WF Woori Financial Group Inc

Table of Contents

 

 

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 November 2017

 

 

Woori Bank

(Translation of Registrant’s name into English)

 

 

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

(Address of principal executive offices)

 

 

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.

 

 

 

---

Table of Contents

		Index
1.		Summary of 2017 3Q Business Report
2.		Exhibit 99.1 Woori Bank Review Report for 2017 3Q (Consolidated)
3.		Exhibit 99.2 Woori Bank Review Report for 2017 3Q (Separate)

 

2

---

Table of Contents

Summary of 2017 Third Quarter Business Report

Table of Contents

 

I. INTRODUCTION OF THE BANK							5
		1.		Overview of the Bank			5
		2.		Capital Structure (Changes in Capital)			9
		3.		Total Number of Authorized Shares			10
		4.		Voting Rights			10
		5.		Dividend Information			11
II. BUSINESS OVERVIEW							12
		1.		Results of Operations			12
		2.		Business Performance by Operation			13
		3.		Funding Sources and Use of Funds			14
		4.		Other Information Necessary for Making Investment Decisions			17
III. FINANCIAL INFORMATION							19
		1.		Condensed Financial Statements (Consolidated)			19
		2.		Condensed Financial Statements (Separate)			21
IV. INDEPENDENT AUDITOR’S OPINION							23
		1.		Independent Auditor’s Opinion			23
		2.		Compensation to the Independent Auditor for the Past Three Years			23
V. CORPORATE GOVERNANCE AND AFFILIATED COMPANIES							24
		1.		About the Board of Directors			24
		2.		Affiliated Companies			25
VI. SHAREHOLDER INFORMATION							26
		1.		Share Distribution			26
		2.		Stock Price and Stock Market Performance			27
VII. DIRECTORS AND EMPLOYEE INFORMATION							28
		1.		Directors			28

 

3

---

Table of Contents

		2.		Employee Status			29
		3.		Directors’ Compensation			29
VIII. RELATED PARTY TRANSACTIONS							29

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 Bank,” “we,” “us” or the “Bank” are to Woori Bank 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.

 

4

---

Table of Contents

I.	Introduction of the Bank

 

1.	Overview of the Bank

 

a.

History

 

(1)

Background: Major developments.

 

		March 27, 2001		Became a subsidiary of Woori Finance Holdings Co., Ltd. (“Woori Finance Holdings”)
		December 31, 2001		Merged with the spun off banking division of Peace Bank of Korea
		January 31, 2002		Transferred the credit card business of Hanvit Bank to Woori Card
		May 22, 2003		Awarded Republic of Korea Corporate Image Grand Prize – Grand Prize for CI and First Prize for Knowledge Management
		July 31, 2003		Merged with Woori Investment Bank
		March 31, 2004		Merged with Woori Credit Card
		September 7, 2004		Selected as 2004 Top Bank of Korea by British magazine “The Bankers”
		November 4, 2005		Opened the first comprehensive financial office in the financial sector, “Woori Finance Plaza”
		May 19, 2006		Established Korea BTL Infrastructure Fund
		December 1, 2006		Officially launched Woori Global Markets Asia Limited
		November 12, 2007		Established a local legal entity in China, Woori Bank China Ltd.
		January 9, 2008		Established a local legal entity in Russia, ZAO Woori Bank
		December 16, 2008		Issued 70,000,000 convertible preferred shares (par value KRW 5,000, issue price KRW 10,000)
		April 1, 2009		Issued 60,000,000 common shares for increase in capital
		December 15, 2009		Awarded Asian Financial Culture Grand Prize “Top Prize in Community Activities”
		March 21, 2010		Woori Bank China Ltd. acquired qualification as a “settlement bank for Renminbi currency in international trade”
		April 18, 2011		Woori Smile Microcredit executed an MOU to jointly support microcredit with the Ministry of Land, Transport and Maritime Affairs

 

5

---

Table of Contents

		April 25, 2012		Awarded “2012 Top Bank of Korea” by the Asian Banker for two consecutive years
		August 30, 2012		Awarded 2012 Asia PB Top Award by Asia Economic Daily
		September 25, 2012		Woori Brazil Bank began business
		October 11, 2012		Selected as “Top Financial Institution for Anti-Money Laundering”
		November 7, 2012		Awarded Grand Prize for the First Awards for Protection of Financial Consumers in 2012 by the Korea Economic Daily
		November 29, 2012		Awarded Presidential Award sponsored by the Financial Supervisory Commission for “Anti-Money Laundering”
		December 6, 2012		Awarded “2012 Grand Prize for Small Loan Financing”
		December 13, 2012		Awarded Grand Prize for “2012 Aju Economy and Finance Award”
		January 17, 2013		Awarded Grand Prize for Top Customer Service
		March 27, 2013		Awarded Grand Prize for Woori Bank “Two Chairs” PB services for four consecutive years
		April 1, 2013		Spun off its credit card business
		June 27, 2013		Number 1 in Korean Standard-Service Quality Index (KS-SQI) for three consecutive years
		October 4, 2013		Selected by National Pension Fund as “Top Foreign Exchange Bank”
		December 19, 2013		Awarded “Grand Prize for Small Loan Finance” sponsored by the FSS
		January 3, 2014		Awarded final approval to acquire Indonesia’s Saudara Bank
				115th anniversary of the establishment of the Bank
		January 9, 2014		Awarded “2014 Grand Award for Customer Service”
		February 21, 2014		Awarded Grand Prize for “Republic of Korea Top Bank”
		March 26, 2014		The Bank re-selected as “the main bank for the City of Seoul”
		April 1, 2014		Established business agreement with Ministry of Health and Welfare for promotion of philanthropic culture

 

6

---

Table of Contents

		April 17, 2014		Woori Short Term National/Public Bond Fund reached KRW 100 billion in commitments
		April 24, 2014		Became the First domestic bank to issue Basel III subordinated debt in foreign currency (USD 1 billion)
		May 21, 2014		Awarded “Korea’s Top Bank in Money Management” by Asian Banker in 2014
		July 28, 2014		The Bank’s board of directors approves the merger between Woori Finance Holdings and Woori Bank (the “Merger”)
		September 30, 2014		The KDIC announced the sale of the controlling stake (30%) in Woori Bank
		October 10, 2014		The first Korean bank to issue Yuan-denominated bonds
		November 1, 2014		Woori Finance Holdings merged with and into the Bank
		November 10, 2014		Opened office in Vladivostok, Russia
		December 30, 2014		Inaugurated the 49th President of the Bank, Kwang-Goo Lee
				Awarded final approval to merge PT. Bank Woori Indonesia with Saudara Bank
		February 26, 2015		PT. Bank Woori Saudara Indonesia officially launched
		March 31, 2015		Commemoration of the 100 year partnership between Woori Bank and Seoul Metropolitan Government
		May 26, 2015		Launched mobile-only bank, WiBee Bank
				WiBee Bank mobile loan products released
		August 20, 2015		Launched Woori-Samsung Pay Service
		September 19, 2015		Launched first overseas service of WiBee Bank, ‘WiBee Bank Cambodia’
		November 29, 2015		K-Bank is selected as the first internet-only bank (Woori Bank stake 10%)
		January 6, 2016		Launched 1 st bank mobile messenger service, WibeeTalk
		June 24, 2016		First Korean Bank to launch offshore Won-Yuan clearing services
		September 21, 2016		Successfully issued $500 million foreign currency denominated contingent convertible bonds, the first in the form of perpetual bonds in Korea

 

7

---

Table of Contents

		November 13, 2016		The FSC announced the KDIC’s successful privatization efforts through the sales of a combined 29.7% ownership interest in Woori Bank to seven financial companies
		December 8, 2016		Selected as 2016 Top Bank of Korea by British magazine “The Bankers”
		December 27, 2016		Achievement of an overseas network comprising 250 branches
		December 28, 2016		The number of users of WiBee platforms, WiBee Talk and WiBee Members, exceeds 3 million
		January 12, 2017		Selected as the 2016 Best Korean Wealth Management Provider by British magazine “World Finance”
		January 16, 2017		Opened Gurgaon Branch, India
		February 5, 2017		Opened office in Katowice, Poland, the first among Korean banks
		March 28, 2017		Launched SORi, the first voice recognition AI banking service in Korea
		June 8, 2017		Awarded “Best Transaction Bank” and “Top Bank in Money Management” by Asian Banker
		June 21, 2017		Launched overseas remittance service with an Indonesian telecommunications company, the first in the Korean financial sector
		June 28, 2017		Received a Presidential Citation for “social enterprise fosterage” from the Ministry of Employment and Labor, the sole recipient from the Korean financial sector.
		July 12, 2017		Joint declaration to create jobs by management and labor force for the first time in the Korean financial sector
		September 8, 2017		Woori Bank Vietnam launched a local credit card in collaboration with Woori Card

 

8

---

Table of Contents

b.	Affiliated Companies

 

(1)

Overview of Business Group

 

1.

Name of business group : Woori Bank

 

(2)

Affiliated companies within the business group

As of September 30, 2017

 

Type

Name of Company

Equity ownership

Controlling Company

Notes

Company

*Woori Bank

—

—

—

First Tier Subsidiaries

Woori Card

100.00%

Woori Bank

18 companies

*Woori Investment Bank

58.15%

Woori FIS

100.00%

Woori Private Equity Asset Management

100.00%

Woori Finance Research Institute

100.00%

Woori Credit Information

100.00%

Woori Fund Services

100.00%

Korea BTL Infrastructure Fund

99.87%

Woori America Bank

100.00%

*PT. Bank Woori Saudara Indonesia

79.88%

AO Woori Bank

(1share) 100.00%

Woori Bank China Limited

100.00%

Woori Bank Brasil

(1share) 100.00%

Woori Finance Cambodia

100.00%

Woori Finance Myanmar

100.00%

Woori Wealth Bank Philippines

51.00%

Woori Bank Vietnam

100.00%

Woori Global Markets Asia Ltd.

100.00%

Second Tier Subsidiaries

**Woori Blackstone Korea Opportunity Private Equity Fund No.1

—

Woori Private Equity Asset Management

3 companies

**Woori Columbus Private Equity Fund No.1

—

TUTU Finance-WCI Myanmar

100.00%

Woori Card

 

*	Listed Companies (3) : Woori Bank, Woori Investment Bank and PT. Bank Woori Saudara Indonesia

**	Liquidation has been completed, and as of September 30, 2017, equity ownership is 0% but entity is included as an affiliated company due to incomplete dissolution.

Note)

Dissolution of Woori Private Equity Fund was completed as of July 6, 2017, and the entity is excluded from the affiliated companies

 

2.	Capital Structure (Changes in Capital)

 

As of September 30, 2017		(units: Won, shares)

Date		Category		Stock Decrease/Increase
				Type				Quantity				Par Value				Issue price				Note
4.1.2013		Capital reduction with compensation			Common				153,797,130				5,000				5,000			Capital reduction due to spin off of credit card business
4.1.2013		Capital reduction with compensation			Preferred				15,469,070				5,000				10,000			Capital reduction due to spin off of credit card business
6.5.2013		Exercise of conversion rights			Common				54,530,930				5,000				10,000			Reduction in preferred shares due to exercise of rights to convert convertible preferred shares
6.5.2013		Exercise of conversion rights			Preferred				54,530,930				5,000				10,000			Increase in common shares due to exercise of rights to convert convertible preferred shares
11.3.2014		—			Common				596,690,380				5,000				5,000			Capital reduction due to the merger with Woori Finance Holdings *
11.3.2014		—			Common				676,278,371				5,000				5,000			Increase in common shares (new issuance of shares) due to the merger with Woori Finance Holdings *
10.2.2015		—			Common				278,371				5,000				—			Retirement of shares**

 

9

---

Table of Contents

*	Upon consummation of the merger with Woori Finance Holdings, 596,690,380 shares of the Bank were cancelled and 676,278,371 shares were newly issued according to the merger ratio.

**

On October 2, 2015, 278,371 shares were retired and the total number of shares issued changed to 676,000,000 shares. There was no decrease to Woori Bank’s capital as the number of outstanding shares remained the same. [Related Disclosure : Report on Form 6-K submitted by Woori Bank on September 11, 2015, entitled “Resolution Relating to Retirement of Shares”]

 

3.	Total Number of Authorized Shares

As of September 30, 2017

 

							(unit: shares	)
Items		Type
		Common Shares				Total
Total number of shares authorized			5,000,000,000				5,000,000,000
Total number of shares issued to date			676,000,000				676,000,000
Number of treasury shares			2,728,774				2,728,774
Number of outstanding shares			673,271,226				673,271,226

 

*	Upon consummation of the merger with Woori Finance Holdings, 596,690,380 shares of the Bank were cancelled and 676,278,371 shares were newly issued according to the merger ratio.

*

On September 30, 2015 Woori Bank terminated its trust agreement and acquired 2,913,155 treasury shares which were deposited into Woori Bank’s treasury share account. On October 2, 2015, 278,371 of such acquired shares were retired. [Related Disclosure : Report on Form 6-K submitted by Woori Bank on September 11, 2015, entitled “Resolution Relating to Retirement of Shares”]

 

4.	Voting Rights

As of September 30, 2017

 

											(unit: shares	)
Items						Number of stock				Notes
Total number of shares issued			Common Shares				676,000,000				—
			Preferred Shares				—				—
Number of shares without voting rights			Common Shares				2,728,774				Note 1	)
			Preferred Shares				—				—
Number of shares for which voting rights are excluded pursuant to the articles of incorporation			Common Shares				—				—
			Preferred Shares				—				—
Number of shares for which voting rights are limited by law			Common Shares				2,661,978				Note 2	)
			Preferred Shares				—				—
Number of shares for which voting rights have been restored			Common Shares				—				—
			Preferred Shares				—				—
Number of shares for which voting rights may be exercised			Common Shares				670,609,248				—
			Preferred Shares				—				—

 

Note1)

The shares without voting rights are treasury shares. Please see “I. Introduction of the Bank- 3. Total Number of Authorized shares.”

Note2)

Pursuant to Article 16-2(2) of the Banking Act, a non-financial business operator is restricted from exercising voting rights in excess of 4% of the total number of outstanding voting shares of a bank at the AGM held on March 24, 2017

 

10

---

Table of Contents

5.	Dividend Information

 

Items						3Q 2017				2016				2015
Par value per share (Won)							5,000				5,000				5,000
Net profit (Millions of Won)							1,378,507				1,261,266				1,059,157
Earnings per share (Won)							1,855				1,567				1,301
Total cash dividends (Millions of Won)							67,327				269,308				336,636
Total stock dividends (Millions of Won)							—				—				—
Cash dividend payout ratio (%)							4.88				21.35				31.80
Cash dividend yield (%)			Common Shares				0.57				3.01				5.50
			Preferred Shares				—				—				—
Stock dividend yield (%)			Common Shares				—				—				—
			Preferred Shares				—				—				—
Cash dividend per share (Won)			Common Shares				100				400				500
			Preferred Shares				—				—				—
Stock dividend per share (Won)			Common Shares				—				—				—
			Preferred Shares				—				—				—

 

*	Based on K-IFRS consolidated financial statements

*	2015 figures include the interim dividend amount (Interim cash dividend per share : 250 Won, Total cash dividends : 168,318 million Won)

 

11

---

Table of Contents

II.	Business Overview

 

1.	Results of Operations

As of September 30, 2017

 

							(unit: in 100 millions of Won)
Type		3Q 2017				3Q 2016				2016				2015
Operating income			18,019				13,892				15,742				13,516
Non-operating income			1,766				1,001				1,690				3,140
Non-operating expenses			1,770				1,300				1,898				2,136
Ordinary profits			18,016				13,594				15,534				14,519
Income from continuing operations before income tax			18,016				13,594				15,534				14,519
Income tax expense from continuing operations			4,091				2,422				2,759				3,766
Income from discontinued operations			—				—				—				—
Net income			13,924				11,172				12,775				10,754

 

*	Based on K- IFRS consolidated financial statements

 

12

---

Table of Contents

2.	Business Performance by Operatio n

 

a.	Deposit Services

As of September 30, 2017

 

											(unit: in millions of Won)
Type						3Q 2017				2016				2015
Deposits received in local currency			Demand deposits				8,760,841				9,491,680				9,728,839
			Savings deposits				188,292,047				183,723,169				175,598,100
			Mutual funds				34,821				37,128				40,888
			Subtotal				197,087,709				193,251,977				185,367,827
Deposits received in foreign currencies							20,831,057				21,452,943				19,129,193
CDs							5,738,288				3,808,856				2,417,790
Money trusts							1,379,903				1,360,176				1,304,268
Other deposits received							1,307,275				1,146,459				922,749
Total							226,344,233				221,020,411				209,141,826

 

*	Based on K- IFRS consolidated financial statements

*	Present value discounts are reflected in the relevant accounts

 

b.	Loan Services

Balances of Loans by Type

As of September 30, 2017

 

							(unit: in millions of Won)
Type		3Q 2017				2016				2015
Loans in local currency			196,803,960				191,309,481				185,154,851
Loans in foreign currencies			16,449,300				17,855,868				17,910,253
Guarantee payments			24,947				25,197				44,242
Total			213,278,206				209,190,547				203,109,346

 

*	Based on K- IFRS consolidated financial statements

*	Loans in foreign currencies includes domestic banker’s letter of credit (usance)

 

c.	Trust Business

As of September 30, 2017

 

															(unit: in millions of Won)
Type		3Q 2017								2016								2015
		Trust Funds				Trust Fees				Trust Funds				Trust Fees				Trust Funds				Trust Fees
Money trust			29,908,492				102,391				26,019,180				73,814				23,980,475				49,973
Property trust			13,264,829				3,313				12,714,338				4,803				9,354,003				1,323
Total			43,173,321				105,704				38,733,518				78,617				33,334,478				51,296

 

13

---

Table of Contents

*	Trust funds indicate average balances.

 

3.	Funding Sources and Use of Funds

 

a.	Sources of Funds

[Bank Accounts]

 

																												(Unit: in millions of Won, %)
Classification		Funding Source		3Q 2017												2016												2015
				Average Balance				Interest Rate				Proportion				Average Balance				Interest Rate				Proportion				Average Balance				Interest Rate				Proportion
Local currency funds		Deposits received in local currency			186,645,181				1.26				66.18				183,440,285				1.38				65.35				169,919,620				1.70				64.76
		Certificates of deposit			4,443,968				1.64				1.58				3,466,223				1.70				1.23				1,879,832				1.92				0.72
		Borrowings in local currency			6,255,375				1.32				2.22				6,709,080				1.45				2.39				6,689,135				1.77				2.55
		Call money in local currency			1,385,826				1.21				0.49				1,159,188				1.32				0.41				1,370,253				1.62				0.52
		Others			19,660,140				2.30				6.97				18,532,241				2.60				6.60				18,944,493				2.95				7.22
		Subtotal			218,390,490				1.36				77.44				213,307,017				1.50				75.98				198,803,334				1.82				75.77
Foreign currency funds		Deposits received in foreign currencies			14,007,690				0.50				4.97				14,838,684				0.47				5.29				11,568,322				0.44				4.41
		Borrowings in foreign currencies			7,126,114				1.33				2.53				8,595,575				0.86				3.06				9,245,073				0.53				3.52
		Call money in foreign currencies			1,145,967				1.13				0.41				1,401,294				0.70				0.50				1,199,484				0.53				0.46
		Debentures in foreign currencies			3,653,810				3.06				1.30				3,950,614				2.54				1.41				4,851,289				2.72				1.85
		Others			535,023				0.12				0.19				531,877				0.29				0.19				650,409				0.66				0.25
		Subtotal			26,468,603				1.09				9.39				29,318,044				0.87				10.44				27,514,577				0.88				10.49
Others		Total capital			20,026,668				—				7.10				19,617,484				—				6.99				18,501,137				—				7.05
		Provisions			351,135				—				0.12				412,553				—				0.15				640,666				—				0.24
		Others			16,772,854				—				5.95				18,070,427				—				6.44				16,907,843				—				6.44
		Subtotal			37,150,656				—				13.17				38,100,463				—				13.57				36,049,647				—				13.74
Total					282,009,749				1.16				100.00				280,725,524				1.23				100.00				262,367,557				1.47				100.00

 

*	Based on K-IFRS separate financial statements

 

14

---

Table of Contents

[Trust Accounts]

 

																												(Unit: in millions of Won, %)
Type		Funding Source		3Q 2017												2016												2015
				Average Balance				Interest Rate				Share				Average Balance				Interest Rate				Share				Average Balance				Interest Rate				Share
Cost		Money trusts			29,908,492				1.70				69.10				26,019,180				1.52				66.98				23,980,475				1.88				71.71
		Borrowings			—				0.00				0.00				0				0.00				0.00				0				0.00				0.00
		Subtotal			29,908,492				1.70				69.10				26,019,180				1.52				66.98				23,980,475				1.88				71.71
Non-cost		Property trusts			13,264,829				—				30.65				12,714,338				—				32.73				9,354,003				—				27.97
		Special reserves			39,075				—				0.09				38,160				—				0.10				37,989				—				0.11
		Others			71,295				—				0.16				72,810				—				0.19				70,265				—				0.21
		Subtotal			13,375,199				—				30.90				12,825,308				—				33.02				9,462,257				—				28.29
Total					43,283,691				—				100.00				38,844,488				—				100.00				33,442,732				—				100.00

 

15

---

Table of Contents

b.	Fund Management Performance

[Bank Accounts]

 

																												(Unit: in millions of Won, %)
Type		Managed Item		3Q 2017												2016												2015
				Average Balance				Interest Rate				Share				Average Balance				Interest Rate				Share				Average Balance				Interest Rate				Share
Local currency funds		Deposits in local currency			3,361,553				1.27				1.19				3,171,599				1.34				1.13				2,580,842				1.72				0.98
		Marketable securities in local currency			35,550,641				2.04				12.61				33,880,119				2.58				12.07				32,994,958				2.79				12.58
		Loans in local currency			193,086,404				3.05				68.47				189,079,324				3.10				67.35				176,631,188				3.42				67.32
		Guarantee payments			27,651				1.48				0.01				51,254				0.89				0.02				64,533				1.89				0.02
		Call loans in local currency			2,597,256				1.31				0.92				3,581,382				1.41				1.28				2,083,053				1.64				0.79
		Private placed bonds			193,568				5.79				0.07				247,292				5.19				0.09				280,702				5.98				0.11
		Credit card receivables			38				—				0.00				24				—				0.00				—				—				—
		Others			3,808,795				2.01				1.35				4,580,215				2.04				1.63				4,313,781				2.61				1.64
		Bad debt expense in local currency (-)			(1,313,927	)			—				(0.47	)			(1,925,177	)			—				(0.69	)			(2,482,955	)			—				(0.95	)
		Subtotal			237,311,978				2.86				84.15				232,666,033				2.98				82.88				216,466,103				3.31				82.50
Foreign currency funds		Deposits in foreign currencies			3,739,725				0.73				1.33				3,761,286				0.43				1.34				2,872,735				0.28				1.09
		Marketable securities in foreign currencies			2,534,366				1.11				0.90				1,752,884				1.13				0.62				1,375,146				1.51				0.52
		Loans in foreign currencies			10,893,427				2.45				3.86				13,371,873				1.95				4.76				14,206,736				1.65				5.41
		Call loans in foreign currencies			2,417,425				1.19				0.86				2,940,858				0.85				1.05				2,040,819				0.59				0.78
		Bills bought			7,205,063				1.81				2.55				7,110,164				1.53				2.53				6,899,811				1.38				2.63
		Others			48,632				2.27				0.02				13,829				9.72				0.00				17,047				6.96				0.01
		Bad debt expense in foreign currencies (-)			(324,727	)			—				(0.12	)			(312,211	)			—				(0.11	)			(191,224	)			—				(0.07	)
		Subtotal l			26,513,912				1.82				9.40				28,638,685				1.51				10.20				27,221,069				1.37				10.38
Others		Cash			1,185,379				—				0.42				1,169,566				—				0.42				1,116,715				—				0.43
		Property and equipment for business purposes			2,345,333				—				0.83				2,325,893				—				0.83				2,328,130				—				0.89
		Others			14,653,148				—				5.20				15,925,347				—				5.67				15,235,540				—				5.81
		Subtotal			18,183,859				—				6.45				19,420,807				—				6.92				18,680,385				—				7.12
Total					282,009,749				2.58				100.00				280,725,524				2.62				100.00				262,367,557				2.87				100.00

 

*	Based on K-IFRS separate financial statements

 

16

---

Table of Contents

[Trust Accounts]

 

																												(Unit: in millions of Won, %)
Type		Managed Item		3Q 2017												2016												2015
				Average Balance				Interest Rate				Share				Average Balance				Interest Rate				Share				Average Balance				Interest Rate				Share
Profit		Loans			26,854				3.59				0.06				23,088				4.21				0.06				19,482				4.05				0.06
		Securities			7,592,321				3.31				17.54				4,701,052				1.93				12.10				3,470,064				(0.57	)			10.38
		Other			23,161,530				1.46				53.51				22,237,766				1.63				57.25				21,231,787				2.00				63.49
		Reserves for bond ratings (-)			(42	)			0.00				0.00				(36	)			0.00				0.00				(68	)			0.00				0.00
		Present value discount (-)			(86	)			0.00				0.00				(215	)			0.00				0.00				(414	)			0.00				0.00
		Subtotal			30,780,577				1.92				71.11				26,961,655				1.68				69.41				24,720,851				1.64				73.92
Non-profit		Subtotal			12,503,114				—				28.89				11,882,833				—				30.59				8,721,881				—				26.08
Total					43,283,691				—				100.00				33,442,732				—				100.00				29,994,637				—				100.00

 

4.	Other Information Necessary for Making Investment Decisions

 

a.	Selected Ratios

BIS Capital Adequacy Ratios

 

 

										(unit: in 100 millions of Won)
Type		3Q 2017				2016				2015
Equity capital (A)			229,406				229,005				210,514
Risk weighted assets (B)			1,509,550				1,497,281				1,540,709
Capital adequacy ratio (A/B)			15.20	%			15.29	%			13.66	%

 

*	Based on Basel III standards

*	Based on K-IFRS consolidated financial statements

Liquidity Ratios

 

		(unit: %)
Type		3Q 2017				2016				2015
Liquidity coverage ratio (LCR)			102.29				109.61				106.67
Foreign currency liquidity coverage ratio(LCR) **			108.79				—				—
Ratio of business purpose premises and equipment			13.34				13.49				14.37

 

*	Based on K-IFRS consolidated financial statements

*	3Q 2017 figures are based on the applicable monthly average balance, 2016 and 2015 figures are based on ending balances.

**	Foreign currency liquidity coverage ratio : Enforced starting year 2017 (currently required to be 60% or greater, which will annually increase 10% to be 80% or greater in 2019.)

 

17

---

Table of Contents

b.	Asset Quality

 

												(unit: in 100 millions of Won)
Type				3Q 2017				2016				2015
Total loans		Total			2,196,681				2,166,122				2,108,424
		Corporate			1,152,344				1,140,252				1,185,857
		Household			1,044,337				1,025,870				922,567
Sub-standard and below loans Sub-standard and below loan ratio		Total			16,096				21,121				31,009
		Corporate			0.73	%			0.98	%			1.47	%
					13,510				18,237				27,701
					1.17	%			1.60	%			2.34	%
		Household			2,586				2,884				3,308
					0.25	%			0.28	%			0.36	%
Delinquency ratio		Based on total loans (after seasonal adjustment)			0.38	%			0.46	%			0.82	%
		Based on corporate loans (after seasonal adjustment)			(0.39	%)			(0.52	%)			(0.93	%)
					0.52	%			0.61	%			1.39	%
					(0.54	%)			(0.66	%)			(1.57	%)
		Based on household loans (after seasonal adjustment)			0.30	%			0.31	%			0.39	%
					(0.31	%)			(0.33	%)			(0.43	%)

 

*	Based on K-IFRS separate financial statements

 

c.	Recent Developments

On November 1, 2014, the Bank merged with its holding company, Woori Finance Holdings, according to the resolution of the board of directors on July 28, 2014, to maximize the possibility of a successful privatization.

New shares of the Bank, the surviving entity, were allotted and delivered to the shareholders of Woori Finance Holdings based on a 1:1.00000000 ratio.

Upon the consummation of the merger, 596,690,380 shares of the Bank were cancelled and 676,278,371 new shares were issued.

The major terms of the Merger are as follows:

 

Item		Details
Method of Merger		Merger of parent company with and into wholly-owned subsidiary
Merging entities		Woori Bank (surviving entity)
		Woori Finance Holdings (non-surviving entity)
New shares issued in Merger		676,278,371 common shares
Schedule of the Merger		Date of the Merger		November 1, 2014
		Date of registration of Merger		November 3, 2014
		Delivery of share certificates		November 18, 2014
		Date of new listing of shares		November 19, 2014

 

18

---

Table of Contents

III.	Financial Information

 

1.	Condensed Financial Statements (Consolidated)

Summary Consolidated Statement of Financial Position

(The Bank and its Consolidated Subsidiaries)

(unit: in millions of Won)

Classification		3Q 2017				2016				2015
ASSETS
Cash and cash equivalents			6,812,489				7,591,324				6,644,055
Financial assets at fair value through profit or loss			4,609,487				5,650,724				5,132,657
Available-for-sale financial assets			18,624,588				20,817,583				17,170,592
Held-to-maturity financial assets			16,325,482				13,910,251				13,621,640
Loans and receivables			266,972,072				258,392,633				244,842,062
Investments in joint ventures and associates			557,860				439,012				643,861
Investment properties			361,355				358,497				351,496
Premises and equipment			2,490,725				2,458,025				2,471,206
Intangible assets and goodwill			524,914				483,739				419,806
Assets held for sale			2,909				2,342				17,904
Current tax assets			4,105				6,229				6,782
Deferred tax assets			258,031				232,007				210,597
Derivative assets			109,828				140,577				183,128
Net defined benefit assets			5,934				70,938				—
Other assets			215,383				128,846				143,286
Total assets			317,875,162				310,682,727				291,859,072
LIABILITIES
Financial liabilities at fair value through profit or loss			2,468,106				3,803,358				3,460,561
Deposits due to customers			226,344,233				221,020,411				209,141,826
Borrowings			16,314,499				18,769,515				20,033,917
Debentures			27,537,013				23,565,449				21,898,859
Provisions			401,185				428,477				516,601
Net defined benefit liability			26,433				64,666				99,691
Current tax liabilities			249,960				171,192				108,943
Deferred tax liabilities			22,303				22,023				19,379
Derivative liabilities			41,619				7,221				—
Other financial liabilities			23,529,630				21,985,086				16,964,206
Other liabilities			323,213				299,376				305,174
Total liabilities			297,258,194				290,136,774				272,549,157
EQUITY
Owners’ equity:			20,450,563				20,386,160				19,188,472
Capital stock			3,381,392				3,381,392				3,381,392
Hybrid securities			3,017,888				3,574,896				3,334,002
Capital surplus			287,066				286,331				294,259
Other equity			(1,759,299	)			(1,468,025	)			(1,547,303	)
Retained earnings			15,523,516				14,611,566				13,726,122
Non-controlling interests			166,405				159,793				121,443
Total equity			20,616,968				20,545,953				19,309,915
Total liabilities and equity			317,875,162				310,682,727				291,859,072
Number of Consolidated Subsidiaries			68				74				71

 

19

---

Table of Contents

Summary Consolidated Statement of Comprehensive Income

 

(The Bank and its Consolidated Subsidiaries)		(unit: in millions of Won, except per share amounts)

 

Classification		3Q 2017				3Q 2016				2016				2015
OPERATING INCOME:			1,801,916				1,389,221				1,574,206				1,351,586
Net interest income			3,901,876				3,745,200				5,019,544				4,761,900
Net fees and commissions income			814,569				709,513				937,131				976,796
Dividend income			108,287				137,280				184,510				102,923
Gain on financial instruments at fair value through profit or loss			(97,636	)			(43,766	)			114,387				240,342
Gain on available-for-sale financial assets			148,445				32,772				(1,035	)			(3,281	)
Impairment losses due to credit loss			(501,022	)			(670,843	)			(834,076	)			(966,646	)
General and administrative expenses			(2,647,052	)			(2,411,782	)			(3,478,476	)			(3,150,387	)
Other net operating income (expenses)			74,449				(109,153	)			(367,779	)			(610,061	)
Non-operating income			(330	)			(29,825	)			(20,817	)			100,360
Net income before income tax expense from continuing operations			1,801,586				1,359,396				1,553,389				1,451,946
Income tax expense from continuing operations			409,145				242,217				275,856				376,554
Net income from continuing operations			1,392,441				1,117,179				1,277,533				1,075,392
Net income from discontinued operations			—				—				—				—
Net income			1,392,441				1,117,179				1,277,533				1,075,392
Net income attributable to owners			1,378,507				1,105,915				1,261,266				1,059,157
Profit from continuing operations			1,378,507				1,105,915				1,261,266				1,059,157
Profit from discontinued operations			—				—				—				—
Net income attributable to the non-controlling interests			13,934				11,264				16,267				16,235
Profit from continuing operations			13,934				11,264				16,267				16,235
Profit from discontinued operations			—				—				—				—
Other comprehensive income (loss), net of tax			(88,750	)			(68,145	)			77,894				31,162
Items that will not be reclassified to profit or loss			13,143				(52,788	)			34,162				(78,267	)
Items that may be reclassified to profit or loss			(101,893	)			(15,357	)			43,732				109,429
Total comprehensive income			1,303,691				1,049,034				1,355,427				1,106,554
Comprehensive income attributable to the owners			1,295,391				1,037,516				1,332,614				1,094,870
Comprehensive income attributable to non-controlling interests			8,300				11,518				22,813				11,684
NET INCOME PER SHARE:
Continuing and discontinued operations
Basic earnings per common share			1,855				1,421				1,567				1,301
Continuing operations
Basic earnings per common share			1,855				1,421				1,567				1,301

 

20

---

Table of Contents

2.	Condensed Financial Statements (Separate)

Summary Statement of Financial Position

 

(The Bank)		(unit: in millions of Won)

 

Classification		3Q 2017				2016				2015
ASSETS
Cash and cash equivalents			5,050,978				6,104,029				5,440,326
Financial assets at fair value through profit or loss			3,014,346				4,076,872				3,569,625
Available-for-sale financial assets			17,482,663				18,105,862				15,869,654
Held-to-maturity financial assets			16,216,094				13,792,266				13,527,452
Loans and receivables			248,183,210				241,508,048				231,083,160
Investments in subsidiaries and associates			4,211,863				3,779,169				3,730,247
Investment properties			344,335				348,393				344,892
Premises and equipment			2,380,564				2,342,280				2,341,506
Intangible assets			296,891				242,230				187,520
Assets held for sale			1,979				2,342				17,904
Current tax assets			—				—				—
Deferred tax assets			195,913				162,211				172,368
Derivative assets			109,385				140,577				183,128
Net defined benefit assets			5,934				70,938				—
Other assets			183,469				96,926				109,126
Total assets			297,677,624				290,772,143				276,576,908
LIABILITIES
Financial liabilities at fair value through profit or loss			2,456,670				3,793,479				3,448,180
Deposits due to customers			215,888,152				211,382,380				201,353,128
Borrowings			15,204,833				16,060,821				18,760,947
Debentures			21,255,612				18,166,057				17,259,749
Provisions			357,000				380,473				467,887
Net defined benefit liability			—				—				45,678
Current tax liabilities			238,134				148,672				77,190
Deferred tax liabilities			—				—				—
Derivative liabilities			23,345				7,221				—
Other financial liabilities			22,298,777				20,827,284				16,111,469
Other liabilities			170,049				153,238				163,362
Total liabilities			277,892,572				270,919,625				257,687,590
EQUITY
Capital stock			3,381,392				3,381,392				3,381,392
Hybrid securities			3,017,888				3,574,896				3,334,002
Capital surplus			269,533				269,533				269,533
Other equity			(102,193	)			138,542				106,016
Retained earnings			13,218,432				12,488,155				11,798,375
Total equity			19,785,052				19,852,518				18,889,318
Total liabilities and equity			297,677,624				290,772,143				276,576,908

 

*	The valuation method of our equity interest in subsidiaries, associates and joint ventures is the cost method.

 

21

---

Table of Contents

Summary Statement of Comprehensive Income

 

(The Bank)		(unit: in millions of Won, except per share amounts)

 

Classification		3Q 2017				3Q 2016				2016				2015
OPERATING INCOME:			1,530,907				1,148,374				1,270,501				1,090,372
Net interest income			3,265,366				3,174,046				4,222,447				4,052,479
Net fees and commissions income			706,676				639,914				842,883				856,343
Dividend income			110,180				176,184				220,015				169,009
Gain on financial instruments at fair value through profit or loss			(94,788	)			(54,867	)			97,225				220,282
Gain on available-for-sale financial assets			137,449				57,061				35,525				(7,960	)
Impairment losses due to credit loss			(336,690	)			(540,504	)			(640,443	)			(766,169	)
General and administrative expenses			(2,352,496	)			(2,159,408	)			(3,115,371	)			(2,846,490	)
Other net non-operating income (expenses)			95,210				(144,052	)			(391,780	)			(587,122	)
Non-operating income			11,951				36,394				40,144				144,635
Net income before income tax expense			1,542,858				1,184,768				1,310,645				1,235,007
Income tax expense			346,024				219,688				245,043				300,418
Net income from continuing operations			1,196,834				965,080				1,065,602				934,589
Net income from discontinued operations			—				—				—				—
Net income			1,196,834				965,080				1,065,602				934,589
Other comprehensive income (loss), net of tax			(32,577	)			(51,244	)			32,526				(8,583	)
Items that will not be reclassified to profit or loss			12,868				(52,105	)			33,191				(73,591	)
Items that may be reclassified to profit or loss			(45,445	)			861				(665	)			65,008
Total comprehensive income			1,164,257				913,836				1,098,128				926,006
NET INCOME PER SHARE:
Basic and diluted net income per share			1,585				1,212				1,277				1,116

 

22

---

Table of Contents

IV.	Independent Auditor’s Opinion

 

1.	Independent Auditor’s Opinion

 

		3Q 2017		2016		2015
Auditor		Deloitte Anjin LLC		Deloitte Anjin LLC		Deloitte Anjin LLC
Auditor’s Opinion		(1)		Unqualified Opinion		Unqualified Opinion

 

(1)

In its review report attached to this report, Deloitte Anjin LLC has stated that nothing had come to their attention that caused them to believe that the accompanying consolidated and separate interim financial statements of the Bank are not presented fairly in all material respects, in accordance with Korean IFRS.

 

2.	Compensation to the Independent Auditor for the Past Three Years

 

a.	Audit Services

 

						(units: Won, hours)
Term		Auditor		Description		Fee		Total Time
3Q 2017		Deloitte Anjin LLC		Closing audit		KRW 1,786 million			—
				Interim audit (including internal accounting management system)					—
				3Q review					4,880 hours
				1H review					4,061 hours
				1Q review					4,020 hours
2016		Deloitte Anjin LLC		Closing audit		KRW 1,561 million			7,515 hours
				Interim audit (including internal accounting management system)					4,210 hours
				3Q review					4,991 hours
				1H review					3,526 hours
				1Q review					3,920 hours
2015		Deloitte Anjin LLC		Closing audit		KRW 1,516 million			7,659 hours
				Interim audit (including internal accounting management system)					4,350 hours
				3Q review					3,785 hours
				1H review					3,836 hours
				1Q review					3,778 hours

 

b.	Non-Audit Services

 

Term		Date of Execution of Agreement				Description of Service		Service Term		Fees
3Q 2017			Mar. 15, 2017			Tax adjustment		Each quarter and end of term		KRW 120 million
			Mar. 15, 2017			PCAOB and SOX Auditing		May 1, 2017 ~ April 30, 2018		KRW 1,288 million
2016			Mar. 28, 2016			Tax adjustment		Each quarter and end of term		KRW 115 million
			Mar. 28, 2016			PCAOB and SOX Auditing		May 1, 2016 ~ Apr. 30, 2017		KRW 1,127 million
			Mar. 23, 2016			Issuance of GMTN-related comfort letter		May 2016		USD 100,000
2015			May 14, 2015			Review of Japanese F/S related to Samurai bonds		May and Sep. 2015		KRW 74 million
			May 14, 2015			Issuance of GMTN-related comfort letter		May 2015		USD 110,000
			Apr. 03, 2015			Tax adjustment		Each quarter and end of term		KRW 110 million
			Apr. 03, 2015			PCAOB and SOX Auditing		May 1, 2015~ Apr. 30, 2016		KRW 1,094 million
			Jan. 05, 2015			Issuance of GMTN-related comfort letter		Jan. 2015		USD 60,000

 

23

---

Table of Contents

V.	Corporate Governance and Affiliated Companies

 

1.	About the Board of Directors

 

a.

Composition of the Board of Directors

The board of directors consists of standing directors, outside directors and non-standing directors.

 

b.

Committees under the Board of Directors

We currently have the following management committees serving under the board of directors:

 

(a)

Audit Committee

 

(b)

Board of Directors Management Committee

 

(c)

Risk Management Committee

 

(d)

Compensation Committee

 

(e)

Committee for Recommending Officer Candidates

As of September 30, 2017

 

Name of Committee		Composition		Names of Members
Audit Committee		Two outside directors One standing director		Sang-Hoon Shin (outside director) Dong-Woo Chang (outside director) Jung-Sik Oh (standing director)
Board of Directors Management Committee		One standing director Five outside directors One non-standing director		Kwang-Goo Lee (standing director) Sung-Tae Ro (outside director) Sang-Hoon Shin (outside director) Sang-Yong Park (outside director) Zhiping Tian (outside director) Dong-Woo Chang (outside director) Kwang-Woo Choi (non-standing director)
Risk Management Committee		Three outside directors One non-standing director		Sung-Tae Ro (outside director) Sang-Yong Park (outside director) Zhiping Tian (outside director) Kwang-Woo Choi (non-standing director)
Compensation Committee		Five outside directors One non-standing director		Sung-Tae Ro (outside director) Sang-Hoon Shin (outside director) Sang-Yong Park (outside director) Zhiping Tian (outside director) Dong-Woo Chang (outside director) Kwang-Woo Choi (non-standing director)
Committee for recommending audit committee member candidates		One standing director Five outside directors		Kwang-Goo Lee (standing director) Sung-Tae Ro (outside director) Sang-Hoon Shin (outside director) Sang-Yong Park (outside director) Zhiping Tian (outside director) Dong-Woo Chang (outside director)

 

*

Three committees which had previously existed (i.e., Committee for recommending officer candidates, Committee for recommending outside director candidates, Committee for recommending audit committee member candidates) were integrated into a single committee (Committee for recommending officer candidates) through an amendment to the Articles of Incorporation at the EGM held on December 30, 2016 [Related Disclosure : Report on Form 6-K, submitted by Woori Bank on December 30, 2016, entitled “Results of the Extraordinary General Meeting of Shareholders of Woori Bank”]

 

24

---

Table of Contents

2.	Affiliated Companies (as of September 30, 2017)

 

 

*

The liquidation of Woori Blackstone Korea Opportunity Private Equity Fund No. 1 and Woori Columbus Private Equity Fund No. 1 has been completed, and as of September 30, 2017, equity ownership in each entity is 0%; but due to incomplete dissolution, the two entities are included as affiliated companies.

Note) Dissolution of Woori Private Equity Fund was completed as of July 6, 2017, and the entity is excluded from the affiliated companies.

 

25

---

Table of Contents

VI.	Shareholder Information

 

1.	Share Distribution

 

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

 

As of September 30, 2017		(units: shares, %)

 

								Shares Held
								Beginning balance								Ending balance
Name		Relation		Type				Stock				Share				Stock				Share				Notes
KDIC( Korea Deposit Insurance Corporation)		Largest Shareholder			Common				157,977,161				23.37				125,205,147				18.52				—
Total					Common				157,977,161				23.37				125,205,147				18.52				—
					Others				—				—				—				—

 

b.	Changes in the Largest Shareholder

 

As of September 30, 2017		(units: shares, %)

 

Change of Date

Largest Shareholder

Stock Held

Share

Notes

January 1, 2014

Woori Finance Holdings

596,690,380

100.00

November 1, 2014

KDIC

385,285,578

*56.79

Merger date of Woori Finance Holdings and Woori Bank

December 8, 2014

KDIC

345,142,556

51.04

Sale of stake

October 2, 2015

KDIC

345,142,556

51.06

Change in the share ownership ratio due to the retirement of shares

December 1, 2016

KDIC

239,097,161

35.37

Sales of stakes to Tongyang Life Insurance, Eugene Asset Management, Mirae Asset Global Investments and Korea Investment & Securities

December 8, 2016

KDIC

185,017,161

27.37

Sales of stakes to Kiwoom Securities and Hanwha Life Insurance

December 14, 2016

KDIC

157,977,161

23.37

Sale of stake to IMM PE

January 31, 2017

KDIC

144,457,161

21.37

Sale of stake to IMM PE

May 11, 2017

KDIC

143,857,161

21.28

Exercise of Shinhan Investment Corp.’s call option (0.09%)

June 16, 2017

KDIC

132,897,007

19.66

Exercise of call option of Employee Stock Ownership Association of Woori Bank (1.62%)

June 22, 2017

KDIC

131,697,007

19.48

Exercise of NH Investment & Securities’ call option (0.18%)

June 27, 2017

KDIC

130,697,007

19.33

Exercise of NH Investment & Securities’ call option (0.15%)

June 28, 2017

KDIC

128,185,796

18.96

Exercise of NH Investment & Securities’ call option ( 0.37%)

July 3, 2017

KDIC

126,935,796

18.78

Exercise of Hyosung Capital’s call option (0.18%)

September 28, 2017

KDIC

125,205,147

18.52

Exercise of call option of Employee Stock Ownership Association of Woori Bank (0.26%)

 

Note)

KDIC : Korea Deposit Insurance Corporation

*	Upon the consummation of the merger of Woori Finance Holdings with and into Woori Bank on November 1, 2014, 596,690,380 shares of the Bank were cancelled and 676,278,371 new shares were issued.

 

26

---

Table of Contents

c.	Share Ownership of More Than 5%

 

As of September 30, 2017 (unless otherwise indicated)						(units: shares, %)
Name		Shares								Notes
		No. of shares				Percentage of shareholding
Korea Deposit Insurance Corporation			125,205,147				18.52	%
National Pension Service			63,902,005				9.45	%			Note1	)
Nobis1, Inc. (IMM PE)			40,560,000				6.00	%			—
Employee Stock Ownership Association			36,153,488				5.35	%			Note2	)

Note1) Based on the disclosure of NPS (National Pension Service) on October 10, 2017, as of July 20, 2017, which may differ from the current actual number of shares

Note2) Based on the account of the Employee Stock Ownership Association (the total of all members)

 

2.	Stock Price and Stock Market Performance

 

a.	Domestic Stock Market

 

																				(units: Won, shares)
Type				April 2017				May 2017				June 2017				July 2017				August 2017				September 2017
Common Stock		High			15,000				16,350				18,600				19,950				19,200				18,550
		Low			13,050				14,850				15,300				18,350				18,200				17,050
		Average			14,060				15,528				16,995				18,788				18,655				17,648
Monthly Trade Volume		High			3,298,803				3,958,143				13,105,480				3,304,943				6,655,577				2,954,925
		Low			974,506				732,429				1,153,280				896,910				629,366				907,532
		Monthly Total			31,127,285				33,003,973				65,580,274				36,423,732				36,919,458				31,593,313

 

*	Source: KRX KOSPI Market

*	Share prices are based on closing prices.

 

b.	Foreign Stock Market (NYSE)

 

																(units: US Dollars, Won, ADRs)
Type				April 2017				May 2017				June 2017				July 2017				August 2017				September 2017
ADR		High			40.28				43.81				48.70				53.50				51.85				49.53
		Low			35.21				39.74				41.50				48.25				47.80				44.49
		Average			37.12				41.50				45.17				50.15				49.72				46.31
Won Conversion		High			45,536				49,702				55,498				59,711				58,170				55,760
		Low			39,410				44,934				46,554				55,453				54,238				50,340
		Average			42,055				46,709				51,052				56,892				56,225				52,405
Monthly Trade Volume		High			17,800				17,500				13,400				65,900				40,800				38,500
		Low			1,200				1,300				2,000				2,600				3,100				5,600
		Monthly Total			73,300				181,200				125,500				293,200				314,500				305,600

 

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

*	One ADR represents three common shares.

*	Share prices are based on closing prices.

 

27

---

Table of Contents

VII.	Directors and Employee Information

 

1.

Directors

As of September 30, 2017

 

Position

Name

Common Stock Owned

Expiration of Term

President & CEO

Registered

Standing

Kwang-Goo Lee

26,251

Note 1 )

Standing Member of Audit Committee

Registered

Standing

Jung-Sik Oh

1,350

Note 1 )

Outside Director

Registered

Non-Standing

Sung-Tae Ro

—

December 30, 2018

Outside Director

Registered

Non-Standing

Sang-Hoon Shin

10,000

December 30, 2018

Outside Director

Registered

Non-Standing

Sang-Yong Park

—

December 30, 2018

Outside Director

Registered

Non-Standing

Zhiping Tian

—

December 30, 2018

Outside Director

Registered

Non-Standing

Dong-Woo Chang

—

December 30, 2018

Non-standing Director

Registered

Non-Standing

Kwang-Woo Choi

—

Note 2)

Executive Vice President

Non-Registered

Standing

Ki-Myung Nam

8,168

December 8, 2017

Executive Vice President

Non-Registered

Standing

Tae-Seung Sohn

23,127

December 8, 2017

Executive Vice President

Non-Registered

Standing

Won-Jai Jeong

13,560

December 8, 2018

Executive Vice President

Non-Registered

Standing

Hong-Hee Kim

21,940

December 8, 2017

Executive Vice President

Non-Registered

Standing

Jung-Hoon Choi

21,649

December 3, 2017

Executive Vice President

Non-Registered

Standing

Jae-Hyun Cho

12,000

December 8, 2017

Executive Vice President

Non-Registered

Standing

Seong-Il Park

15,914

December 8, 2017

Executive Vice President

Non-Registered

Standing

Sun-Kyu Kim

15,425

December 8, 2017

Executive Vice President

Non-Registered

Standing

Hyun-Seok Shin

17,525

December 8, 2017

Executive Vice President

Non-Registered

Standing

An-Ho Jang

21,526

December 8, 2017

Executive Vice President

Non-Registered

Standing

Woon-Haeng Cho

27,345

December 8, 2017

Executive Vice President

Non-Registered

Standing

Kwang-Seok Kwon

8,057

December 8, 2017

Managing Director

Non-Registered

Standing

Yeong-Bae Kim

9,963

December 3, 2017

Managing Director

Non-Registered

Standing

Jeong-Jin Heo

13,983

December 3, 2017

Managing Director

Non-Registered

Standing

Dong-Yeon Lee

16,434

December 3, 2017

Managing Director

Non-Registered

Standing

Hyun-Poong Hong

8,110

December 8, 2018

Managing Director

Non-Registered

Standing

Tae-Joong Ha

12,497

December 8, 2018

Managing Director

Non-Registered

Standing

Chai-Pong Cheong

12,144

December 8, 2018

Managing Director

Non-Registered

Standing

Jong-In Lee

12,467

December 8, 2018

Managing Director

Non-Registered

Standing

Won-Duk Lee

—

December 8, 2018

Managing Director

Non-Registered

Standing

Chang-Jae Lee

15,938

December 8, 2018

Managing Director

Non-Registered

Standing

Jeong-Ki Kim

26,281

December 8, 2018

Managing Director

Non-Registered

Standing

Dae-Jin Lee

27,625

December 8, 2018

Note 1) End of Term : The end of the AGM to be held in Mar. 2019

Note 2) End of Term : The end of the AGM to be held in Mar. 2018

 

28

---

Table of Contents

2.	Employee Status

 

As of September 30, 2017		(units: persons, millions of Won)

 

Number of Employees

Average Tenure Years

Total Compensation

Average Compensation Per Person

Note

Regular

Contract

Total

Total

(Short time worker)

Total

(Short time worker)

Total

14,299

209

664

122

14,963

16.4

1,040,028

70

Note1

)

 

*	Average years of continuous service excludes contract employees and locally hired employees overseas.

*	Excludes management salaries (sales center head or higher) and overseas salaries.

Note 1) When excluding amounts that were determined in 2016 but paid in 1Q 2017, total compensation is KRW 962,622 million (Average compensation per person is KRW 64 million)

 

3.	Directors’ Compensation

 

As of September 30, 2017		(units: persons, millions of Won)

 

Items		Number of Persons				Total Compensation				Average Compensation Per Director				Note
Registered Directors (excludes outside directors and audit committee members)			2				775				388				—
Outside Directors (excludes audit committee members)			3				147				49				—
Audit Committee Members			4				487				122				—
Total			9				1,409				157				—

 

*	Number of persons includes the outside directors and audit committee members that resigned in 2017 (as of September 30, 2017, there are two registered directors, three outside directors and three members of the Audit Committee)

*	There is no compensation paid to the non-standing director from the KDIC, who has been excluded from the number of persons

*	Total compensation equals the aggregate amount paid from January to September of 2017

 

VIII.

Related Party Transactions

Extensions of Credit to Major Shareholders, Etc.

 

As of September 30, 2017		(unit: millions of Won)

 

Name

Item

Current Balance

Origination Date

Maturity Date

Korea Deposit Insurance Corporation

Loans

250,000

August 29, 2016

August 28, 2018

Loans

500,000

August 29, 2016

August 28, 2018

Bonds

49,993

January 22, 2013, etc.

January 22, 2018, etc.

Woori Investment Bank

Loans

25,000

March 10, 2016

March 2, 2018

CMA

100,000

July 1, 2017

June 30, 2018

Woori Card

Loans

250,000

April 1, 2013

March 2, 2018

Woori P&S

Loans

14,289

May 25, 2016

May 25, 2026

 

29

---

Table of Contents

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 Bank
		(Registrant)
Date: November 14, 2017		By: /s/ Hyun Seok Shin
		(Signature)
		Name : Hyun Seok Shin
		Title : Executive Vice President

 

30