Business Context and Reporting Period
This Form 6-K filing by Woori Financial Group Inc. (Woori Financial Group) reports on board resolutions passed on February 6, 2024, regarding year-end dividend payments for the fiscal year 2023. The filing covers the parent company and its wholly-owned subsidiary, Woori Bank.
Key Financial Metrics
The filing focuses on capital distribution rather than operational performance metrics such as revenue, profit, or cash flow, which are not provided in this text.
- Woori Financial Group Dividend: KRW 640 per common share (Year-end portion).
- Woori Financial Group Total FY2023 Dividend: KRW 1,000 per share (including KRW 360 paid in prior quarters).
- Woori Financial Group Total Payout Amount: KRW 481,213,130,240 for the year-end portion; KRW 747,302,121,920 for the full fiscal year.
- Woori Bank Dividend: KRW 1,581 per common share.
- Woori Bank Total Payout Amount: KRW 1,131,996,000,000.
- Outstanding Shares (Woori Financial Group): 751,895,516 shares.
- Outstanding Shares (Woori Bank): 716,000,000 shares.
Material Changes
The filing does not provide comparative financial data against prior periods to assess material changes in revenue or profitability. The primary update is the declaration of the year-end dividend component, bringing the total FY2023 payout for Woori Financial Group to KRW 1,000 per share.
Guidance, Outlook, and Contingencies
Management Commentary and Conditions:
- Approval Requirements: Both dividend resolutions are subject to the results of an external audit and final approval at the respective annual general meetings of shareholders.
- Shareholder Meetings: Scheduled for March 22, 2024 (Woori Financial Group) and March 21, 2024 (Woori Bank).
- Payout Timing: Dividends are expected to be paid within one month of shareholder approval, in accordance with the Korean Commercial Code.
- Woori Bank Specifics: As Woori Bank is not listed, no market price-dividend ratio is calculated. The entire dividend amount is payable to Woori Financial Group as the sole shareholder.
Investor Verification Checklist
- Confirm the final approval of dividends at the annual general meetings scheduled for late March 2024.
- Verify the external audit results which are a prerequisite for the dividend payments.
- Note the record date for Woori Financial Group is February 29, 2024, while Woori Bank's record date was December 31, 2023.
- Monitor the actual payout date, which is contingent on the shareholder meeting approval.