Business Context and Reporting Period
This Form 6-K filing by Woori Financial Group Inc. (Woori Bank) reports the results of the Annual General Meeting of Shareholders held on March 24, 2017. The meeting ratified the financial statements for the fiscal year ended December 31, 2016, and approved key corporate governance changes.
Key Financial Metrics (Fiscal Year 2016)
The filing provides consolidated and separate financial data in millions of KRW. The independent auditor issued an unqualified opinion for both sets of statements.
| Metric | Consolidated | Separate |
|---|---|---|
| Total Assets | 310,682,727 | 290,772,143 |
| Total Liabilities | 290,136,774 | 270,919,625 |
| Total Shareholder's Equity | 20,545,953 | 19,852,518 |
| Revenue* | 23,598,270 | 21,026,141 |
| Operating Income | 1,574,206 | 1,270,501 |
| Net Income | 1,277,533 | 1,065,602 |
| Earnings Per Share (KRW) | 1,567 | 1,277 |
*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).
Dividends: A cash dividend of 400 KRW per common share was approved, representing approximately 3% of the market price. The total dividend amount is 269,308,490,400 KRW. No dividend was declared for class shares.
Material Changes and Governance Actions
- Financial Ratification: Shareholders approved the 2016 financial statements.
- Leadership Appointments:
- President & CEO: Kwang-Goo Lee was re-appointed for a term ending at the March 2019 AGM.
- Standing Directors: Kwang-Goo Lee (Re-appointment) and Jung-Sik Oh (New appointment) were appointed.
- Audit Committee: Jung-Sik Oh was appointed as a non-outside director member.
- Board Composition: Following appointments, the board consists of 8 total directors, including 5 outside directors. The Audit Committee includes 2 outside directors and 1 non-outside director.
- Articles of Incorporation: Amendments were approved.
Guidance, Outlook, and Risks
The filing text does not provide forward-looking guidance, management commentary on future outlook, specific risk factors, or details on contingencies beyond the standard ratification of past financial results and governance appointments.
Investor Verification Checklist
- Verify the full text of the approved amendments to the Articles of Incorporation.
- Confirm the exact market price of common stock used to calculate the 3% dividend yield.
- Review the detailed career background of new appointee Jung-Sik Oh to assess potential strategic shifts.
- Check subsequent filings for the specific breakdown of the "Revenue" components (interest vs. fee income) to understand profitability drivers.