51, Sogong-ro,
Jung-gu, Seoul, 04632 Korea
March 5, 2025
Dear Valued Shareholders,
I would like to express my sincere gratitude to you, our shareholders, for your continued interest and unwavering support for Woori Financial Group
(“WFG” or the “Group”).
Despite heightened uncertainties and increased financial market volatility in 2024, WFG achieved a net income
of KRW 3.086 trillion (attributable to controlling interest), reflecting a 23.1% increase from the previous year. This strong performance was driven by strong profit-generating capabilities and stable cost management. Even amid sharp increases in
exchange rates, all subsidiaries strengthened risk-weighted asset management and adopted a prudent asset rebalancing strategy, prioritizing high-quality assets. As a result, the Group effectively managed its Common Equity Tier 1 (CET1) ratio,
enhancing its loss-absorption capacity and maintaining a stable financial position that exceeded market expectations.
In July 2024, WFG became the first
bank holding company in Korea to announce a Corporate Value Enhancement (“Value-Up”) Plan, actively participating in the government’s Value-Up Program
aimed at advancing the capital market. The Group communicated with the market by setting sustainable ROE and capital ratio targets while implementing a strengthened shareholder return policy based on the CET1 ratio.
In recognition of these financial achievements and shareholder return policies, our Board of Directors approved an annual dividend of KRW 1,200 per share for
2024, which includes quarterly dividends of KRW 180 per share—marking a 20% increase from the previous year. Furthermore, as part of the Group’s long-standing goal of full privatization, we repurchased and canceled the remaining 1.24%
stake held by the Korea Deposit Insurance Corporation (KDIC) for KRW 136.7 billion. This led to a 37% increase in share buybacks and cancellations compared to KRW 100 billion in the previous year.
At the upcoming Annual General Meeting (“AGM”), the Board plans to propose a resolution for reducing capital surplus to become the first bank
holding company in Korea to distribute non-taxable dividends. In addition, the Board is seeking to amend the Articles of Incorporation of WFG to modernize the quarterly dividend framework, ensuring that the
quarterly dividend amounts are determined before the record dates are set, in alignment with international best practices. These initiatives reflect the Group’s commitment to enhancing our shareholder return policies and transparency.
WFG is also actively implementing initiatives across the environmental, social, and governance (“ESG”) domains under our ESG vision, “Creating
a Better World Through Finance.” The Group is making significant strides as a global leader in biodiversity and circular economy initiatives, while also fulfilling its corporate social responsibilities through financial support for marginalized
groups, fostering future generations, and promoting multicultural inclusion.
As a result of these efforts, the Group was awarded an MSCI AAA rating for
the second consecutive year in 2024, included in the DJSI World Index for the first time, and recognized as part of Bloomberg’s Leading Group. These achievements reaffirm WFG’s position as a top-tier
institution in terms of ESG excellence.
However, despite these accomplishments, certain events have raised concerns among shareholders and customers. In
response, WFG swiftly implemented a series of measures to strengthen governance and internal controls. These initiatives include enhancing Board reporting standards for financial incidents, establishing a Group Ethics Management Office, introducing
a personal credit information registration system for all executives and their close relatives, implementing a new lending information input process to prevent third-party influence, solicitation, or undue credit approvals at the business unit
level, and deploying an advanced fraudulent transaction detection system to mitigate risks more effectively.
