Business Context and Reporting Period
This Form 6-K filing by Woori Financial Group Inc. (Woori) reports preliminary financial performance for the third quarter of 2022 (ended September 30, 2022) and the nine-month cumulative period. The data covers both the consolidated Group and its wholly-owned subsidiary, Woori Bank. Figures are prepared under Korean International Financial Reporting Standards (K-IFRS) and are unaudited.
Key Financial Metrics
Woori Financial Group (Consolidated)
| Metric | 3Q 2022 (Quarter) | 3Q 2022 (9-Month Cumulative) | Units |
|---|---|---|---|
| Revenue | 20,443,634 | 43,158,579 | Millions KRW |
| Operating Income | 1,270,632 | 3,702,745 | Millions KRW |
| Net Income | 933,385 | 2,792,689 | Millions KRW |
| Profit to Equity Holders | 899,811 | 2,661,745 | Millions KRW |
Woori Bank (Subsidiary)
| Metric | 3Q 2022 (Quarter) | 3Q 2022 (9-Month Cumulative) | Units |
|---|---|---|---|
| Revenue | 19,396,423 | 40,280,392 | Millions KRW |
| Operating Income | 1,107,783 | 3,092,172 | Millions KRW |
| Net Income | 823,033 | 2,381,821 | Millions KRW |
| Profit to Equity Holders | 819,075 | 2,373,541 | Millions KRW |
Note: The filing does not provide specific data on cash flow, debt levels, liquidity ratios, or explicit margin percentages.
Material Changes vs. Prior Periods
- Revenue Growth: Group revenue for the specified quarter increased 48.69% sequentially (vs. 2Q 2022) and 135.37% year-over-year (vs. 3Q 2021). Cumulative revenue rose 98.06% year-over-year.
- Profitability: Group Net Income for the quarter declined 5.42% sequentially but increased 13.22% year-over-year. Cumulative Net Income grew 18.25% year-over-year.
- Operating Income: Group Operating Income rose 5.56% sequentially and 16.38% year-over-year for the quarter. Cumulative Operating Income increased 20.39% year-over-year.
- Woori Bank Performance: The subsidiary mirrored the Group's trends, with quarterly revenue up 51.67% sequentially and 144.20% year-over-year. Quarterly Net Income dipped 1.95% sequentially but rose 15.97% year-over-year.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future outlook, or specific risk factors beyond the standard disclaimer. The document explicitly states that the figures are preliminary and subject to adjustment as they have not been reviewed by independent auditors.
Investor Verification Checklist
- Audit Status: Confirm that the final audited financial statements align with these preliminary figures.
- Revenue Composition: Verify the drivers behind the significant year-over-year revenue surge (135% for Group, 144% for Bank), specifically regarding interest income versus gains on financial assets.
- Sequential Decline: Investigate the reasons for the sequential decrease in Net Income (-5.42% for Group, -1.95% for Bank) despite strong revenue growth.
- Balance Sheet Metrics: Obtain separate filings for debt levels, liquidity ratios, and non-performing loan data, as these are not included in this summary.