Business Context and Reporting Period
This Form 6-K filing by Woori Financial Group Inc., dated July 22, 2022, presents preliminary consolidated financial performance figures for the six-month period ended June 30, 2022 (1H 2022). The data covers both the 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 (1H 2022)
| Item (Millions KRW) | Woori Financial Group | Woori Bank |
|---|---|---|
| Revenue* | 22,714,117 | 20,882,950 |
| Operating Income | 2,432,188 | 1,984,389 |
| Net Income | 1,858,795 | 1,558,788 |
| Profit to Equity Holders of Parent | 1,761,425 | 1,554,466 |
*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).
The filing does not provide specific data on cash flow, debt levels, liquidity ratios, or explicit margin percentages beyond the raw income figures.
Material Changes vs. Prior Periods
- Year-over-Year Growth (vs. 1H 2021):
- Group Revenue increased by 73.32% to 22.7 trillion KRW.
- Group Net Income increased by 20.92% to 1.86 trillion KRW.
- Woori Bank Revenue increased by 77.57% to 20.9 trillion KRW.
- Woori Bank Net Income increased by 21.43% to 1.56 trillion KRW.
- Sequential Comparison (vs. 2H 2021):
- Group Revenue increased by 60.83% compared to the second half of 2021.
- Group Net Income increased by 46.35% compared to the second half of 2021.
- Woori Bank Revenue increased by 66.38% compared to the second half of 2021.
- Woori Bank Net Income increased by 41.53% compared to the second half of 2021.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future outlook, or specific discussion of risks and contingencies. 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
- Verify the final audited figures in the upcoming annual or quarterly reports to confirm the preliminary revenue and net income numbers.
- Investigate the drivers behind the significant revenue increase (73% YoY), specifically the composition of "gain on financial assets" versus core interest income.
- Review the full financial statements for details on debt levels, liquidity positions, and non-interest expenses, which are not detailed in this summary.
- Confirm the impact of the "specified half" reporting methodology on the comparability of the sequential growth figures.