Business Context and Reporting Period
This Form 6-K filing by Woori Financial Group Inc. (Woori Financial Group) reports preliminary consolidated financial performance for the fiscal year ended December 31, 2021. The filing was submitted on February 9, 2022. The figures are prepared in accordance with Korean International Financial Reporting Standards (K-IFRS) and are preliminary, meaning they are subject to adjustment and have not yet been reviewed by independent auditors.
Key Financial Metrics
Woori Financial Group (Consolidated)
- Revenue: KRW 27,228,335 million
- Operating Income: KRW 3,659,749 million
- Net Income: KRW 2,807,371 million
- Profit to Equity Holders of Parent Entity: KRW 2,587,936 million
- Q4 2021 Profit to Equity Holders: KRW 390,000 million
Woori Bank (Wholly-owned Subsidiary)
- Revenue: KRW 24,311,964 million
- Operating Income: KRW 3,072,692 million
- Net Income: KRW 2,385,106 million
- Profit to Equity Holders of Parent Entity: KRW 2,375,525 million
- Q4 2021 Profit to Equity Holders: KRW 388,807 million
Note: The filing text does not provide specific values for cash flow, debt levels, liquidity ratios, or explicit margin percentages.
Material Changes Versus Prior Period
Compared to the fiscal year 2020, the Group and its primary subsidiary, Woori Bank, experienced significant profitability growth despite revenue declines.
- Woori Financial Group:
- Revenue decreased by 4.98%.
- Operating Income increased by 75.92%.
- Net Income increased by 85.27%.
- Profit to Equity Holders increased by 97.97%.
- Woori Bank:
- Revenue decreased by 9.41%.
- Operating Income increased by 59.56%.
- Net Income increased by 74.06%.
- Profit to Equity Holders increased by 74.26%.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future outlook, or specific discussion of risks and contingencies beyond the standard disclaimer regarding the preliminary nature of the data. The document explicitly states that the figures are subject to adjustment as they have not been reviewed by independent auditors.
Investor Verification Checklist
- Verify the final audited financial statements to confirm the preliminary figures for FY 2021.
- Investigate the drivers behind the significant divergence between declining revenue and surging operating income and net profit.
- Review the upcoming annual report (Form 20-F) for detailed breakdowns of cash flow, debt obligations, and liquidity positions not included in this summary.
- Confirm the composition of "Revenue" as defined in the filing (interest income, fees, dividends, gains on financial assets) to ensure accurate comparison with peer institutions.