Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 (6-k)

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2023

Commission File Number: 001-31811

Woori Financial Group Inc.

(Translation of registrant’s name into English)

51, Sogong-ro, Jung-gu, Seoul, 04632, Korea

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submission to furnish a report or other document that the registration foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Index

1.	Summary of 2023 1Q Business Report

2.	Exhibit 99.1 Woori Financial Group Review Report for 2023 1Q (Consolidated)

3.	Exhibit 99.2 Woori Financial Group Review Report for 2023 1Q (Separate)

Summary of 2023 First Quarter Business Report

Table of Contents


I. INTRODUCTION OF THE COMPANY			5

II. BUSINESS OVERVIEW			5

1. Results of Operations			5

2. Funding Sources and Uses of Funds			5

3. Other Information Necessary for Making Investment Decisions			6

III. FINANCIAL INFORMATION			11

1. Condensed Financial Statements (Consolidated)			11

2. Condensed Financial Statements (Separate)			13

3. Dividend Information			15

IV. INDEPENDENT AUDITOR’S OPINION			16

1. Independent Auditor’s Opinion			16

2. Compensation to the Independent Auditor			16

V. CORPORATE GOVERNANCE			18

VI. SHAREHOLDER INFORMATION			18

1. Share Distribution			18

2. Stock Price and Stock Market Performance			20

VII. DIRECTORS AND EMPLOYEE INFORMATION			21

1. Directors and Executives			21

2. Employee Status			22

3. Directors’ Compensation			22

Except where indicated otherwise, financial information contained in this document (including the attached financial statements) has been prepared in accordance with the Korean equivalent of International Financial Reporting Standards (“Korean IFRS”), which differ in certain important respects from generally accepted accounting principles in the United States.

All references to “Woori Financial Group,” “we,” “us” or the “Company” are to Woori Financial Group Inc. and, unless the context requires otherwise, its subsidiaries. In addition, all references to “Won” or “KRW” in this document are to the currency of the Republic of Korea.

Introduction of the Company

This section has been omitted for quarterly business reports, pursuant to revised Korean regulations. For information on this section, please refer to the Form 6-K furnished to the Securities and Exchange Commission on March 16, 2023 under the title “Summary of 2022 Business Report.”

II.

Business Overview

1.	Results of Operations

(unit: billions of Won)


Type	2023 1Q		2022		2021
Operating income		1,252		4,431		3,660
Non-operating income		18		55		89
Income from continuing operations before income tax		1,270		4,485		3,749
Income tax expense from continuing operations (-)		324		1,161		942
Income from discontinued operations		—		—		—
Net income		947		3,324		2,807
Controlling Interest		914		3,142		2,588
Non-controlling Interest		33		182		219

Note 1)

Based on K-IFRS consolidated financial statements

2.	Funding Sources and Uses of Funds

a.	Sources of Funds


For the periods indicated other than as noted below															(units: millions of Won, %)

Classification	Funding Source	2023 1Q						2022						2021
Classification	Funding Source	Average Balance		Interest Rate		Proportion		Average Balance		Interest Rate		Proportion		Average Balance		Interest Rate		Proportion
Source	Deposits		316,609,169		2.70		68.55		313,019,768		1.45		68.21		291,653,291		0.79		70.88
	Borrowings		27,166,451		3.63		5.88		27,296,742		1.99		5.95		21,628,379		0.98		5.26
	Debentures		43,202,622		3.14		9.35		45,945,392		2.26		10.01		40,901,547		1.78		9.94
	Others		42,778,656		—		9.27		42,537,152		—		9.27		29,470,312		—		7.15
	Total Liabilities		429,756,898		—		93.05		428,799,054		—		93.44		383,653,529		—		93.23

	Total Equity		32,115,477		—		6.95		30,082,662		—		6.56		27,845,863		—		6.77

	Total Liabilities & Equity		461,872,375		—		100.00		458,881,716		—		100.00		411,499,392		—		100.00

Note 1)

Average Balance : the simple average of the balances at the start of the fiscal year and at the end of each quarter

Note 2)

Based on K-IFRS consolidated financial statements

b.	Use of Funds


For the periods indicated other than as noted below																	(units: millions of Won, %)

Type	Managed Item	2023 1Q							2022							2021
Type	Managed Item	Average Balance		Interest Rate		Proportion			Average Balance		Interest Rate		Proportion			Average Balance		Interest Rate		Proportion
Use	Cash & Due from Banks		18,003,854		2.95		3.90			16,097,533		1.52		3.51			13,809,362		0.34		3.36
	Marketable securities		73,695,396		3.73		15.96			68,661,882		1.50		14.96			58,416,310		1.67		14.20
	Loans		327,660,414		5.03		70.94			326,710,683		3.73		71.20			301,849,585		2.79		73.35
	Loans in local currency		282,270,036		4.83		61.12			280,414,033		3.53		61.12			262,010,967		2.59		63.67
	Loans in foreign Currency		30,528,076		6.20		6.61			30,916,107		4.54		6.74			25,104,084		3.58		6.10
	Guarantee payments		18,684		2.38		0.00			21,260		2.67		0.00			28,000		2.46		0.01
	Credit card receivables		10,302,364		7.14		2.23			10,026,037		7.24		2.18			9,196,190		7.42		2.23
	Foreign bills bought		4,541,254		4.76		0.98			5,333,246		2.58		1.16			5,510,344		0.85		1.34
	Bad debt expense in local currency (-)		2,372,096		—		(0.51	)		2,128,867		—		(0.46	)		1,878,781		—		(0.46	)
	Others		44,884,807		—		9.71			49,540,485		—		10.79			39,302,916		—		9.55

	Total Assets		461,872,375		—		100.00			458,881,716		—		100.00			411,499,392		—		100.00

Note 1)

Average Balance : the simple average of the balances at the start of the fiscal year and at the end of each quarter

Note 2)

Based on K-IFRS consolidated financial statements

3.	Other Information Necessary for Making Investment Decisions

a.	Capital Adequacy Ratios

Group BIS Capital Adequacy Ratios


As of the end of the period indicated						(units: billions of Won, % )


Type	2023 1Q		2022		2021
Equity capital (A)		32,832		31,404		28,980
Risk weighted assets (B)		207,957		205,307		192,503
BIS(Capital adequacy) ratio (A/B)		15.79		15.30		15.05

Note 1)

BIS (Bank for International Settlements) Capital Adequacy Ratios = Equity capital / Risk weighted assets * 100

Note 2)

Based on K-IFRS consolidated financial statements and Basel III standards

Note 3)

2023 1Q figures are estimates only and are subject to change

Capital Adequacy Ratios for Significant Subsidiaries and Consolidated Companies


As of the end of the periods indicated		(units: millions of Won, % )


Name of Company	Type		2023 1Q		2022		2021
Woori Bank Note2)	BIS ratio Note1)	Equity capital (A)		27,357,968		26,119,135		25,473,034
		Risk weighted assets (B)		167,489,507		167,432,214		157,275,764
		Capital adequacy ratio (A/B)		16.33		15.60		16.20
Woori Card Note3)	Adjusted capital ratio			16.68		16.54		17.73
	Tangible common equity ratio			11.95		11.28		11.84
Woori Financial Capital Note3)	Adjusted capital ratio			14.32		13.78		13.38
	Tangible common equity ratio			12.80		12.24		11.70
Woori Investment Bank Note4)	BIS ratio Note1)	Equity capital (A)		671,238		674,082		576,693
		Risk weighted assets (B)		4,464,230		4,448,524		4,037,822
		Capital adequacy ratio (A/B)		15.04		15.15		14.28
Woori Asset Trust Note5)	Operating capital ratio			1,263.68		1,189.77		1,078.93
Woori Asset Management Note3)	Minimum operating capital ratio			705.45		681.18		721.87
Woori Venture Partners Note6)	Tangible common equity ratio			90.75		90.92		88.57
Woori Savings Bank Note7)	BIS Capital adequacy ratio Note1)			18.12		18.06		21.47
Woori Private Equity Asset Management Note3)	Minimum operating capital ratio			8,971.49		8,937.76		3,967.99

Note 1)

BIS (Bank for International Settlements) Capital Adequacy Ratio : Equity capital / Risk weighted assets * 100

Note 2)

Figures for Woori Bank are based on the K-IFRS consolidated financial statements and Basel III standards. 2023 1Q figures are estimates only and are subject to change

Note 3)

Figures for Woori Card, Woori Financial Capital, Woori Asset Management and Woori Private Equity Asset Management are based on the applicable standards for business reports submitted to the Financial Supervisory Service and our K-IFRS separate financial statements

Note 4)

Figures for Woori Investment Bank are based on the applicable standards for business reports submitted to the Financial Supervisory Service and our K-IFRS consolidated financial statements

Note 5)

Figures for Woori Asset Trust are based on K-IFRS separate financial statements

Note 6)

Figures for Woori Venture Partners are based on the K-IFRS consolidated financial statements

Note 7)

Figures for Woori Savings Bank are based on K-GAAP

b.	Liquidity Ratios

Won Liquidity Ratios


As of the end of the periods indicated														(units: millions of Won, % )

Type	2023 1Q						2022						2021
Type	Won Liquidity Assets		Won Liquidity Liabilities		Won Liquidity Ratio		Won Liquidity Assets		Won Liquidity Liabilities		Won Liquidity Ratio		Won Liquidity Assets		Won Liquidity Liabilities		Won Liquidity Ratio
Woori Financial Group Note 1)		2,061,543		719,414		286.6		316,876		7,656		4,138.9		560,744		5,734		9,779.3
Woori Card Note 2)		7,867,829		1,955,157		402.4		8,282,745		1,832,484		452.0		7,455,390		1,419,809		525.1
Woori Financial Capital Note 2)		2,545,328		1,294,480		196.6		2,468,298		1,205,067		204.8		1,531,101		856,736		178.7
Woori Investment Bank Note 2)		3,454,461		1,691,340		204.2		3,128,499		1,802,149		173.6		2,728,159		2,031,260		134.3
Woori Asset Trust Note 2)		229,639		29,296		783.85		232,036		32,755		708.4		176,660		25,558		691.2
Woori Savings Bank Note 2), Note3)		402,919		242,720		166.0		534,678		384,493		139.1		292,913		228,445		128.2
Woori Venture Partners Note 2)		65,063		9,350		695.8		109,432		10,707		1022.1		122,396		21,978		556.9
Woori Private Equity Asset Management Note 2)		43,971		1,926		2,283.2		23,226		1,897		1,224.4		8,068		1,539		540.0

Note 1)

Based on current assets and liabilities within one month of maturity

Note 2)

Based on current assets and liabilities within 90 days of maturity

Note 3)

Based on K-GAAP

Foreign Currency (FC) Liquidity Ratios

As of the end of the periods indicated

(units: millions of Won, % )

Type

2023 1Q

2022

2021

FC
Liquidity
Assets

FC
Liquidity
Liabilities

FC
Liquidity
Ratio

FC
Liquidity
Assets

FC
Liquidity
Liabilities

FC
Liquidity
Ratio

FC
Liquidity
Assets

FC
Liquidity
Liabilities

FC
Liquidity
Ratio

Woori Investment Bank Note 1)

69,294

67,667

102.40

65,102

63,365

102.74

13,583

—

Note 1)

Based on current assets and liabilities within three months of maturity

Liquidity Coverage Ratios

(unit: % )


Name of Company	Type	2023 1Q Note 1)		2022 Note 1)		2021 Note 2)
Woori Bank	Liquidity coverage ratio		101.00		102.40		89.95
	Foreign currency liquidity coverage ratio		121.08		143.11		107.40
	Ratio of business purpose premises and equipment		10.50		11.04		11.46

Note 1)

The liquidity coverage ratio and the foreign currency liquidity coverage ratio requirements for banks are 92.5% and 80.0% respectively as of 2023 1Q and end of 2022

Note 2)

The liquidity coverage ratio and the foreign currency liquidity coverage ratio requirements for banks are 85.0% and 70.0% respectively as of end of 2021

Note 3)

The method of calculation is same as the applicable standards for business disclosures, and the applicable periods are 2023 1Q, 2022 4Q and 2021 4Q

c.	Profitability Ratio Note1), Note2)


												(units: % )

Type	2023 1Q						2022				2021
Type	ROA			ROE			ROA		ROE		ROA		ROE
Woori Financial Group
Including non-controlling interests		0.79			12.96			0.70		12.21		0.66		11.48
Excluding non-controlling interests		0.76			12.51			0.66		11.54		0.61		10.58
Woori Bank		0.79			13.67			0.66		11.71		0.60		9.92
Woori Card		1.57			10.34			1.14		7.28		1.10		6.36
Woori Financial Capital		1.39			11.46			1.51		12.53		1.69		15.74
Woori Investment Bank		1.64			13.29			1.74		14.47		1.59		12.89
Woori Asset Trust		21.79			29.96			20.86		29.74		18.64		27.05
Woori Savings Bank Note3)		(0.56	)		(4.28	)		0.41		3.05		1.06		7.95
Woori Asset Management		7.90			8.40			0.75		0.80		6.82		7.11
Woori Venture Partners		5.32			5.82			4.06		4.51		27.83		32.93
Woori Private Equity Asset Management		1.63			1.71			2.60		2.75		5.46		5.96

Note 1)

Based on the applicable standards* for business reports submitted to the Financial Supervisory Service. The figures for Woori Financial Group and Woori Bank are on a consolidated basis and the figures for the other subsidiaries are on a non-consolidated basis.

*	Woori Card, Woori Financial Capital, Woori Investment Bank, Woori Savings Bank, Woori Venture Partners, Woori Private Equity Asset Management : net income for the past 1-year / average balance of equity capital for the past 1-year

*	Woori Financial Group and other subsidiaries: on an annualized basis based on the applicable standards for business reports submitted to the Financial Supervisory Service

Note 2)

Total assets and total equity : the simple average of the balances at the start the fiscal year and at the end of each quarter

Note 3)

Figures for Woori Savings Bank are based on K-GAAP

d.	Asset Quality

Group Asset Quality

(units: billions of Won, except percentages)


Type	2023 1Q			2022			2021
Total loans		344,287			343,821			332,797
Substandard and below loans		1,197			1,082			990
Substandard and below loans ratio		0.35	%		0.31	%		0.30	%
Non-Performing Loans		1,128			997			902
NPL Ratio		0.33	%		0.29	%		0.27	%
Substandard and below coverage ratio (A/B)		201.8	%		217.6	%		192.2	%
Loan Loss reserve (A)		2,416			2,354			1,903
Substandard and below loans (B)		1,197			1,082			990

Note 1)

Based on the applicable standards for financial holding company business reports submitted to the Financial Supervisory Service

Asset Quality for Significant Subsidiaries and Consolidated Companies Note1)

(units: % )


Type	2023 1Q						2022						2021
Type	Substandard and below ratio		NPL ratio		Substandard and below coverage ratio		Substandard and below ratio		NPL ratio		Substandard and below coverage ratio		Substandard and below ratio		NPL ratio		Substandard and below coverage ratio
Woori Bank		0.19		0.17		264.76		0.19		0.16		263.43		0.20		0.18		205.50
Woori Card		0.97		—		105.01		0.80		—		104.92		0.41		—		103.21
Woori Financial Capital		1.57		—		176.75		1.22		—		198.56		1.20		—		196.70
Woori Investment Bank		1.11		0.99		113.31		0.63		0.58		151.81		0.57		0.55		120.05
Woori Asset Trust		29.14		—		—		32.23		—		—		56.61		—		—
Woori Savings Bank Note 2)		4.94		—		73.21		3.22		—		97.54		2.32		—		117.37

Note 1)

Based on the applicable standards for business reports submitted to the Financial Supervisory Service

Note 2)

Based on K-GAAP

III.

Financial Information

1.	Condensed Financial Statements (Consolidated)

Summary Consolidated Statement of Financial Position


(The Company and its Consolidated Subsidiaries, as of the end of the periods indicated)					(unit: millions of Won)

Classification	2023 1Q			2022			2021
ASSETS
Cash and cash equivalents		30,987,076			34,219,148			20,613,073
Financial assets at fair value through profit or loss (“FVTPL”)		21,421,279			19,860,573			13,497,234
Financial assets at fair value through other comprehensive income		33,747,133			33,085,080			39,119,789
Securities at amortized cost		27,284,525			28,268,516			17,086,274
Loans and other financial assets at amortized cost		355,155,285			355,760,729			348,885,617
Investments in joint ventures and associates		1,483,043			1,305,636			1,335,167
Investment properties		489,219			387,707			389,495
Premises and equipment		3,149,085			3,142,930			3,174,720
Intangible assets and goodwill		960,296			849,114			785,386
Assets held for sale		13,866			13,772			26,327
Net defined benefit asset		167,570			319,280			21,346
Current tax assets		16,672			53,274			22,598
Deferred tax assets		24,988			109,299			31,131
Derivative assets (designated for hedging)		64,376			37,786			106,764
Other assets		3,114,842			3,061,552			2,088,950

Total assets		478,079,255			480,474,396			447,183,871

LIABILITIES
Financial liabilities at FVTPL		9,021,513			8,952,399			4,873,458
Deposits due to customers		325,922,030			342,105,209			317,899,871
Borrowings		30,963,552			28,429,603			24,755,459
Debentures		42,206,757			44,198,486			44,653,864
Provisions		528,101			545,865			576,134
Net defined benefit liability		36,449			35,202			47,986
Current tax liabilities		843,313			843,555			584,491
Deferred tax liabilities		221,234			31,799			186,946
Derivative liabilities (designated for hedging)		175,362			202,911			27,584
Other financial liabilities		34,785,419			22,811,868			24,171,030
Other liabilities		771,912			690,157			556,853

Total liabilities		445,475,642			448,847,054			418,333,676

EQUITY
Owners’ equity:		29,659,667			28,761,897			25,842,019
Capital stock		3,640,303			3,640,303			3,640,303
Hybrid securities		3,411,676			3,112,449			2,294,381
Capital surplus		680,517			682,385			682,385
Other equity		(1,932,498	)		(2,423,392	)		(2,167,614	)
Retained earnings		23,859,669			23,750,152			21,392,564
Non-controlling interests		2,943,946			2,865,445			3,008,176

Total equity		32,603,613			31,627,342			28,850,195

Total liabilities and equity		478,079,255			480,474,396			447,183,871

Number of Consolidated Subsidiaries (excluding holding company)		165			167			152

Summary Consolidated Statement of Comprehensive Income



(The Company and its Consolidated Subsidiaries, for the periods indicated)		(unit: millions of Won, except per share amounts)

Classification	2023 1Q			2022 1Q			2022			2021
Operating income		1,252,000			1,228,442			4,430,524			3,659,749
Net interest income		2,218,821			1,987,666			8,696,579			6,985,721
Net fees and commissions income		418,094			405,700			1,710,170			1,470,775
Dividend income		49,080			47,023			159,982			309,211
Net gain or loss on financial instruments at FVTPL		238,498			115,386			238,502			325,751
Net gain or loss on financial assets at FVTOCI		331			271			(21,498	)		32,624
Net gain or loss arising on financial assets at amortized cost		64,306			48,068			74,204			107,317
Impairment losses due to credit loss		(261,573	)		(166,068	)		(885,272	)		(536,838	)
General and administrative expenses		(1,036,980	)		(976,128	)		(4,529,890	)		(4,147,411	)
Other net operating expenses		(438,577	)		(233,476	)		(1,012,253	)		(887,401	)
Non-operating income (expense)		18,321			(63,365	)		54,850			89,492
Net income before income tax expense		1,270,321			1,165,077			4,485,374			3,749,241
Income tax expense		(323,699	)		(292,605	)		(1,161,392	)		(941,870	)
Net income		946,622			872,472			3,323,982			2,807,371
Net income attributable to owners		913,686			839,188			3,141,680			2,587,936
Net income attributable to the non-controlling interests		32,936			33,284			182,302			219,435
Other comprehensive income (loss), net of tax		370,711			(130,204	)		(239,819	)		170,181
Items that will not be reclassified to profit or loss		(9,744	)		36,519			216,767			96,529
Items that may be reclassified to profit or loss		380,455			(166,723	)		(456,586	)		73,652

Total comprehensive income		1,317,333			742,268			3,084,163			2,977,552

Comprehensive income attributable to the owners		1,272,696			707,072			2,909,053			2,745,764
Comprehensive income attributable to non-controlling interests		44,637			35,196			175,110			231,788
Net income per share:
Basic and diluted loss per share (in Korean Won)		1,214			1,127			4,191			3,481

2.	Condensed Financial Statements (Separate)

Summary Statement of Financial Position


(The Company, as of the end of the period indicated)		(unit: millions of Won)


Classification	2023 1Q			2022			2021
ASSETS
Cash and cash equivalents		1,460,900			313,361			578,725
Financial assets at fair value through profit or loss		—			689			—
Financial assets at fair value through other comprehensive income		325,083			312,771			146,294
Loans and other financial assets at amortized cost		2,269,569			2,041,877			633,110
Investments in subsidiaries		22,786,881			22,394,915			22,144,915
Premises and equipment		10,420			11,052			7,790
Intangible assets		4,845			4,859			5,171
Net defined benefit asset		2,471			5,947			1,516
Current tax assets		730			14,350			856
Deferred tax assets		9,843			13,433			6,454
Other assets		517			322			151

Total assets		26,871,259			25,113,576			23,524,982

LIABILITIES
Financial liabilities at fair value through profit or loss		—			—			329
Debentures		1,447,912			1,447,762			1,367,429
Provisions		1,253			487			394
Current tax liabilities		766,837			721,795			468,305
Other financial liabilities		736,303			46,039			22,988
Other liabilities		2,678			591			548

Total liabilities		2,954,983			2,216,674			1,859,993

EQUITY
Capital stock		3,640,303			3,640,303			3,640,303
Hybrid securities		3,411,501			3,112,273			2,294,288
Capital surplus		10,909,281			10,909,281			10,909,281
Other equity		(18,508	)		(26,186	)		(3,874	)
Retained Earnings		5,973,699			5,261,231			4,824,991

Total equity		23,916,276			22,896,902			21,664,989

Total liabilities and equity		26,871,259			25,113,576			23,524,982

Summary Statement of Comprehensive Income


(The Company, for the period indicated)		(unit: millions of Won, except per share amounts)


Classification	2023 1Q			2022 1Q			2022			2021
Operating income		1,457,173			1,234,645			1,185,627			590,550
Net interest expense		5,682			(5,411	)		(5,030	)		(22,245	)
Interest income		13,706			1,772			25,614			4,236
Interest expense		(8,024	)		(7,183	)		(30,644	)		(26,481	)
Net fees and commissions loss		(3,337	)		(2,657	)		(15,059	)		(12,585	)
Fees and commissions income		399			326			1,596			1,306
Fees and commissions expense		(3,736	)		(2,983	)		(16,655	)		(13,891	)
Dividend income		1,469,291			1,260,716			1,272,393			692,605
Net gain (loss) on financial instruments at FVTPL		2,023			—			1,018			(7,576	)
Reversal (Provision) of impairment losses due to credit loss		(41	)		(273	)		(244	)		76
General and administrative expenses		(16,445	)		(17,730	)		(67,451	)		(59,725	)
Non-operating income (expense)		(9	)		4			(1,363	)		(305	)
Net income before income tax expense		1,457,164			1,234,649			1,184,264			590,245
Income tax income (expense)		(785	)		(1,259	)		(1,015	)		4,607
Net income		1,456,379			1,233,390			1,183,249			594,852
Other comprehensive income (loss), net of tax		7,678			3,621			(22,312	)		(2,330	)
Items that will not be reclassified to profit or loss		7,678			3,621			(22,312	)		(2,330	)
Net gain (loss) on valuation of equity securities at FVTOCI		9,024			3,264			(24,676	)		(2,408	)
Remeasurement of the net defined benefit liability		(1,346	)		357			2,364			78

Total comprehensive income		1,464,057			1,237,011			1,160,937			592,522

Net income per share:
Basic and diluted income per share (in Korean Won)		1,959			1,668			1,499			730

3.	Dividend Information

IV. Independent Auditor’s Opinion

1.	Independent Auditor’s Opinion


	2023 1Q	2022	2021
Auditor	KPMG Samjong Accounting Corp.	Samil PricewaterhouseCoopers	Samil PricewaterhouseCoopers
Auditor’s Opinion	Note 1)	Note 2	Note 3)

Note 1)

In its review report attached to this report, KPMG Samjong Accounting Corp. has stated that nothing had come to their attention that caused them to believe that the accompanying consolidated and separate interim financial statements of Woori Financial Group are not presented fairly in all material respects, in accordance with Korean IFRS.

Note 2)

In its audit report, Samil PricewaterhouseCoopers has stated that the financial statements present fairly, in all material respects, the financial position of Woori Financial Group as of December 31, 2022, and its financial performance and its cash flows for the year then ended in accordance with Korean IFRS

Note 3)

In its audit report, Samil PricewaterhouseCoopers has stated that the financial statements present fairly, in all material respects, the financial position of Woori Financial Group as of December 31, 2021, and its financial performance and its cash flows for the year then ended in accordance with Korean IFRS.

2.	Compensation to the Independent Auditor

a.	Audit Services

Term

Auditor

Description

Contractual

Actual

Fee

Time

Fee

Time

2023 1Q

KPMG Samjong Accounting Corp.

1Q/1H/3Q Review

Closing audit (including internal

accounting management system)

KRW 964 million

7,800 hours

KRW 200 million

1,091 hours

2022

Samil

PricewaterhouseCoopers

1Q/1H/3Q Review

Closing audit (including internal

accounting management system)

KRW 1,068 million

9,380 hours

KRW 1,068 million

8,714 hours

2021

Samil

PricewaterhouseCoopers

1Q/1H/3Q Review

Closing audit (including internal

accounting management system)

KRW 1,172 million

10,450 hours

KRW 1,172 million

9,962 hours

Note 1)

Fee excludes VAT

Note 2)

Time includes planning time up until the commencement of the applicable services

b.	Other Audit Services

Not Applicable

c.	Current Status of Audit Service Agreements with the Independent Auditor Relating to U.S. Listing


Term	Auditor	Description	Fee
2023 1Q	KPMG Samjong Accounting Corp.	U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2023)		KRW 1,891 million
2022	Samil PricewaterhouseCoopers	U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2022)		KRW 2,240 million
2021	Samil PricewaterhouseCoopers	U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2021)		KRW 2,370 million

Note 1)

Fee excludes VAT

d.	Non-Audit Services


Term	Date of Execution of Agreement	Description of Service	Service Term	Fees
2023 1Q	March 31, 2023	Tax adjustment (including review relating to application of consolidated tax)	April 1, 2023 ~ May 31, 2024	KRW 64million
2022	March 30, 2022	Tax adjustment (including review relating to application of consolidated tax)	April 1, 2022 ~ May 31, 2023	KRW 64 million
2021	March 29, 2021	Tax adjustment (including review relating to application of consolidated tax)	June 1, 2021 ~ May 31, 2022	KRW 61 million

Note 1)

Fee excludes VAT

V. Corporate Governance

VI. Shareholder Information

1.	Share Distribution

a.	Share Information of the Largest Shareholder and Specially Related Parties


As of March 31, 2023		(units: shares, %)


				Shares Held								Notes
Name	Relation	Type		Beginning balance Note 1)				Ending balance
				Number		Share		Number		Share
Employee Stock Ownership Association of Woori Financial Group	The largest shareholder		Common		41,165,138		5.65		40,966,002		5.63		—
Employee Stock Ownership Association of Woori Bank	Specially related party of the largest shareholder		Common		28,136,218		3.87		26,784,722		3.68		—
Total			Common		69,301,356		9.52		67,750,724		9.31		—
			Others		—		—		—		—		—

Note 1)

Beginning balance is as of December 31, 2022

b.	Changes in the largest shareholder


As of March 31, 2023		(units: shares, %)

Change of Date

Largest Shareholder

Number Held

Share

Notes

January 11, 2019

Korea Deposit Insurance Corporation

124,604,797

18.32

Comprehensive Stock Transfer

(Woori Financial Group) Note 1)

September 10, 2019

Korea Deposit Insurance Corporation

124,604,797

17.25

Issuance of new common shares (42,103,377 shares) Note 2)

April 9, 2021

Korea Deposit Insurance Corporation

110,159,443

15.25

Sale of KDIC’S 14,445,354 shares through after-hours trading Note 3)

August 10, 2021

Korea Deposit Insurance Corporation

110,159,443

15.13

Issuance of new common shares

(5,792,866 shares) Note 4)

December 9, 2021

Employee Stock Ownership Association of Woori Financial Group and others 1

71,346,178

9.80

ESOA’s purchase of 1.00% of the KDIC’s remaining shares of Woori Financial Group (8.80% share already held) Note 5)

Note 1)

Woori Financial Group was established pursuant to a comprehensive stock transfer of Woori Bank and five other companies, and the KDIC received new shares of Woori Financial Group in accordance with the stock transfer ratio.

※	transfer ratio Woori Bank : Woori Financial Group = 1: 1.0000000

Note 2)

Comprehensive stock exchange between Woori Financial Group and Woori Card.

Note 3)

Refer to the prior disclosures on Form 6-K on April 13, 2021, “Change in the Number of Shares Owned by the Largest Shareholder of Woori Financial Group” for further details.

Note 4)

Comprehensive stock exchange between Woori Financial Group and Woori Financial Capital

Note 5)

Refer to the prior disclosure on Form 6-K on December 10, 2021, “Change in the Largest Shareholder” for further details.

c.	Share Ownership of More Than 5%


As of March 31, 2023		(units: shares, %)

Shares

Notes

Name

No. of shares

Percentage of
shareholding

Share ownership of more than 5%

National Pension Service

49,834,170

6.84

Note1)

Nobis1, Inc.

40,560,000

5.57

Note2)

Blackrock Fund Advisors

36,888,004

5.07

Note3)

Employee Stock Ownership Association

67,750,724

9.31

The largest shareholder Note 4)

Note 1)

As of February 1, 2023 based on the disclosure of National Pension Service on March 3, 2023

Note 2)

As of December 31, 2022 based on the shareholder registry

Note 3)

As of January 30, 2023 based on the disclosure of Blackrock Fund Advisors on February 6, 2023

Note 4)

Total shares of the employee stock ownership association of Woori Financial Group and Woori Bank

2.	Stock Price and Stock Market Performance

a.	Domestic Stock Market

(units: Won, shares)


Period		October 2022		November 2022		December 2022		January 2023		February 2023		March 2023
Common Shares	High		12,000		13,000		13,100		13,480		12,950		11,960
	Low		11,100		11,400		11,550		11,250		12,130		10,950
	Average		11,542		12,011		12,710		12,606		12,424.5		11,316
Monthly Trade Volume	High		4,012,900		6,594,930		6,610,706		6,163,074		4,085,986		4,092,995
	Low		940,751		1,260,692		1,431,662		2,059,497		1,206,388		1,319,731
	Monthly Total		45,059,956		50,542,542		51,933,848		65,315,078		52,349,827		55,615,552

Note 1)

Source: KRX KOSPI Market

Note 2)

Share prices are based on closing prices.

b.	Foreign Stock Market (NYSE)

(units: US Dollars, Won, ADSs)


Period		October 2022		November 2022		December 2022		January 2023		February 2023		March 2023
ADS	High		25.26		30.13		30.63		32.96		31.84		28.19
	Low		22.79		23.97		27.53		27.17		27.94		24.84
	Average		24.24		26.60		29.25		30.89		29.43		26.04
Won Conversion	High		35,821		40,118		39,096		40,547		39,189		37,188
	Low		32,638		33,989		34,889		34,476		36,336		32,414
	Average		34,576		36,287		37,921		38,528		37,403		34,003
Monthly Trade Volume	High		115,138		81,771		70,551		98,558		91,348		116,780
	Low		31,325		9,276		18,147		22,367		29,821		26,026
	Monthly Total		1,349,207		944,971		722,706		816,911		1,094,473		1,326,951

Note 1)

Source: standard trading rate (daily and monthly average) (Seoul Money Brokerage, www.smbs.biz)

Note 2)

One ADS represents three common shares.

Note 3)

Share prices are based on closing prices.

VII. Directors and Employee Information

1.	Directors and Executives

As of May 15, 2023

Position

Name

Common
Shares
Owned

Term

Commencement Date

Expiration of Term

Chief Executive Officer

Registered

Jong-Yong Yim

—

March 24, 2023 ~

Note 1)

Outside Director

Registered

In-Sub Yoon

—

January 27, 2022 ~

Note 2)

Outside Director

Registered

Chan-Hyoung Chung

10,532

January 11, 2019 ~

Note 2)

Outside Director

Registered

Su-Young Yun

—

March 24, 2023 ~

Note 3)

Outside Director

Registered

Yo-Hwan Shin

—

January 27, 2022~

Note 2)

Outside Director

Registered

Sung-Bae Ji

—

March 24, 2023 ~

Note 3)

Outside Director

Registered

Soo-Young Song

—

March 25, 2022~

Note 2)

Non-standing Director

Registered

Won-Duk Lee

26,500

March 25, 2022~

~December 31, 2023

Deputy President

Non-Registered

Sung-Wook Lee

15,000

February 25, 2022~

~February 10, 2024

Deputy President

Non-Registered

Gwang-Ik Jang

—

April 3, 2023~

~ April 2 , 2025

Senior Managing Director

Non-Registered

Il-Jin Ouk

3,000

March 7, 2023~

~February 24, 2024

Managing Director

Non-Registered

Kon-Ho Kim

9,160

March 7, 2023~

~ March 6, 2025

Managing Director

Non-Registered

Jang-Keun Park

—

March 7, 2023~

~ March 6, 2025

Managing Director

Non-Registered

Jeong-Soo Lee

5,890

March 7, 2023~

~ March 6, 2025

Deputy Managing Director

Non-Registered

Jae-Hwa Jeon

7,872

March 7, 2023~

~ March 6, 2025

Note 1)

End of the annual general meeting of shareholders for FY2025

Note 2)

End of the annual general meeting of shareholders for FY2023

Note 3)

End of the annual general meeting of shareholders for FY2024

Note 4)

Term commencement date: date of inauguration for registered officers or directors / date of appointment for non-registered officers or directors

Note 5)

Common shares owned are as of the date of submission of this report, and those owned by executives exclude the shares owned through the Employee Stock Ownership Association.

2.	Employee Status

3.	Directors’ Compensation

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	Woori Financial Group Inc.
	(Registrant)

Date: May 16, 2023	By:	/s/ Sung-Wook Lee
		(Signature)
		Name: Sung-Wook Lee
		Title: Deputy President

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