Woori Financial (WF)2025-03-05 21:43Financial Performance - Net income for 2024 reached 3,171,469 million Korean Won, a significant increase of 20.8% from 2,626,894 million in 2023[26]. - Total comprehensive income for 2024 was 3,554,188 million Korean Won, up from 3,290,431 million in 2023, marking an increase of 8.0%[26]. - Basic and diluted earnings per share improved to 3,950 Korean Won in 2024, compared to 3,230 Korean Won in 2023, an increase of 22.3%[26]. - Operating income increased to 4,255,190 million Korean Won in 2024, up from 3,499,029 million in 2023, representing a growth of 21.6%[25]. - Interest income increased to 22,013,341 million Korean Won in 2024, up from 20,641,554 million in 2023, representing an increase of 6.6%[25]. - Net interest income rose to 8,886,336 million Korean Won in 2024, compared to 8,742,540 million in 2023, reflecting a growth of 1.6%[25]. - Fees and commissions income rose to 2,874,216 million Korean Won in 2024, compared to 2,565,814 million in 2023, an increase of 12.0%[25]. - The net gain on financial instruments at FVTPL significantly increased to 1,492,783 million Korean Won in 2024, compared to 488,486 million in 2023, a growth of 205.5%[25]. Assets and Liabilities - Total assets increased to KRW 525,753,320 million as of December 31, 2024, up from KRW 498,004,936 million in 2023, representing a growth of approximately 5.6%[23]. - Total liabilities reached KRW 489,858,051 million in 2024, an increase from KRW 464,607,446 million in 2023, indicating a growth of around 5.4%[23]. - Loans and other financial assets at amortized cost rose to KRW 398,471,816 million in 2024, compared to KRW 373,148,148 million in 2023, marking an increase of about 6.8%[23]. - Financial assets at fair value through other comprehensive income (FVTOCI) grew to KRW 43,797,745 million in 2024, up from KRW 37,891,495 million in 2023, reflecting a rise of approximately 15.5%[23]. - The Group's financial liabilities at fair value through profit or loss (FVTPL) increased to KRW 9,896,597 million in 2024, up from KRW 6,138,313 million in 2023, indicating a significant rise of about 61.5%[23]. - The total cash and cash equivalents at the end of 2024 were 27,281,123 million Won, down from 30,556,618 million Won at the end of 2023, a decrease of about 10.0%[30]. Equity and Retained Earnings - The Group's total equity rose to KRW 35,895,269 million in 2024, compared to KRW 33,397,490 million in 2023, reflecting an increase of approximately 7.5%[23]. - Retained earnings increased to KRW 26,950,510 million in 2024, compared to KRW 24,986,470 million in 2023, showing a growth of approximately 7.9%[23]. - The total equity attributable to owners increased to 26,950,510 million Korean Won by the end of 2024, up from 24,986,470 million in 2023, reflecting a growth of 7.9%[27]. Cash Flow and Investments - Cash outflow from investing activities in 2024 was (34,299) million Won, a significant improvement from (2,254,141) million Won in 2023[30]. - The company issued debentures amounting to 41,067,565 million Won in 2024, compared to 31,101,841 million Won in 2023, reflecting a rise of approximately 32.1%[30]. - The company reported a net cash inflow from financing activities of 1,245,341 million Won in 2024, contrasting with a net outflow of (2,860,177) million Won in 2023[30]. - The total dividend paid in 2024 was (878,330) million Won, slightly down from (978,376) million Won in 2023, indicating a decrease of about 10.2%[30]. Ownership and Subsidiaries - Woori Financial Group Inc. fully owns Woori Bank, Woori Card Co., Ltd., Woori Financial Capital Co., Ltd., and several other subsidiaries, maintaining 100% ownership across most entities as of December 31, 2024[43]. - The acquisition of Woori Asset Management Corp. was completed in March 2024, making it a wholly-owned subsidiary[41]. - Woori Asset Trust Co., Ltd. increased its ownership percentage from 95.3% in 2023 to 99.6% in 2024, indicating a strategic consolidation in real estate trust services[43]. - PT Bank Woori Saudara Indonesia's ownership rose from 84.2% in 2023 to 90.8% in 2024, reflecting Woori Financial Group's commitment to expanding its presence in Indonesia[44]. - Woori Bank China Limited and Woori Bank Vietnam Limited maintain 100% ownership, reinforcing Woori Financial Group's strong foothold in key Asian markets[44]. Risk Management and Credit Losses - The allowance for credit losses for loans was recognized at KRW 3,357,625 million as of December 31, 2024[9]. - Impairment losses due to credit loss decreased to 1,716,295 million Korean Won in 2024 from 1,894,916 million in 2023, a reduction of 9.4%[25]. - The Group recognizes expected credit losses for financial assets at amortized cost and debt instruments measured at FVTOCI, with loss allowance based on 12-month expected credit loss or lifetime expected credit loss depending on credit risk changes[169]. Accounting and Reporting - The Group's accounting records are maintained in Korean Won and prepared in accordance with K-IFRS, ensuring compliance with international standards[79]. - The Group recognizes revenue based on transaction price allocated to the performance obligation when it performs that obligation to the customer[127]. - Financial assets are classified into categories based on business models, affecting how they are measured and reported[143]. - The Group's consolidated financial statements are presented in Korean Won, with foreign currency transactions translated at prevailing exchange rates[138].