Business Context and Reporting Period
This Form 6-K filing by Woori Financial Group Inc. (Woori) reports preliminary financial performance for the three-month period ended March 31, 2022 (1Q 2022). The filing, dated April 22, 2022, includes consolidated results for the Group and its wholly-owned subsidiary, Woori Bank. Figures are prepared under Korean International Financial Reporting Standards (K-IFRS) and are subject to adjustment as they have not been reviewed by independent auditors.
Key Financial Metrics
Woori Financial Group (1Q 2022)
- Revenue: 8,966,147 million KRW
- Operating Income: 1,228,442 million KRW
- Net Income: 917,527 million KRW
- Profit to Equity Holders of Parent Entity: 884,230 million KRW
Woori Bank (1Q 2022)
- Revenue: 8,095,263 million KRW
- Operating Income: 991,557 million KRW
- Net Income: 764,504 million KRW
- Profit to Equity Holders of Parent Entity: 761,515 million KRW
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
Woori Financial Group
- vs. 4Q 2021: Revenue increased 64.90%, Operating Income increased 110.30%, and Net Income increased 105.85%. Profit to equity holders rose 126.73%.
- vs. 1Q 2021: Revenue increased 2.89%, Operating Income increased 31.59%, and Net Income increased 27.64%. Profit to equity holders rose 32.55%.
Woori Bank
- vs. 4Q 2021: Revenue increased 75.65%, Operating Income increased 104.57%, and Net Income increased 95.17%. Profit to equity holders rose 95.86%.
- vs. 1Q 2021: Revenue increased 0.71%, Operating Income increased 28.22%, and Net Income increased 29.19%. Profit to equity holders rose 29.21%.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future outlook, or specific discussion of risks and contingencies. The document explicitly states that the figures are preliminary and subject to adjustment. Revenue is defined as the sum of interest income, fee and commission income, dividend income, gain on financial assets, and other operating income, excluding non-operating income.
Investor Verification Checklist
- Verify the final audited figures for 1Q 2022 once the annual report is released, as current data is preliminary.
- Confirm the specific drivers behind the significant sequential increase in revenue and operating income compared to 4Q 2021 (e.g., one-time gains vs. organic growth).
- Review the upcoming audited financial statements for details on cash flow, debt levels, and liquidity which are absent in this summary.
- Assess the impact of the "gain on financial assets" component within revenue, as this can be volatile.