Business Context and Reporting Period
This Form 6-K filing by Woori Financial Group Inc. reports preliminary consolidated financial performance for the three-month period ended March 31, 2023 (1Q 2023). The filing also includes preliminary figures for its wholly-owned subsidiary, Woori Bank. The data is prepared in accordance with Korean International Financial Reporting Standards (K-IFRS) and is subject to adjustment as it has not yet been reviewed by independent auditors.
Key Financial Metrics (1Q 2023)
| Item (Millions KRW) | Woori Financial Group | Woori Bank |
|---|---|---|
| Revenue* | 12,551,292 | 11,464,817 |
| Operating Income | 1,252,157 | 1,141,610 |
| Net Income | 944,262 | 862,912 |
| Profit to Equity Holders of Parent | 911,327 | 859,492 |
*Revenue represents the sum of interest income, fee and commission income, dividend income, gain on financial assets, and other operating income (excluding non-operating income).
The filing does not provide specific data on cash flow, debt levels, liquidity ratios, or explicit margin percentages beyond the raw income figures.
Material Changes vs. Prior Periods
- Year-over-Year (vs. 1Q 2022):
- Woori Financial Group: Revenue increased by 39.99%. Net Income rose by 8.23%, and Profit to Equity Holders increased by 8.60%.
- Woori Bank: Revenue increased by 41.62%. Net Income rose by 19.95%, and Profit to Equity Holders increased by 19.97%.
- Quarter-over-Quarter (vs. 4Q 2022):
- Woori Financial Group: Operating Income surged 72.03% and Net Income jumped 77.73%. Revenue comparison is marked as "Not Meaningful" (N/M) due to a significant decrease in 4Q 2022.
- Woori Bank: Operating Income increased 65.21% and Net Income rose 65.44%. Similar to the Group, revenue comparison is N/M.
Management Commentary and Unusual Items
The filing highlights a specific anomaly in the prior quarter (4Q 2022) that distorts quarter-over-quarter comparisons. Profits and losses related to derivatives in 4Q 2022 decreased significantly due to, among other factors, a fall in the exchange rate. This caused revenues and operating expenses in 4Q 2022 to be reduced compared to 3Q 2022, making the percentage change in revenue from 4Q 2022 to 1Q 2023 not meaningful.
No specific forward guidance, risk factors, or contingencies are detailed in this preliminary summary.
Investor Verification Checklist
- Verify the final audited figures once the full annual report is released, as these are preliminary and subject to adjustment.
- Confirm the specific impact of exchange rate fluctuations on derivative valuations in 4Q 2022 to understand the baseline for QoQ growth.
- Review the upcoming full 20-F filing for detailed cash flow statements, debt covenants, and liquidity metrics not included here.
- Monitor the breakdown of revenue growth between interest income and non-interest income (fees/commissions) in the detailed report.