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, 2022. The filing was submitted on February 8, 2023. 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
The following metrics represent the consolidated results for Woori Financial Group and its wholly-owned subsidiary, Woori Bank, for the fiscal year 2022 (FY2022) compared to FY2021. All monetary values are in millions of KRW.
Woori Financial Group Consolidated Results
| Item | FY 2022 | FY 2021 | % Change |
|---|---|---|---|
| Revenue* | 42,422,553 | 27,228,335 | 55.80% |
| Operating Income | 4,462,533 | 3,659,749 | 21.94% |
| Income before Income Tax Expense | 4,523,340 | 3,749,241 | 20.65% |
| Net Income | 3,351,617 | 2,807,371 | 19.39% |
| Profit to Equity Holders of Parent Entity | 3,169,316 | 2,587,936 | 22.47% |
*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).
Woori Bank Subsidiary Results
| Item | FY 2022 | FY 2021 | % Change |
|---|---|---|---|
| Revenue* | 38,656,623 | 24,311,964 | 59.00% |
| Operating Income | 3,815,196 | 3,072,692 | 24.16% |
| Net Income | 2,931,044 | 2,385,106 | 22.89% |
| Profit to Equity Holders of Parent Entity | 2,919,800 | 2,375,525 | 22.91% |
Material Changes Versus Prior Period
- Revenue Surge: Both the Group and Woori Bank reported significant revenue growth, increasing by 55.80% and 59.00% respectively compared to FY2021.
- Profitability Expansion: Net income for the Group rose by 19.39%, while profit attributable to equity holders of the parent entity increased by 22.47%.
- Fourth Quarter Performance: The filing notes that the 4Q 2022 profit to equity holders of the parent entity was KRW 507,571 million for the Group and KRW 546,259 million for Woori Bank.
Guidance, Outlook, and Risks
The filing does not provide specific forward-looking guidance, management commentary on future strategy, or a detailed discussion of risks and contingencies beyond the standard disclaimer regarding the preliminary nature of the data.
Unusual Items / Data Limitations:
- The financial figures are preliminary and subject to adjustment.
- The data has not been reviewed by independent auditors.
- The filing does not provide specific data on debt levels, liquidity ratios, or cash flow statements.
Key Facts for Investor Verification
- Verify the final audited financial statements to confirm the preliminary revenue and net income figures, particularly given the significant year-over-year increases.
- Confirm the composition of the 55.80% revenue increase to understand the drivers (e.g., interest income vs. gains on financial assets).
- Review the upcoming audited report for details on debt, liquidity, and cash flow, which are not included in this preliminary summary.
- Monitor the final reconciliation of the "Profit to Equity Holders of the Parent Entity" to ensure the preliminary 4Q figures align with the full-year audited results.