333 789,530
32. DIVIDEND INCOME
(1) Details of dividend income recognized are as follows (Unit: Korean Won in millions):

2023 2022
Dividend income related to financial assets at FVTPL 222,357 136,136
Dividend income related to financial assets at
FVTOCI 17,936 23,846
Total 240,293 159,982
(2) Details of dividends related to financial assets at FVTOCI are as follows (Unit: Korean Won in
millions):

2023 2022
Dividend income recognized from assets held:
Equity securities 17,936 23,846
- 161 -
33. NET GAIN OR LOSS ON FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR
LOSS MANDATORILY MEASURED AT FAIR VALUE
(1) Details of gains or losses related to net gain or loss on financial instruments at FVTPL are as follows

2023 2022
Gain on financial instruments at fair value through
profit or loss measured at fair value 488,486 238,502
Total 488,486 238,502
(2) Details of net gain or loss on financial instruments at fair value through profit or loss measured at fair
value and financial instruments held for trading are as follows (Unit: Korean Won in millions):

2023 2022
Financial assets Securities Gain on transactions and valuation 889,250 294,667
at FVTPL Loss on transactions and valuation (191,144) (553,093)
Sub-total 698,106 (258,426)
Loans Gain on transactions and valuation 6,064 24,005
Loss on transactions and valuation (2,289) (2,219)
Sub-total 3,775 21,786
Other financial Gain on transactions and valuation 9,742 21,602
assets Loss on transactions and valuation (19,291) (12,314)
Sub-total (9,549) 9,288
Sub-total 692,332 (227,352)
Derivatives Interest rates Gain on transactions and valuation 4,741,233 5,216,543
(Held for derivatives Loss on transactions and valuation (4,990,352) (3,625,834)
trading) Sub-total (249,119) 1,590,709
Currency Gain on transactions and valuation 7,677,720 14,601,674
derivatives Loss on transactions and valuation (7,528,291) (15,713,074)
Sub-total 149,429 (1,111,400)
Equity Gain on transactions and valuation 3,169,071 2,836,843
derivatives Loss on transactions and valuation (3,273,202) (2,850,334)
Sub-total (104,131) (13,491)
Other Gain on transactions and valuation 14 49
derivatives Loss on transactions and valuation (39) (13)
Sub-total (25) 36
Sub-total (203,846) 465,854
Net, total 488,486 238,502
- 162 -
34. NET GAIN OR LOSS ON FINANCIAL ASSETS AT FVTOCI
Details of net gain or loss on financial assets at FVTOCI recognized are as follows (Unit: Korean Won in
millions) :

2023 2022
Gain (Loss) on redemption of securities 104 (7)
Losses on transactions of securities (37,745) (21,491)
Total (37,641) (21,498)
35. REVERSAL OF (PROVISION FOR) IMPAIRMENT LOSSES DUE TO CREDIT LOSS
Reversal of (provision for) impairment losses due to credit loss are as follows (Unit: Korean Won in
millions):

2023 2022
Reversal(provision) due to credit loss on
financial assets measured at FVTOCI (16,542) 827
Provision for impairment loss due to credit loss on
securities at amortized cost (5,549) (3,151)
Provision for impairment loss due to credit loss on loan
and other financial assets at amortized cost (1,839,987) (881,668)
Provision for guarantees (3,555) (7,611)
Reversal of provision for unused loan commitment
(provision for unused loan commitment) (29,283) 6,332
Total (1,894,916) (885,271)
- 163 -
36. GENERAL AND ADMINISTRATIVE EXPENSES AND OTHER NET OPERATING INCOME
(EXPENSES)
(1) Details of general and administrative expenses recognized are as follows (Unit: Korean Won in
millions):

2023 2022
Employee benefits Short-term Salaries 1,831,137 1,980,363
employee Employee fringe
benefits benefits 600,001 590,255
Share based payment 12,946 9,632
Retirement benefit service costs 119,670 169,303
Termination 164,922 162,019
Subtotal 2,728,676 2,911,572
Depreciation and amortization 503,035 521,827
Other general and Rent 124,355 80,130
administrative Taxes and public dues 190,334 157,905
expenses Service charges 245,656 233,495
Computer and IT related 144,017 127,186
Telephone and communication 88,018 84,204
Operating promotion 53,896 53,733
Advertising 161,896 160,464
Printing 6,072 6,799
Traveling 13,364 10,716
Supplies 9,156 8,309
Insurance premium 14,380 20,670
Maintenance 24,932 23,266
Water, light, and heating 19,161 16,165
Vehicle maintenance 14,725 14,831
Others(*) 101,760 98,618
Sub-total 1,211,722 1,096,491
Total 4,443,433 4,529,890
(*) In-house welfare fund contributions amounted to 40,047 million Won and 40,200 million Won as of December
31, 2023 and 2022, respectively.
(2) Details of other operating income recognized are as follows (Unit: Korean Won in millions):

2023 2022
Gains on transactions of foreign exchange 1,428,737 1,403,083
Gains related to derivatives (designated for hedging) 114,875 71,179
Gains on fair value hedged items 8,986 257,910
Others 288,862 249,509
Total 1,841,460 1,981,681
- 164 -
(3) Details of other operating expenses recognized are as follows (Unit: Korean Won in millions):

2023 2022
Losses on transactions of foreign exchange 1,295,557 1,181,663
KDIC deposit insurance premium 464,213 423,834
Contribution to miscellaneous funds 453,805 402,057
Losses related to derivatives (Designated for hedging) 35,583 250,268
Losses on fair value hedged items 72,601 -
Others (*) 1,040,424 736,112
Total 3,362,183 2,993,934
(*) Other expense includes 22,349 million Won and 14,664 million Won for intangible asset amortization cost and
462,394 million Won and 388,895 million Won for lease depreciation cost for the years ended December 31,
2023 and 2022, respectively.
- 165 -
(4) Share-based payment
Details of performance condition share-based payment granted to executives as of December 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) 12,885 Won
Valuation method Black-Scholes Model
Expected dividend rate 6.25%
Expected maturity date -
Number of shares remaining As of December 31, 2023 944,343 shares
As of December 31, 2022 944,343 shares
Number of shares granted (*2) As of December 31, 2023 944,343 shares

Expected maturity date 1 year
Number of shares remaining As of December 31, 2023 1,105,515 shares
As of December 31, 2022 1,105,515 shares
Number of shares granted (*2) As of December 31, 2023 1,105,515 shares
As of December 31, 2022 1,105,515 shares

Expected maturity date 2 years

Expected maturity date 3 years
As of December 31, 2022 -
As of December 31, 2022 -
- 166 -
(*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 to measure the liability according to the Black Scholes model based on the base price at the
time of each settlement.
(*2) It is a system in which the amount of stock payable is determined at the beginning, and the payment rate is determined
in accordance with the degree of achievement of the pre-set performance target. Performance is evaluated by long-
term performance indicators such as relative shareholder return, net profit, return on equity (ROE), non-performing
loan ratio, and job performance.
2) The Group 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 December 31, 2023 and 2022, the carrying amount of the liabilities related
to the performance condition share-based payments recognized by the Group amounts to 46,741
million Won and 41,334 million Won, respectively, including the carrying amount of liabilities
related to key management of 19,924 million Won and 17,494 million Won, respectively.
- 167 -
37. NON-OPERATING INCOME (EXPENSES)
(1) Details of gains or losses on valuation of investments in joint ventures and associates are as follows

2023 2022
Gains on valuation of investments in joint ventures and associates 132,541 98,858
Losses on valuation of investments in joint ventures and associates (22,710) (11,133)
Impairment losses of investments in joint ventures and associates - (17,728)
Total 109,831 69,997
(2) Details of other non-operating income and expenses recognized are as follows (Unit: Korean Won in
millions):

2023 2022
Other non-operating incomes 117,746 158,778
Other non-operating expenses (209,153) (173,924)
Total (91,407) (15,146)
(3) Details of other non-operating income recognized are as follows (Unit: Korean Won in millions):

2023 2022
Rental fee income 26,477 22,798
Gains on disposal of investments in joint ventures and
associates 33,123 599
Gains on disposal of Property, Plant and Equipment,
intangible assets and other assets 5,267 55,852
Reversal of impairment losses of Property, Plant and
Equipment, intangible assets and other assets 230 310
Others (*) 52,649 79,219
Total 117,746 158,778
(*) ‘Others’ for the year ended December 31, 2023 and 2022 include 14,060 million Won and 46,536
million Won of other special gain related to other provisions.
(4) Details of other non-operating expenses recognized are as follows (Unit: Korean Won in millions):

2023 2022
Depreciation on investment properties 5,398 3,925
Operating expenses on investment properties 2,058 1,448
Losses on disposal of investments in joint ventures and
associates 588 3,690
Losses on disposal of Property, Plant and Equipment,
intangible assets and other assets 1,873 3,177
Impairment losses of Property, Plant and Equipment,
intangible assets and other assets 129 260
Donation 63,729 50,547
Others (*) 135,378 110,877
Total 209,153 173,924
(*) Other special losses related to other provisions for the years ended December 31, 2023 and 2022 are 66,910
million Won and 18,458 million Won, respectively, and other special losses related to employee incidents for the
year ended December 31, 2022 are 63,354 million Won.
- 168 -
38. INCOME TAX EXPENSE
(1) Details of income tax expenses are as follows (Unit: Korean Won in millions):

2023 2022
Current tax expense:
Current tax expense with respect to the current period 689,395 1,332,636
Adjustments recognized in the current period in relation
to the tax expense of prior periods (22,825) (13,982)
Income tax expense directly attributable to other equity 5,039 7,852
Sub-total 671,609 1,326,506
Deferred tax expense

Change in deferred tax assets (liabilities) due to
temporary differences 442,852 (234,909)
Income tax expense(income) directly attributable to
equity (224,668) 68,802
Others 766 993
Sub-total 218,950 (165,114)
(2) Income tax expense reconciled to net income before income tax expense is as follows (Unit: Korean
Won in millions):

2023 2022
Net income before income tax expense 3,517,453 4,485,374
Tax calculated at statutory tax rate (*1)(*2) 859,608 1,154,285
Adjustments:
Effect of income that is exempt from taxation (37,500) (73,488)
Effect of expenses that are not deductible in determining
taxable income 12,163 26,793
Adjustments recognized in the current period in relation
to the current tax of prior periods (22,456) (14,088)
Others 78,744 67,890
Sub-total 30,951 7,107
Effective tax rate 25.32% 25.90%
(*1) The applicable income tax rate: 9.9% up to 200 million Won in tax basis, 20.9% over 200 million Won to
20 billion Won, 23.1% over 20 billion Won to 300 billion Won and 26.4% over 300 billion Won.
(*2) The applicable income tax rate of prior fiscal year: 11% up to 200 million Won in tax basis, 22% over 200
million Won to 20 billion Won, 24.2% over 20 billion Won to 300 billion Won and 27.5% over 300 billion
Won.
- 169 -
(3) Changes in deferred tax assets and liabilities for the years ended December 31, 2023 and 2022, are as

Recognized as other
Beginning Business Recognized as comprehensive Ending
balance combination income (expense) income (expense) Balance
Gain (loss) on financial
assets 373,145 - (272,072) (258,467) (157,394)
Gain on valuation of
investment stocks
accounted in equity
method 20,555 - (35,357) 4,430 (10,372)
Gain (loss) on valuation
of derivatives 10,617 - 24,869 326 35,812
Accrued income (90,330) - (42,608) - (132,938)
Provision for loan losses (20,105) - 61,093 - 40,988
Loan and receivables
written off 7,926 - 1,846 - 9,772
Loan origination costs
and fees (169,093) - (4,324) - (173,417)
Defined benefit obligation 369,785 - 29,308 28,172 427,265
Deposits with employee
retirement insurance
trust (450,222) - (50,044) 548 (499,718)
Provision for guarantee 8,328 - (54) - 8,274
Other provision 87,229 - 91,888 - 179,117
Others (*) (70,335) (11,593) (22,729) 323 (104,334)
Net deferred tax
assets(liabilities) 77,500 (11,593) (218,184) (224,668) (376,945)
(*) Among the deferred tax assets and liabilities classified as ‘Others,’ the deferred tax asset arising from unused tax
losses amounts to 1,998 million won.

Recognized as other
Beginning Business Recognized as comprehensive Ending
balance combination income (expense) income (expense) Balance
Gain (loss) on financial
assets 273,356 - (55,410) 155,199 373,145
Gain on valuation using
the equity method of
accounting 15,260 - 11,139 (5,844) 20,555
Gain (loss) on valuation
of derivatives (149,805) - 159,664 758 10,617
Accrued income (82,482) - (7,848) - (90,330)
Provision for loan losses (34,625) - 14,520 - (20,105)
Loan and receivables
written off 8,244 - (318) - 7,926
Loan origination costs
and fees (194,463) - 25,370 - (169,093)
Defined benefit liability 449,615 - 15,760 (95,590) 369,785
Deposits with employee
retirement insurance
trust (432,001) - (18,437) 216 (450,222)
Provision for guarantee 7,424 - 904 - 8,328
Other provision 100,571 - (13,342) - 87,229
Others (*) (116,907) (1,473) 33,982 14,063 (70,335)
Net deferred tax assets (155,813) (1,473) 165,984 68,802 77,500
(*) Among the deferred tax assets and liabilities classified as ‘Others,’ the deferred tax asset arising from unused tax
losses amounts to 3,536 million won.
- 170 -
(4) Unrealizable temporary differences are as follows (Unit: Korean Won in millions):

Deductible temporary differences 313,565 330,376
Tax loss carry forward 16,823 49,405
Taxable temporary differences (9,138,085) (8,898,834)
Total (8,807,697) (8,519,053)
No deferred income tax asset has been recognized for the deductible temporary difference of 302,214 million
Won associated with investments in subsidiaries as of December 31, 2023, because it is not probable that the
temporary differences will be reversed in the foreseeable future. Also, no deferred income tax asset has been
recognized for the other 11,912 million won due to the uncertainty of its feasibility in the future.
No deferred income tax liability has been recognized for the taxable temporary difference of 9,138,085
million won associated with investment in subsidiaries as of December 31, 2023, due to the following
reasons:
- The Group is able to control the timing of the reversal of the temporary difference.
- It is probable that the temporary difference will not be reversed in the foreseeable future.
As of December 31, 2023, the expected extinctive date of tax loss carry forward that are not recognized as
deferred tax assets are as follows (Unit: Korean Won in millions):
1 year or less 1 – 2 years 2 – 3 years More than 3 years

Tax loss carry forward 16,823 - - -
(5) Details of accumulated current and deferred tax charged directly to other equity are as follows (Unit:

Gain on valuation of financial assets at FVTOCI (44,591) 213,876
Loss on valuation of equity method investments 664 (3,766)
Gain on foreign currency translation of foreign
operations 10,261 9,938
Gain on valuation of hedge accounting of the net
investment in foreign operations 14,854 9,815
Remeasurements of the defined benefit plan 8,136 (20,584)
Loss on derivatives designated as cash flow hedge 240 (86)
Total (10,436) 209,193
(6) Current tax assets and liabilities are as follows (Unit: Korean Won in millions):

Current tax assets 203,542 53,274
Current tax liabilities 103,655 843,555
- 171 -
39. 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):

2023 2022
Net income attributable to common shareholders 2,506,296 3,141,680
Dividends to hybrid securities (131,148) (91,756)
Net income attributable to common shareholders 2,375,148 3,049,924
Weighted average number of common shares
outstanding (Unit: million shares) 735 728
Basic EPS (Unit: Korean Won) 3,230 4,191
(2) The weighted average number of common shares outstanding is as follows (Unit: number of shares,
days):

Accumulated number of shares
Number of shares outstanding during period
Common shares issued at the beginning of the period 728,060,549 265,742,100,385
Treasury stocks (343,991) (125,556,715)
Acquisition and retirement of treasury stock etc. (13,500,691) (2,104,222,930)
Acquisition of treasury stock (odd-lot stock at
comprehensive share exchange) (51,621) (6,504,246)
Disposal of treasury stock 1,883,007 171,193,865
Issuance of new shares (comprehensive share exchange) 32,474,711 4,741,307,806
Sub-total (①) 268,418,318,165
Weighted average number of common shares outstanding (②=(①/365)) 735,392,653

Accumulated number of shares
Number of shares outstanding during period
Common shares issued at the beginning of the period 728,060,549 265,742,100,385
Treasury stocks (343,991) (125,556,715)
Sub-total (①) 265,616,543,670
Weighted average number of common shares outstanding (②=(①/365)) 727,716,558
Diluted EPS is equal to basic EPS because there is no dilution effect for the years ended December 31, 2023
and 2022.
- 172 -
40. CONTINGENT LIABILITIES AND COMMITMENTS
(1) Details of guarantees are as follows (Unit: Korean Won in millions):

Confirmed guarantees
Guarantee for loans 58,205 39,684
Acceptances 467,964 501,921
Guarantees in acceptances of imported goods 74,916 97,920
Other confirmed guarantees 8,050,815 6,847,713
Sub-total 8,651,900 7,487,238
Unconfirmed guarantees
Local letters of credit 161,608 150,075
Letters of credit 2,873,350 3,014,228
Other unconfirmed guarantees 1,516,585 1,144,498
Sub-total 4,551,543 4,308,801
Commercial paper purchase commitments and others 589,858 125,547
Total (*) 13,793,301 11,921,586
(*) Includes financial guarantees of 3,661,656 million won and 3,095,091 million won as of December 31, 2023 and
2022, respectively.
(2) Details of loan commitments and others are as follows (Unit: Korean Won in millions):

Other commitments (*) 7,339,952 7,107,828
(*) As of December 31, 2023 and 2022, the amount of unsecured bills (purchase bills sales) and discounts on
electronic short-term bond sales (purchase) are 2,485,853 million won and 2,505,399 million won, respectively.
(3) Litigation case
Litigation case that the key Group is a defendant in a lawsuit pending (excluding fraud lawsuits and
those lawsuits that are filed only to extend the statute of limitation, etc.) are 603 cases (litigation value
of 513,863 million Won) and 531 cases (litigation value of 577,128 million Won) as of December 31,
2023 and 2022 respectively, and provisions for litigations are 28,581 million Won and 33,877 million
Won.
- 173 -
(4) Other commitments
1) As of December 31, 2023, Woori FIS Co., Ltd, a subsidiary, has been provided with a payment
guarantee limit of 6,457 million Won in relation to bid guarantees and contract/defect guarantees
from the Korean Software Financial Cooperative, but there is no committed amount. In relation to
the guarantee, the capital contributions to the Korean Software Financial Cooperative are provided
as collateral. In addition, as of December 31, 2023, Seoul Guarantee Insurance Company is
providing a payment guarantee of 374 million Won related to the return of subsidy to the daycare
center at work.
2) As of December 31, 2023, Woori FIS Co., Ltd, a subsidiary agreed with Shinhan Bank for short-
term borrowings of 20 billion Won for one year (2023.11.16.~2024.11.16.), and there is no
outstanding balance of short-term borrowings as of December 31, 2023.
3) As of December 31, 2023, Woori Savings bank is provided with a guarantee of 1,593 million Won
from Seoul Guarantee Insurance Company in relation to provisional attachment for recovery of
loans, etc.
4) As of December 31, 2023, Woori Asset Trust, a subsidiary, has committed to fulfill responsibility
for the completion of 43 projects, including a residential-commercial complex in U-dong,
Haeundae-gu, Busan. Responsible completion type management land trust is a trust that bears the
obligation of responsible completion when the construction company fails to fulfill the obligation
of responsible completion, and the obligation to compensate losses to the lending financial
institution if Woori Asset Trust fails to fulfill the obligation of responsible completion. As of
December 31, 2023, the total amount of PF(Project Financing) loans from PF lending financial
institutions invested in the responsible completion type management land trust business is
2,275,634 million Won. Although additional losses may occur in relation to these contracts for
liability obligations, these effects were not reflected in the financial statements at the end of the
current period because the possibility is not high and the amount of losses cannot be reliably
estimated. Meanwhile, Woori Asset Trust Co., Ltd. has failed to fulfill the responsibility of the
completion of 5 projects including the Okjeong Knowledge Industry Center in Yangju. The total
amount of PF limit from PF lending financial institutions invested in projects is 271,000 million
Won and the amount of PF loans is 161,700 million Won. Additionally, Woori Asset Trust Co.,
Ltd. has exceeded the deadline for responsibility of completion of a commercial facility in
Gwangju, Gyeonggi Province. The total amount of PF limit from PF lending financial institutions
invested in projects is 61,000 million Won and the amount of PF loans is 43,000 million Won.
Also, as of December 31, 2023, Woori Asset Trust may lend a trust account for a part of the total
project cost in relation to 24 debt-type land trust contracts including Busan Haeundae Udong
Beautique Terrace Hotel and responsible completion management land trust contracts in
Gyeongseo-dong, Seo-gu, Incheon, and additional business sites in progress. The maximum loan
amount (unused limit) is 113,428 million Won. Whether or not Woori Asset Trust lends a trust
account in relation to the relevant businesses is not an unconditional payment obligation, and it is
determined by considering overall matters such as the unique account and the fund balance plan of
each trust business.
5) Pursuant to some contracts related to asset securitization, the Group utilizes various prerequisites as
triggering events causing early redemption, limiting risks that investors bear due to change in asset
quality. Breach of such triggering clause leads to an early redemption of the securitized bonds.
6) During the current period, there was an investigation by Fair Trade Commission regarding Loan-
To-Value ratio. The Group received the review report but cannot reasonably estimate its impact on
- 174 -
41. RELATED PARTY TRANSACTIONS
Related parties of the Group as of December 31, 2023 and 2022, and assets and liabilities recognized,
guarantees and commitments, major transactions with related parties and compensation to key management
for the years ended December 31, 2023 and 2022 are as follows. Please refer to Note 13 for the details of
joint ventures and associates.
(1) Assets and liabilities from transactions with related parties are as follows (Unit: Korean Won in millions):

Related parties Account title 2023 2022
Associates W Service Networks Co., Loans 108 120
Ltd. Deposits due to customers 3,245 3,298
Accrued expenses 7 7
Other liabilities 100 109
Korea Credit Bureau Co., Loans 1 2

Ltd. Deposits due to customers 771 4,450
Accrued expenses 1 -
Other liabilities - 40
Korea Finance Security Co., Loans 3,228 3,433

Ltd. Loss allowance (71) (46)
Deposits due to customers 1,323 1,764
LOTTE CARD Co. Ltd. Loans 12,209 50,000

Account receivables 31 16
Other assets 2 -
K BANK Co., Ltd. Loans 54 3

Account receivables 13 31
Other assets 18 -
Other liabilities 214,135 108,156
Others (*1) Loans 65,558 68,660

Other assets 47,828 768
(*1) Others include IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership and etc., as of
- 175 -
(2) Gain or loss from transactions with related parties are as follows (Unit: Korean Won in millions):
For the years ended

December 31
Related parties Account title 2023 2022
Associates W Service Network Co., Ltd. Other income 35 14
Fees expenses 552 543
Other expenses 1,575 1,907
Korea Credit Bureau Co., Ltd. Interest expenses 9 40

Fees expenses 4,047 3,730
Other expenses 143 139
Korea Finance Security Co., Ltd. Interest income 181 141

Interest expenses 3 3
Provision of allowance for
credit loss 26 44
Other expenses 33 52
LOTTE CARD Co., Ltd. Interest income 10 83

Fees income 4,164 7,701
Interest expenses 5,665 1,902
Reversal of allowance for
credit loss 455 27
K BANK Co., Ltd. Fees income 190 698

Fees expenses 339 937
Others (*) Interest income 682 713

Fees income 15,295 7,138
Dividend income 1,700 -
Other income 4,760 -
Interest expenses 9,333 10
Other expenses 836 -
Provision of allowance for
credit loss 27 92
Reversal of allowance for
credit loss - 1
(*) Others include IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership and etc., for the
years ended December 31, 2023 and 2022.
- 176 -
(3) Major loan transactions with related parties for the years ended December 31, 2023 and 2022 are as

Beginning Ending
Related parties balance Loan Collection Others balance (*)
Associates W Service Network Co., Ltd. 120 483 495 - 108
Korea Credit Bureau Co., Ltd. 2 12 13 - 1
Korea Finance Security Co., Ltd. 3,433 2,911 3,116 - 3,228
LOTTE CARD Co., Ltd. 50,000 226,318 264,109 - 12,209
K BANK Co., Ltd. 3 218 167 - 54
One Mortgage - 262 247 - 15
ARAM CMC CO.LTD - 41 - - 41
Godo Kaisha Oceanos 1 39,814 - - (1,693) 38,121
Woori Zip 1 11,819 - - (502) 11,317
Woori Zip 2 16,776 - - (713) 16,063
Central Network Solutions Co.,
Ltd. 251 - 251 - -
(*) Payments that occurred for business reasons among related parties are excluded and net increase or decrease
was used for limited credit loan.

Beginning Ending
Related parties balance Loan Collection Others balance (*)
Associates W Service Network Co., Ltd. 20 352 252 - 120
Korea Credit Bureau Co., Ltd. 2 15 15 - 2
Korea Finance Security Co., Ltd. 3,425 2,407 2,399 - 3,433
LOTTE CARD Co., Ltd. 3,750 50,000 3,750 - 50,000
K BANK Co., Ltd. 99 315 411 - 3
Godo Kaisha Oceanos 1 43,033 41,467 43,033 (1,653) 39,814
Woori Zip 1 12,775 - - (956) 11,819
Woori Zip 2 18,132 - - (1,356) 16,776
Central Network Solutions Co.,
Ltd. - 251 - - 251
(*) Payments that occurred for business reasons among related parties are excluded and net increase or decrease
was used for limited credit loan.
- 177 -
(4) Details of changes in major deposits due to customers with related parties for the years ended December
31, 2023 and 2022 are as follows (Unit: Korean Won in millions):

Beginning Ending
Related parties balance Increase Decrease balance (*)
Associates W Service Networks Co., Ltd 1,200 1,000 1,200 1,000
Partner One Value Up I Private Equity
Fund 100 - 100 -
Korea Credit Bureau Co., Ltd. 3,000 - 3,000 -
One Mortgage - 1,200 600 600
(*) Details of payment between related parties, demand deposit due to customers and etc. are excluded.

Beginning Ending
Related parties balance Increase Decrease balance (*)
Associates W Service Networks Co., Ltd 1,180 1,200 1,180 1,200
Partner One Value Up I Private Equity
Fund 329 550 779 100
Korea Credit Bureau Co., Ltd. - 3,000 - 3,000
(*) Details of payment between related parties, demand deposit due to customers and etc. are excluded.
(5) There are no major borrowing transactions with related parties for the years ended December 31, 2023
and 2022.
(6) Guarantees provided to the related parties are as follows (Unit: Korean Won in millions):
Warrantee December 31, 2023 December 31, 2022 Warranty

Korea Finance Security Co., Ltd. 632 627 Unused loan commitment
Korea Credit Bureau Co., Ltd. 34 33 Unused loan commitment
W Service Network Co., Ltd. 72 60 Unused loan commitment
K BANK Co., Ltd. 246 297 Unused loan commitment
LOTTE CARD Co. Ltd. 498,400 450,000 Unused loan commitment
One Mortgage 34 - Unused loan commitment
D-Custody Co., Ltd. - 10 Unused loan commitment
As of December 31, 2023 and 2022, the recognized payment guarantee provisions are 294 million won
and 80 million won, respectively, in relation to the guarantees provided to the related parties above.
- 178 -
(7) Amount of commitments with the related parties
Warrantee December 31, 2023 December 31, 2022 Warranty

IBK KIP Seongjang Dideemdol 1st Securities purchase
Private Investment Limited commitment
Partnership 4,664 4,664
Woori Seoul Beltway Private Special Securities purchase
Asset Fund No.1 34,437 37,146 commitment
Woori-Q Corporate Restructuring Private Securities purchase
Equity Fund 12,186 12,555 commitment
Securities purchase
JC Assurance No.2 Private Equity Fund
1,351 1,351 commitment
Crevisse Raim Impact 1st Startup Securities purchase
Venture Specialist Private Equity Fund 243 325 commitment
WooriG Oncorp Corporate support of Securities purchase
Major Industry General Type Private commitment
Investment Trust (Type 2) - 39
Securities purchase
BTS 2nd Private Equity Fund
Securities purchase
STASSETS FUND III
Together Korea Government Private Securities purchase
Securities Investment Trust No.3 990,000 990,000 commitment
NH Woori Newdeal Growth Alpha Securities purchase
Private Equity Fund 1 36,941 - commitment
Synaptic Future Growth Private Equity Securities purchase
Fund 1 4,389 - commitment
Woori Asset Global Partnership Fund Securities purchase
No.5 127,500 - commitment
- 179 -
(8) Major investment and Recovery transactions
The details of major investment and recovery transactions with related parties for the years ended
December 31, 2023 and 2022 are as follows (Unit: Korean Won in millions):
For the year ended

December 31, 2023
Investment Recovery and
Related parties and others (*) others (*)
Woori G Oncorp Corporate support of Major Industry General Type Private Investment
Trust (Type 2) 38 -
Woori BIG SATISFACTION SHINJONG MMF 3RD - 441,470
(*) Investment and recovery transactions of associates are described in Note 13.(2)
For the year ended

December 31, 2022
Investment Recovery and
Related parties and others (*) others (*)
Woori High Plus Short-term High Graded ESG Bond Sec Feeder Inv Trust 1 - 21,606
Woori High Plus Bond Sec Feeder Inv Trust 3(USD) - 1,052
Woori BANKPLUS IPO 10 FEEDER FUND 2(BALANCED BOND) 200 -
Woori Two-year Bond Securities Investment Trust 2(Bond) - 213
Woori China Mainland Stock Securities Investment Trust H(Securities) - 443
Woori Long-term government bond securities Investment Trust No.1 - 1,951
Woori Republic of Korea Treasury Bond Active ETF(Bond) 3,000 -
Woori K-New Opening Target Return Securities Investment Trust(Equity) 200 -
Woori 2023 Maturity Securities Investment Trust(Bond) 200 -
Woori 2024 Maturity Securities Investment Trust 1(Bond) 200 -
Woori BIG SATISFACTION SHINJONG MMF 3RD 320,000 -
Woori MULTI RETURN PRIVATE EQUITY 1 - 8,559
Woori 2024 December Maturity Securities Investment Trust 1(Bond) 200 -
Woori Two-year Bond Securities Investment Trust 3(Bond) - 209
Woori G Oncorp Corporate support of Major Industry General Type Private Investment
Trust (Type 2) 630 -
(*) Investment and recovery transactions of associates are described in Note 13.(2)
(9) Compensation for key management is as follows (Unit: Korean Won in millions):

2023 2022
Short-term employee salaries 22,626 21,990
Retirement benefit service costs 1,160 937
Share-based compensation 5,474 4,234
Total 29,260 27,161
Key management includes executives and directors of Woori Financial Group and major subsidiaries,
and also includes CEO of other subsidiaries. Outstanding assets from transactions with key management
amount to 3,932 million won and 3,620 million won, as of December 31, 2023 and 2022 respectively
and with respect to the assets, the Group has not recognized any allowance nor related impairment loss
due to credit losses. Also, liabilities from transaction with key management amount to 34,054 million
won and 12,660 million won, respectively, as of December 31, 2023 and 2022.
- 180 -
42. TRUST ACCOUNTS
(1) Trust accounts of the Woori Bank are as follows (Unit: Korean Won in millions):
Total assets Operating income

December 31, 2023 December 31, 2022 2023 2022
Trust accounts 75,636,483 71,677,258 2,296,627 1,121,069
(2) Receivables and payables between the Woori Bank and trust accounts are as follows (Unit: Korean Won
in millions):

Receivables:
Trust fees receivables 48,383 42,337
Payables:
Borrowings from trust accounts 3,769,913 1,804,847
Total 3,936,154 1,975,264
(3) Significant transactions between the Woori Bank and trust accounts are as follows (Unit: Korean Won
in millions):

2023 2022
Revenue:
Trust fees 141,314 131,656
Termination fees 1,116 1,158
Total 142,430 132,814
Expense:
Interest expenses on deposits due to
customers 957 619
Interest expenses on borrowings from trust
accounts 88,099 38,583
Total 89,056 39,202
- 181 -
(4) Principal guaranteed trusts and principal and interest guaranteed trusts are as follows;
1) The carrying amount of principal guaranteed trusts and principal and interest guaranteed trusts that
Woori Bank provides are as follows (Unit: Korean Won in millions):

Partial principal guaranteed trusts
Personal trust 7,767 8,230
Corporate trust 217 446
Deposit purpose 1,515 1,551
Sub-total 9,499 10,227
Principal guaranteed trusts

Old-age pension trusts 2,582 2,790
Personal pension trusts 429,068 460,839
Pension trusts 642,756 687,971
Retirement trusts 26,082 26,563
New personal pension trusts 6,441 6,792
New old-age pension trusts 892 950
Sub-total 1,107,821 1,185,905
Principal and interest guaranteed trusts
Development trusts 19 19
Unspecified money trusts 334 335
Sub-total 353 354
Total 1,117,673 1,196,486
- 182 -
43. LEASES
(1) Lessor
1) Finance lease
① The total investment in finance lease and the present value of the minimum lease payments to
be recovered are as follows (Unit: Korean Won in millions):
December 31, 2023

Total investment in lease Net investment in lease
Within one year 226,242 208,121
After one year but within two years 330,524 308,793
After two years but within three years 446,742 412,015
After three years but within four years 364,917 323,331
After four years but within five years 127,001 109,675
After five years 24 24
Total 1,495,450 1,361,959
December 31, 2022

Total investment in lease Net investment in lease
After five years 19 18
Total 1,627,328 1,467,768
② The unrealized interest income of the finance lease is as follows. (Unit: Korean Won in
millions)

Total investment in lease 1,495,450 1,627,328
Net investment in lease 1,361,959 1,467,768
Present value of minimum lease payments 1,361,959 1,467,768
Present value of unguaranteed residual value - -
Unearned interest income 133,491 159,560
- 183 -
2) Operating lease
① The details of operating lease assets are as follows (Unit: Korean Won in millions):

Prepaid lease assets 20,538 3,121
Operating lease assets
Acquisition cost 4,199,535 3,320,275
Accumulated depreciation (913,609) (729,818)
Net carrying value 3,285,926 2,590,457
Total 3,306,464 2,593,578
② The details of changes in operating lease assets as of December 31, 2023 are as follows and
there is no details of changes in operating lease assets as of December 31, 2022 (Unit: Korean
Won in millions)

Acquisition 1,336,203 1,321,251
Disposal (202,542) (138,189)
Depreciation (462,394) (388,895)
Others 24,202 17,982
Ending balance 3,285,926 2,590,457
③ The future lease payments to be received under the lease contracts are as follows (Unit:
Korean Won in millions)

Total 2,356,139 1,876,827
④ There are no adjusted lease payments recognized as profit or loss for the years ended
- 184 -
(2) Lessee
1) The future lease payments under the lease contracts are as follows (Unit: Korean Won in millions):

Lease payments
After one year but within five years 146,755 152,145
After five years 25,356 33,007
Total 378,909 355,933
2) Total cash outflows from lease are as follows (Unit: Korean Won in millions):
For the years ended

December 31
2023 2022
Total cash outflows from lease 195,015 192,540
3) Details of lease payments that are not included in the measurement of lease liabilities due to the fact
that they are short-term leases or leases for which the underlying asset is of low value are as follows
For the years ended

December 31
2023 2022
Lease payments for short-term leases 936 1,469
Lease payments for which the underlying asset is of
low value 1,369 1,316
Total 2,305 2,785
Variable lease payments that were not included in the measurement of lease liabilities for the years ended
December 31, 2023 and 2022 were 32,037 million Won and 5,470 million Won.
44. BUSINESS COMBINATION
(1) General
As of March 23, 2023, the Group acquired 53.9% interest(excluding treasury stocks, 52.0% interest
including treasury stocks) in Daol Investment CO., Ltd. and changed the name of Daol Investment CO.,
Ltd. to Woori Venture Partners. The main reasons for the business combination are to maximize synergy
between the consolidated subsidiaries and to strengthen the non- banking business portfolio.
If Woori Venture Partners had been acquired from January 1, 2023, the consolidated statement of
comprehensive income would have shown operating profit and net income of Woori Venture Partners for
6,495 million Won and 7,673 million Won, respectively.
- 185 -
(2) Identifiable net assets
Identified assets and liabilities as of the acquisition date are as follows (Unit: Korean Won in millions):
Accounts March 31, 2023

Assets Cash and cash equivalent 2,879
Financial assets at FVTPL 38,385
Loans and other financial assets at amortized cost(*1) 124,904
Investments in joint ventures and associates 136,930
Property, Plant and Equipment 20,324
Intangible assets(*2) 21,447
Current tax assets 33
Others 73
Sub-total 344,975
Liabilities Current tax liabilities 7,938
Deferred tax liabilities 11,593
Other financial liabilities 1,000
Other liabilities 14,971
Sub-total 35,502
Fair value of net identifiable assets 309,473
(*1) The acquired financial assets at amortized cost were estimated at fair value. The contractual total of the
financial assets at amortized cost of Woori Venture Partners is 127,384 million Won, and the contractual
cash flows that are not expected to be recovered as of the acquisition date are 2,480 million Won.
(*2) The intangible assets include 18,880 million Won in customer relationships as a result of business
combination and were valued at fair value through the Multi-period excess earning method (MEEM) as
they were judged separately identifiable intangible assets. Multi-period excess earning method is a method
to estimate the future cash flows generated by each intangible asset and to discount the cash flows
generated purely by that intangible asset to its present value by deducting the portion of the asset’s
contribution to that cash flow generation.
If, within one year of the acquisition date, new information obtained about the facts and circumstances that
existed at the acquisition date requires the adjustment of the amounts recognized at the acquisition date, or the
recognition of additional provisions existing at the acquisition date, the accounting for the business
combination will be adjusted.
- 186 -
(3) Goodwill
Recognized goodwill as a result of business combination are as follows (Unit: Korean Won in million):

Transfer price 212,522
Fair value of net identifiable asset 309,473
Non-controlling interest (*) 138,478
Goodwill 41,527
(*) Non-controlling interests were recognized at fair value applying the closing price on the acquisition date of
Woori Venture Partners.
In the event of a business combination, the consideration transferred includes the premium paid to acquire
Woori Venture Partners which results in goodwill. In addition, the consideration paid for the business
combination includes expected synergies, revenue growth, and the amount related to future market growth.
The Group also acquired a relationship with a customer of Woori Venture Partners as part of the acquisition.
These relationships with customers were recognized separately from goodwill because they met the separability
criteria to meet the recognition requirements for intangible assets.
(4) Net cash outflow due to business combination
Details of net cash outflows due to business combination are as follows (Unit: Korean Won in million):

Consideration paid in cash 212,522
Acquired cash and cash equivalents 2,879
Deduction in total 209,643
45. EVENTS AFTER THE REPORTING PERIOD
(1) On October 26, 2023, Woori Asset Management Corp (the surviving company) and Woori Global
Asset Management Co., Ltd. (the merged company), subsidiaries of the Group, entered into a merger
agreement. On January 10, 2024, the shareholders' meeting to approve the merger agreement and the
board of directors to replace the shareholders' meeting were held and the resolution was made. The
merger registration date is January 29, 2024, and the Group's percentage of ownership in Woori
Asset Management Corp after the merger is 77.5% (3,717,154 shares).
(2) On February 16, 2024, Woori Asset Management Corp, the subsidiary of the Company, held the
Board of Directors meeting and has declared the capital increase amount of 209,952 million Won,
and the Company has decided to participate in the capital increase amount of 200,000 million Won,
corresponding to its ownership (95.3%) based on voting rights.
- 187 -
152, Teheran-ro, Gangnam-gu, Seoul 06236
(Yeoksam-dong, Gangnam Finance Center 27th Floor)
Republic of Korea
Independent Auditor’ Report on Internal Control over Financial

Reporting for Consolidation Purposes
Based on a report originally issued in Korean
To the Board of Directors and Shareholders

Woori Financial Group Inc.:
Opinion on Internal Control over Financial Reporting for Consolidation Purposes
We have audited Woori Financial Group Inc. and its subsidiaries (“the Group”)’ internal control over financial
reporting (“ICFR”) for consolidation purposes as of December 31, 2023 based on the criteria established in
the Conceptual Framework for Designing and Operating ICFR (“ICFR Design and Operation Framework”)
issued by the Operating Committee of Internal Control over Financial Reporting in the Republic of Korea (the
“ICFR Committee”).
In our opinion, the Group maintained, in all material respects, effective internal control over financial reporting
for consolidation purposes as of December 31, 2023, based on ICFR Design and Operation Framework.
We also have audited, in accordance with Korean Standards on Auditing (KSAs), the consolidated financial
statements of the Group, which comprise the consolidated statement of financial position as of December 31,
2023, the consolidated statements of comprehensive income, changes in equity and cash flows for the year then
ended, and notes, comprising of material accounting policy information and other explanatory information,
and our report dated March 6, 2024 expressed an unmodified opinion on those consolidated financial statements.
Basis for Opinion on Internal Control over Financial Reporting for Consolidation Purposes
We conducted our audit in accordance with KSAs. Our responsibilities under those standards are further
described in the Auditor’s Responsibilities for the Audit of Internal Control over Financial Reporting for
Consolidation Purposes section of our report. We are independent of the Group in accordance with the ethical
requirements that are relevant to our audit of the internal control over financial reporting for consolidation
purposes in Republic of Korea, and we have fulfilled our other ethical responsibilities in accordance with these
requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Responsibilities of Management and Those Charged with Governance for the Internal Control over
Financial Reporting for Consolidation Purposes
The Group’s management is responsible for designing, operating and maintaining effective internal control
over financial reporting for consolidation purposes and for its assessment of the effectiveness of internal control
over financial reporting for consolidation purposes, included in the accompanying ‘Operating Status Report of
Internal Control over Financial Reporting for Consolidation Purposes.’
Those charged with governance have the responsibilities for overseeing the Group’s internal control over
financial reporting for consolidation purposes.
Auditor’s Responsibilities for the Audit of the Internal Control over Financial Reporting for
Consolidation Purposes
Our responsibility is to express opinion on the Group’s internal control over financial reporting for
consolidation purposes based on our audit. We conducted our audit in accordance with KSAs. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether effective internal
control over financial reporting for consolidation purposes was maintained in all material respects.
Our audit of internal control over financial reporting for consolidation purposes included obtaining an
understanding of internal control over financial reporting for consolidation purposes, assessing the risk that
a
material weakness exists, and testing and evaluating the design and operating effectiveness of internal control
based on the assessed risk.
Definition and Limitations of Internal Control over Financial Reporting for Consolidation Purposes
An entity’s internal control over financial reporting for consolidation purposes is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of the consolidated
financial statements for external purposes in accordance with Korean International Financial Reporting
Standards (“K-IFRS”). A Group’s internal control over financial reporting for consolidation purposes includes
those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the assets of the group; (2) provide reasonable assurance
that transactions are recorded as necessary to permit preparation of consolidated financial statements in
accordance with K-IFRS, and that receipts and expenditures of the group are being made only in accordance
with authorizations of management and directors of the group; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the group’s assets that could
have a material effect on the consolidated financial statements.
Because of its inherent limitations, internal control over financial reporting for consolidation purposes may not
prevent or detect misstatements in the consolidated financial statements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may become inadequate because of changes
in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
The engagement partner on the audit resulting in this independent auditor’s report is Jae-Beom Choi.
KPMG Samjong Accounting Crop.
Seoul, Korea
March 6, 2024
This report is effective as of March 6, 2024, the audit report date. Certain subsequent events or
circumstances, which may occur between the audit report date and the time of reading this report, could
have a material impact on the internal control over financial reporting. Accordingly, the readers of the audit
report should understand that the above audit report has not been updated to reflect the impact of such
subsequent events or circumstances, if any.

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ANNUAL REPORT 2023

WOORI OVERVIEW ESG REPORT BUSINESS REVIEW APPENDIX

006 Financial Highlights 015 Governance 064 Disclaimer

STRATEGY REPORT 046 Woori Asset Trust

047 Woori Savings Bank Business Results

025 Global Business

052 Woori Credit Information

054 Woori FIS

WOORI OVERVIEW 006

MESSAGE FROM THE CEO

Su-Young Yun Yo-Hwan Shin Sung-Bae Ji

Eun-Ju Lee Sunyoung Park

Total Equity 28.9 31.6 33.4 5.6% (KRW in trillions)

NPL Ratio(%) 0.30 0.31 0.37 0.06%p 45.2

(As of Dec. 2023)

25.5million 24 countries 580 network

Received "AAA"rating Received "A"rating

ESG REPORT 015 GOVERNANCE

Promoting Creating Enhancing

E Environment S Social G Governance

Establishment of Human Rights Management Enhancing Shareholder Value

Engagement in Global Initiatives 2023 ACHIEVEMENTS Visits to ESG International Organizations

Oct. 2022 NZBA(Net Zero Banking

ESG Vision & Strategy PLAN FOR 2024

S Creating Social Value

Strengthening Co-prosperity Finance and Socially Responsible 2023 ESG Evaluations

•Advancing ESG governance

Gwanak-gu Branch Gwanak Senior Welfare Center

2022 380 million being utilized for these initiatives.

Eco-Friendly Social Contribution Projects EMPLOYEE SATISFACTION

Tree-Planting at Noeul Park Support for Eco-Friendly Energy Installations

•Establishment of fundamental policies and strategies for risk management

Diversity and Expertise of the Board

Independence Independent Standing

Independent Director Candidate Pool Female Independent Director Candidate Pool

(As of Mar. 2024)

STRATEGY REPORT 025

GROUP VISION & STRATEGY

2024 GROUP STRATEGY

Boosting Core Business Robust Strengthening Digital/

Enhanced Group-wide Synergies Strengthening Synergy Competitiveness

WOORI FINANCIAL CAPITAL * Woori Investment

WOORI FINANCIAL F&I

WOORI ASSET MANAGEMENT

WOORI CREDIT INFORMATION

WOORI FUND SERVICES

MAUs of Digital Channels 2023 Management Objective

Fortifying its Foundation

Woori WON Woori WON

Group-Wide Universal Banking Expansion of the External Ecosystem

DIGITAL STRATEGIES FOR 2024

Woori America Bank AO Woori Bank(Russia)

New York Seoul

Banco Woori Bank Woori Bank

(As of the end of 2023)

GLOBAL STRATEGIES FOR 2024

2023 ACHIEVEMENTS Woori Bank

Risk Management Governance

Enhancing its portfolio management Managing risk for sustainable

Compliance Risk Management

Oct. 2022 NZBA(Net Zero Banking

WOORI FINANCIAL CAPITAL * Woori Investment

Certification Extended onJune 24, 2023