Business Context and Reporting Period
This Form 6-K filing by Woori Financial Group Inc. reports preliminary consolidated financial performance for Woori Bank for the fiscal year ended December 31, 2018. The report was filed on February 11, 2019, and figures are prepared in accordance with Korean International Financial Reporting Standards (K-IFRS).
Key Financial Metrics
| Item (Millions KRW) | FY 2018 | FY 2017 | % Change |
|---|---|---|---|
| Revenue* | 19,918,089 | 23,725,106 | -16.05% |
| Operating Income | 2,743,850 | 2,156,742 | 27.22% |
| Income Before Tax | 2,789,421 | 1,949,506 | 43.08% |
| Net Income | 2,040,193 | 1,530,088 | 33.34% |
| Profit to Equity Holders | 2,019,234 | 1,512,148 | 33.53% |
*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).
Profit to Equity Holders for the fourth quarter of 2018 was KRW 115,828 million. The filing does not provide specific data on cash flow, debt levels, liquidity ratios, or margin percentages beyond the raw income figures.
Material Changes
- Revenue Decline: Total revenue decreased by 16.05% year-over-year, dropping from approximately 23.7 trillion KRW to 19.9 trillion KRW.
- Profit Surge: Despite lower revenue, Operating Income increased by 27.22%, and Net Income rose by 33.34%.
- Pre-Tax Growth: Income before income tax expense grew significantly by 43.08% compared to the prior year.
Outlook, Risks, and Contingencies
The filing contains no specific forward-looking guidance, management commentary on future strategy, or detailed risk factors. The document explicitly states that the figures are preliminary and subject to adjustment as they have not been reviewed by independent auditors. Investors are directed to the company website for further information.
Investor Verification Checklist
- Verify the final audited financial statements to confirm the preliminary figures and adjustments.
- Investigate the specific drivers behind the 16% revenue decline concurrent with a 33% increase in net income.
- Review the full annual report for details on non-operating income exclusions and specific asset gains.
- Confirm the final fourth-quarter 2018 profit figure of KRW 115,828 million in the audited report.