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 May 2018

 

 

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.

 

 

 

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Table of Contents

Index

 

1.	Summary of 2018 1Q Business Report

 

2.	Exhibit 99.1 Woori Bank Review Report for 2018 1Q (Consolidated)

 

3.	Exhibit 99.2 Woori Bank Review Report for 2018 1Q (Separate)

 

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Table of Contents

Summary of

2018 First Quarter Business Report

Table of Contents

 

I.		INTRODUCTION OF THE BANK					5
		1.		Overview of the Bank			5
		2.		Capital Structure (Changes in Capital)			10
		3.		Total Number of Authorized Shares			11
		4.		Voting Rights			12
		5.		Dividend Information			12
II.		BUSINESS OVERVIEW					13
		1.		Results of Operations			13
		2.		Business Performance by Operation			13
		3.		Funding Sources and Use of Funds			15
		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 (as of March 31, 2018)			25
VI.		SHAREHOLDER INFORMATION					25
		1.		Share Distribution			25
		2.		Stock Price and Stock Market Performance			27

 

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VII.		DIRECTORS AND EMPLOYEE INFORMATION					28
		1.		Directors			28
		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.

 

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I.	Introduction of the Bank

 

1.	Overview of the Bank

 

a.

History

 

 

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April 18, 2011		Woori Smile Microcredit executed an MOU to jointly support microcredit with the Ministry of Land, Transport and Maritime Affairs
August 24, 2011		Internet banking reached 10 million customers
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 14, 2013		Inaugurated the 48th President of the Bank, concurrently holding the position of the 6th President of Woori Finance Holdings
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”

 

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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”
March 29, 2014		Hansae Basketball team, the professional women’s basketball team, won the “overall championship for 2013-14”
April 1, 2014		Established business agreement with Ministry of Health and Welfare for promotion of philanthropic culture
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
May 29, 2014		Executed business agreement with the Patent Office for promotion of IP finance
June 2, 2014		Executed business agreement with Korea Housing Guarantee Co., Ltd. for dealing and managing “Guaranteed Standard PF Loans”
June 26, 2014		The Bank selected by the Ministry of Trade, Industry and Energy as the exclusive bank for “R&D Project Development”
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 Korea Deposit Insurance Corporation (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

 

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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.
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 5, 2017		The first Korean bank to launch ‘One-touch Notice’ in foreign languages
January 12, 2017		Selected as the 2016 Best Korean Wealth Management Provider by British magazine “World Finance”
February 5, 2017		The first Korean bank to Open office in Katowice, Poland
March 22, 2017		The first Korean bank to launch Korean film investment fund ‘Woori Bank-Company K Korean film investment fund’
March 28, 2017		Launched SORi, the first voice recognition AI banking service in Korea

 

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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
October 16, 2017		Selected by National Pension Fund as main transaction bank
November 30, 2017		Awarded ‘2017 Asia-Pacific Bank of the Year’ by Bankers
December 22, 2017		Inaugurated the 51 st President of the Bank, Tae-Seung Sohn
December 26, 2017		Exceeded 300 global networks
January 15, 2018		Opened sub-branch in Incheon International Airport Passenger Terminal 2
February 1, 2018		Launched real-estate comprehensive information platform, ‘WiBee Homes’

 

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b.	Affiliated Companies

 

(1)

Overview of Business Group

 

1.

Name of business group: Woori Bank

 

(2)

Affiliated companies within the business group

 

As of March 31, 2018
Type		Name of Company		Controlling Company
Company		Woori Bank		—
First Tier Subsidiaries (18 companies)		Woori Card (equity ownership 100.0%)		Woori Bank
		Woori Investment Bank (equity ownership 59.83%)
		Woori FIS (equity ownership 100.0%)
		Woori Private Equity Asset Management (equity ownership 100.0%)
		Woori Finance Research Institute (equity ownership 100.0%)
		Woori Credit Information (equity ownership 100.0%)
		Woori Fund Services (equity ownership 100.0%)
		Korea BTL Infrastructure Fund (equity ownership 99.87%)
		Woori America Bank (equity ownership 100.0%)
		PT. Bank Woori Saudara Indonesia (equity ownership 79.88%)
		AO Woori Bank (equity ownership 100.0%—1 share)
		Woori Bank China Limited (equity ownership 100.0%)
		Woori Bank Brasil (equity ownership 100.0%—1 share)
		Woori Finance Cambodia (equity ownership 100.0%)
		Woori Finance Myanmar (equity ownership 100.0%)
		Woori Wealth Bank Philippines (equity ownership 51%)
		Woori Bank Vietnam (equity ownership 100.0%)
		Woori Global Markets Asia Ltd. (equity ownership 100.0%)
Second Tier Subsidiaries (1 company)		TUTU Finance-WCI Myanmar (equity ownership 100.0%)		Woori Card

 

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

 

2.	Capital Structure (Changes in Capital)

 

As of March 31, 2018												(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 of 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*

 

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*	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 remains 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 March 31, 2018						(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”]

 

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4.	Voting Rights

 

As of December 31, 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				17,454,546				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				655,816,680				—
			Preferred Shares				—				—

Note 1) The shares without voting rights are treasury shares. Please see “I. Introduction of the Bank – 3. Total Number of Authorized Shares.”

Note 2) 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.

 

5.	Dividend Information

 

Items				2018 1Q				2017				2016
Par value per share (Won)					5,000				5,000				5,000
Net profit (Millions of Won)					589,736				1,512,148				1,261,266
Earnings per share (Won)					820				1,999				1,567
Total cash dividends (Millions of Won)					—				403,963				269,308
Total stock dividends (Millions of Won)					—				—				—
Cash dividend payout ratio (%)					—				26.71				21.35
Cash dividend yield (%)		Common Shares			—				3.70				3.01
		Preferred Shares			—				—				—
Stock dividend yield (%)		Common Shares			—				—				—
		Preferred Shares			—				—				—
Cash dividend per share (Won)		Common Shares			—				600				400
		Preferred Shares			—				—				—
Stock dividend per share (Won)		Common Shares			—				—				—
		Preferred Shares			—				—				—

 

*	Based on K-IFRS consolidated financial statements

*	2017 figures include interim dividends

 

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II.	Business Overview

 

1.	Results of Operations

 

As of March 31, 2018		(unit: 100 millions of Won)
Type		1Q 2018				1Q 2017				2017				2016
Operating income			8,213				8,797				21,567				15,742
Non-operating income			204				602				1,679				1,690
Non-operating expenses			356				1,113				3,751				1,898
Ordinary profits			8,060				8,286				19,495				15,534
Income from continuing operations before income tax			8,060				8,286				19,495				15,534
Income tax expense from continuing operations			2,115				1,859				4,194				2,759
Income from discontinued operations			—				—				—				—
Net income			5,945				6,427				15,301				12,775

 

*	Based on K- IFRS consolidated financial statements

 

2.	Business Performance by Operation

 

a.	Deposit Services

 

As of March 31, 2018				(unit: millions of Won)
Type				1Q 2018				2017				2016
Deposits received in local currency		Demand deposits			8,899,752				9,349,070				9,491,680
		Fixed deposits			198,006,845				194,289,437				183,723,169
		Mutual funds			33,213				34,055				37,128
		Subtotal			206,939,810				203,672,562				193,251,977
Deposits received in foreign currencies					23,285,837				23,682,755				21,452,943
CDs					4,227,241				4,399,817				3,808,856
Money trusts					1,398,092				1,401,841				1,360,176
Other deposits received					1,646,160				1,538,110				1,146,459
Total					237,497,139				234,695,084				221,020,411

 

*	Based on K- IFRS consolidated financial statements

 

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b.	Loan Services

 

(a)

Balances of Loans by Type

 

As of March 31, 2018		(unit: millions of Won)
Type		1Q 2018				2017				2016
Loans in local currency			203,406,262				200,213,230				191,309,481
Loans in foreign currencies			16,576,486				15,664,795				17,855,868
Guarantee payments			17,126				23,620				25,197
Total			219,999,874				215,901,645				209,190,547

 

*	Based on K- IFRS consolidated financial statements

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

 

(b)

Balances of Loans by Maturity

 

As of March 31, 2018											(unit: in millions of Won)
Type		1 year or under				Over 1 year ~ 3 years or under				Over 3 years ~ 5 years or under				Over 5 years				Total
Loans in local currency			100,644,496				40,885,109				9,783,606				50,178,711				201,491,922
Loans in foreign currencies			7,729,350				1,764,721				692,882				614,450				10,801,403

 

*	Based on K- IFRS separate financial statements

c. Guarantees

 

As of March 31, 2018		(unit: millions of Won)
Type		1Q 2018				2017				2016
Confirmed guarantees			6,534,000				6,875,021				8,270,187
Unconfirmed guarantees			4,408,992				4,526,593				5,101,701
Commercial paper purchase commitments and others			1,465,161				1,458,101				1,389,896

 

*	Based on K- IFRS consolidated financial statements

d. Trust Business

 

As of March 31, 2018														(unit: millions of Won)
Type		1Q 2018								2017								2016
		Trust Funds				Trust Fees				Trust Funds				Trust Fees				Trust Funds				Trust Fees
Money trust			33,942,047				53,739				30,131,764				139,025				26,019,180				73,814
Property trust			13,258,038				1,170				12,942,930				4,507				12,714,338				4,803
Total			47,200,085				54,909				43,074,694				143,532				38,733,518				78,617

 

*	Trust funds indicate average balances.

 

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3.	Funding Sources and Use of Funds

 

a.	Sources of Funds

[Bank Accounts]

(unit: millions of Won, %)

Classification		Funding Source		1Q 2018												2017												2016
				Average Balance				Interest Rate				Proportion				Average Balance				Interest Rate				Proportion				Average Balance				Interest Rate				Proportion
Local currency funds		Deposits received in local currency			194,428,165				1.34				66.38				187,332,008				1.26				66.02				183,440,285				1.38				65.35
		Certificates of deposit			4,279,330				1.77				1.46				4,500,100				1.66				1.59				3,466,223				1.70				1.23
		Borrowings in local currency			6,293,359				1.39				2.15				6,213,903				1.32				2.19				6,709,080				1.45				2.39
		Call money in local currency			346,019				1.54				0.12				1,254,623				1.23				0.44				1,159,188				1.32				0.41
		Others			21,502,428				2.35				7.34				20,168,307				2.29				7.11				18,532,241				2.60				6.60
		Subtotal			226,849,301				1.44				77.45				219,468,941				1.37				77.34				213,307,017				1.50				75.98
Foreign currency funds		Deposits received in foreign currencies			16,192,431				0.66				5.53				14,338,927				0.51				5.05				14,838,684				0.47				5.29
		Borrowings in foreign currencies			6,312,607				1.77				2.16				7,267,096				1.38				2.56				8,595,575				0.86				3.06
		Call money in foreign currencies			459,033				1.40				0.16				980,001				1.14				0.35				1,401,294				0.70				0.50
		Debentures in foreign currencies			3,642,857				3.44				1.24				3,649,805				3.11				1.29				3,950,614				2.54				1.41
		Others			787,446				0.34				0.27				574,786				0.14				0.20				531,877				0.29				0.19
		Subtotal			27,394,374				1.29				9.35				26,810,615				1.12				9.45				29,318,044				0.87				10.44
Others		Total capital			19,937,763				—				6.81				20,134,843				—				7.10				19,617,484				—				6.99
		Provisions			426,781				—				0.15				351,750				—				0.12				412,553				—				0.15
		Others			18,290,916				—				6.24				16,993,430				—				5.99				18,070,427				—				6.44
		Subtotal			38,655,460				—				13.20				37,480,023				—				13.21				38,100,463				—				13.57
Total					292,899,134				1.24				100.00				283,759,580				1.16				100.00				280,725,524				1.23				100.00

 

*	Based on K-IFRS separate financial statements

[Trust Accounts]

(unit: millions of Won, %)

Type		Funding Source		1Q 2018												2017												2016
				Average Balance				Interest Rate				Share				Average Balance				Interest Rate				Share				Average Balance				Interest Rate				Share
Cost		Money trusts			33,942,047				1.84				71.69				30,131,764				1.70				69.76				26,019,180				1.52				66.98
		Borrowings			0				0.00				0.00				0				0.00				0.00				0				0.00				0.00
		Subtotal			33,942,047				1.84				71.69				30,131,764				1.70				69.76				26,019,180				1.52				66.98
Non-cost		Property trusts			13,258,038				—				28.00				12,942,930				—				29.97				12,714,338				—				32.73
		Special reserves			39,845				—				0.08				39,082				—				0.09				38,160				—				0.10
		Other			105,540				—				0.22				76,821				—				0.18				72,810				—				0.19
		Subtotal			13,403,423				—				28.31				13,058,833				—				30.24				12,825,308				—				33.02
Total					47,345,470				—				100.00				43,190,597				—				100.00				38,844,488				—				100.00

 

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b.	Fund Management Performance

[Bank Accounts]

 

		(unit: millions of Won, %)
Type		Managed Item		1Q 2018												2017												2016
				Average Balance				Interest Rate				Share				Average Balance				Interest Rate				Share				Average Balance				Interest Rate				Share
Local currency funds		Deposits in local currency			4,377,933				1.52				1.49				3,424,567				1.28				1.21				3,171,599				1.34				1.13
		Marketable securities in local currency			31,985,990				2.35				10.92				35,186,537				1.95				12.40				33,880,119				2.58				12.07
		Loans in local currency			200,354,129				3.16				68.40				194,161,817				3.05				68.42				189,079,324				3.10				67.35
		Guarantee payments			20,575				1.29				0.01				26,639				3.14				0.01				51,254				0.89				0.02
		Call loans in local currency			1,528,230				1.62				0.52				2,275,748				1.33				0.80				3,581,382				1.41				1.28
		Private placed bonds			140,369				3.28				0.05				185,092				5.94				0.07				247,292				5.19				0.09
		Credit card receivables			—				—				—				28				—				0.00				24				—				0.00
		Other			7,492,279				1.93				2.56				4,235,478				1.99				1.49				4,580,215				2.04				1.63
		Bad debt expense in local currency (-)			(1,285,265	)			—				(0.44	)			(1,284,188	)			—				(0.45	)			(1,925,177	)			—				(0.69	)
		Subtotal			244,614,241				2.99				83.51				238,211,718				2.85				83.95				232,666,033				2.98				82.88
Foreign currency funds		Deposits in foreign currencies			4,500,545				1.17				1.54				3,791,184				0.67				1.34				3,761,286				0.43				1.34
		Marketable securities in foreign currencies			3,355,275				1.11				1.15				2,735,707				1.07				0.96				1,752,884				1.13				0.62
		Loans in foreign currencies			10,486,595				2.76				3.58				10,790,442				2.51				3.80				13,371,873				1.95				4.76
		Call loans in foreign currencies			2,412,994				1.72				0.82				2,506,588				1.33				0.88				2,940,858				0.85				1.05
		Bills bought			7,264,614				2.46				2.48				7,417,500				1.88				2.61				7,110,164				1.53				2.53
		Other			37,143				2.42				0.01				48,472				2.50				0.02				13,829				9.72				0.00
		Bad debt expense in foreign currencies (-)			(487,932	)			—				(0.17	)			(332,301	)			—				(0.12	)			(312,211	)			—				(0.11	)
		Subtotal			27,569,234				2.18				9.41				26,957,590				1.85				9.50				28,638,685				1.51				10.20
Other		Cash			1,266,010				—				0.43				1,201,343				—				0.42				1,169,566				—				0.42
		Property and equipment for business purposes			2,363,450				—				0.81				2,352,466				—				0.83				2,325,893				—				0.83
		Other			17,086,200				—				5.83				15,036,463				—				5.30				15,925,347				—				5.67
		Subtotal			20,715,659				—				7.07				18,590,272				—				6.55				19,420,807				—				6.92
Total					292,899,134				2.70				100.00				283,759,580				2.57				100.00				280,725,524				2.62				100.00

 

*	Based on K-IFRS separate financial statements

[Trust Accounts]

 

		(Unit: millions of Won, %)
Type		Managed Item		1Q 2018												2017												2016
				Average Balance				Interest Rate				Share				Average Balance				Interest Rate				Share				Average Balance				Interest Rate				Share
Profit		Loans			33,206				3.56				0.07				27,539				3.62				0.06				23,088				4.21				0.06
		Securities			10,693,220				3.81				22.59				8,038,329				3.25				18.61				4,701,052				1.93				12.10
		Other			24,109,403				1.56				50.92				22,962,574				1.47				53.17				22,237,766				1.63				57.25
		Reserves for bond ratings (-)			(18	)			0.00				0.00				(45	)			0.00				0.00				(36	)			0.00				0.00
		Present value discount (-)			(13	)			0.00				0.00				(72	)			0.00				0.00				(215	)			0.00				0.00
		Subtotal			34,835,798				2.26				73.58				31,028,325				1.93				71.84				26,961,655				1.68				69.41
Non-profit		Subtotal			12,509,672				—				26.42				12,162,272				—				28.16				11,882,833				—				30.59
Total					47,345,470				—				100.00				43,190,597				—				100.00				38,844,488				—				100.00

 

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4.	Other Information N ecessary for Making Investment Decisions

 

a.	Selected Ratios

BIS Capital Adequacy Ratios

 

		(unit: 100 millions of Won, %)
Type		1Q 2018				2017				2016
Equity capital (A)			226,076				226,032				229,005
Risk weighted assets (B)			1,498,588				1,467,622				1,497,281
Capital adequacy ratio (A/B)			15.09	%			15.40	%			15.29	%

Liquidity Ratios

 

 

(unit: %)
Type		1Q 2018				2017				2016
Liquidity coverage ratio (LCR)			102.45				102.06				109.52
Foreign currency liquidity coverage ratio(LCR) **			108.23				103.11				—
Ratio of business purpose premises and equipment ***			13.37				13.49				13.49

 

*	Based on K-IFRS consolidated financial statements

**	Newly introduced in 2017 (Current minimum ratio is 70% in 2018; to increase to 80% in 2019). Our foreign currency LCR was 108.31% in January 2018, 110.29% in February 2018 and 106.52% in March 2018.

***	Based on the ending balances of 1Q 2018, 2017 and 2016

 

b.	Asset Quality

 

 

		(unit: 100 millions of Won)
Type				1Q 2018				2017				2016
Total loans		Total			2,238,263				2,221,185				2,166,122
		Corporate			1,163,840				1,155,213				1,140,252
		Household			1,074,423				1,065,972				1,025,870
Sub-standard and below loans Sub-standard and below loan ratio		Total			17,736				18,396				21,121
					0.79	%			0.83	%			0.98	%
		Corporate			15,118				15,826				18,237
					1.30	%			1.37	%			1.60	%
		Household			2,619				2,570				2,884
					0.24	%			0.24	%			0.28	%
Delinquency ratio		Based on total loans (after seasonal adjustment)			0.37	%			0.34	%			0.46	%
					(0.47	%)			(0.38	%)			(0.52	%)
		Based on corporate loans (after seasonal adjustment)			0.52	%			0.45	%			0.61	%
					(0.64	%)			(0.49	%)			(0.66	%)
		Based on household loans (after seasonal adjustment)			0.29	%			0.28	%			0.31	%
					(0.37	%)			(0.31	%)			(0.33	%)

 

*	Based on K-IFRS separate financial statements

 

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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

 

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III.	Financial Information

 

1.	Co ndensed Financial Statements (Consolidated)

Summary Consolidated Statement of Financial Position

 

(The Bank and its Consolidated Subsidiaries)		(unit: millions of Won)
Classification		1Q 2018				2017				2016
ASSETS
Cash and cash equivalents			5,738,002				6,908,286				7,591,324
Financial assets at FVTPL (fair value through profit or loss) K-IFRS1109			7,578,339				—				—
Financial assets at FVTPL (fair value through profit or loss) K-IFRS1039			—				5,843,077				5,650,724
Financial assets at FVTOCI (other comprehensive income)			13,254,613				—				—
Available-for-sale financial assets			—				15,352,950				20,817,583
Securities at amortized cost			16,831,342								—
Held-to-maturity financial assets			—				16,749,296				13,910,251
Loans and other financial assets at amortized cost			278,109,106				—				—
Loans and receivables			—				267,106,204				258,392,633
Investments in joint ventures and associates			414,486				417,051				439,012
Investment properties			382,402				371,301				358,497
Premises and equipment			2,455,678				2,477,545				2,458,025
Intangible assets and goodwill			538,956				518,599				483,739
Assets held for sale			54,576				48,624				2,342
Current tax assets			5,347				4,722				6,229
Deferred tax assets			156,873				280,130				232,007
Derivative assets			39,272				59,272				140,577
Net defined benefit assets			—				—				70,938
Other assets			236,911				158,404				128,846
Total assets			325,795,903				316,295,461				310,682,727
LIABILITIES
Financial liabilities at FVTPL (fair value through profit or loss) K-IFRS1109			3,024,971				—				—
Financial liabilities at FVTPL (fair value through profit or loss) K-IFRS1039			—				3,427,909				3,803,358
Deposits due to customers			237,497,139				234,695,084				221,020,411
Borrowings			13,935,114				14,784,706				18,769,515
Debentures			27,091,625				27,869,651				23,565,449
Provisions			452,713				410,470				428,477
Net defined benefit liability			152,098				43,264				64,666
Current tax liabilities			201,329				232,600				171,192
Deferred tax liabilities			23,392				22,681				22,023
Derivative liabilities			87,336				67,754				7,221
Other financial liabilities			22,451,144				13,892,461				21,985,086
Other liabilities			339,057				283,981				299,376
Total liabilities			305,255,918				295,730,561				290,136,774
EQUITY
Owners’ equity:			20,340,112				20,365,892				20,386,160
Capital stock			3,381,392				3,381,392				3,381,392
Hybrid securities			3,017,888				3,017,888				3,574,896
Capital surplus			285,883				285,880				286,331
Other equity			(2,147,261	)			(1,939,274	)			(1,468,025	)
Retained earnings			15,802,210				15,620,006				14,611,566
Non-controlling interests			199,873				199,008				159,793
Total equity			20,539,985				20,564,900				20,545,953
Total liabilities and equity			325,795,903				316,295,461				310,682,727
Number of Consolidated Subsidiaries			54				53				74

 

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Summary Consolidated Statement of Comprehensive Income

 

(The Bank and its Consolidated Subsidiaries)		(unit: millions of Won, except per share amounts)
Classification		1Q 2018				1Q 2017				2017				2016
Operating income			821,297				879,744				2,156,742				1,574,206
Net interest income			1,367,151				1,262,744				5,220,650				5,019,544
Net fees and commissions income			305,308				274,952				1,070,466				937,131
Dividend income			35,553				39,828				124,992				184,510
Net gain or loss on financial instruments at FVTPL (fair value through profit or loss) K-IFRS1109			49,330				—				—				—
Net gain or loss on financial instruments at FVTPL (fair value through profit or loss) K-IFRS1039			—				(158,475	)			(104,827	)			114,387
Net gain or loss on financial assets at FVTOCI			812				—				—				—
Net gain or loss on available for sale financial assets			—				15,785				192,708				(1,035	)
Net gain or loss arising on financial assets at amortized cost			21,525				—				—				—
Impairment losses due to credit loss			(122,235	)			(79,277	)			(785,133	)			(834,076	)
General and administrative expenses			(739,684	)			(754,270	)			(3,530,801	)			(3,478,476	)
Other net operating income (expenses)			(96,463	)			278,457				(31,313	)			(367,779	)
Non-operating income			(15,262	)			(51,114	)			(207,236	)			(20,817	)
Net income before income tax expense from continuing operations			806,035				828,630				1,949,506				1,553,389
Income tax expense from continuing operations			211,515				185,899				419,418				275,856
Net income from continuing operations			594,520				642,731				1,530,088				1,277,533
Net income from discontinued operations			—				—				—				—
Net income			594,520				642,731				1,530,088				1,277,533
Net income attributable to owners			589,736				637,473				1,512,148				1,261,266
Profit from continuing operations			589,736				637,473				1,512,148				1,261,266
Profit from discontinued operations			—				—				—				—
Net income attributable to the non-controlling interests			4,784				5,258				17,940				16,267
Profit from continuing operations			4,784				5,258				17,940				16,267
Profit from discontinued operations			—				—				—				—
Other comprehensive income (loss), net of tax			(28,475	)			(113,152	)			(276,796	)			77,894
Items that will not be reclassified to profit or loss			(24,121	)			(29,563	)			10,497				34,162
Items that may be reclassified to profit or loss			(4,354	)			(83,589	)			(287,293	)			43,732
Total comprehensive income			566,045				529,579				1,253,292				1,355,427
Comprehensive income attributable to the owners			563,794				531,613				1,249,057				1,332,614
Comprehensive income attributable to non-controlling interests			2,251				(2,034	)			4,235				22,813
Net Income Per Share
Continuing and discontinued operations
Basic earnings per common share			820				874				1,999				1,567
Diluted earnings per common share			820				874				1,999				1,567
Continuing operations
Basic earnings per common share			820				874				1,999				1,567
Diluted earnings per common share			820				874				1,999				1,567

 

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2.	Condensed Financial Statements (Separate)

Summary Statement of Financial Position

 

(The Bank)		(unit: millions of Won)
Classification		1Q 2018				2017				2016
ASSETS
Cash and cash equivalents			5,031,336				5,328,960				6,104,029
Financial assets at FVTPL (fair value through profit or loss) K-IFRS1109			5,414,045				—				—
Financial assets at FVTPL (fair value through profit or loss) K-IFRS1039			—				4,133,724				4,076,872
Financial assets at FVTOCI (other comprehensive income)			12,489,410				—				—
Available for sale financial assets			—				14,186,704				18,105,862
Securities at amortized cost			16,716,803				—				—
Held-to-maturity financial assets			—				16,638,727				13,792,266
Loans and other financial assets at amortized cost			257,926,927				—				—
Loans and receivables			—				248,810,624				241,508,048
Investments in subsidiaries and associates			4,149,505				4,148,795				3,779,169
Investment properties			360,824				350,235				348,393
Premises and equipment			2,355,826				2,374,590				2,342,280
Intangible assets			330,078				303,325				242,230
Assets held for sale			51,909				46,183				2,342
Deferred tax assets			115,998				238,543				162,211
Derivative assets			39,272				59,272				140,577
Net defined benefit assets			—				—				70,938
Other assets			200,748				117,889				96,926
Total assets			305,182,681				296,737,571				290,772,143
LIABILITIES
Financial liabilities at FVTPL (fair value through profit or loss) K-IFRS1109			3,017,731				—				—
Financial liabilities at FVTPL (fair value through profit or loss) K-IFRS1039			—				3,416,978				3,793,479
Deposits due to customers			226,809,907				224,384,156				211,382,380
Borrowings			12,642,978				13,662,984				16,060,821
Debentures			20,919,157				21,707,466				18,166,057
Provisions			392,147				368,027				380,473
Net defined benefit liability			119,029				14,284				—
Current tax liabilities			191,435				212,376				148,672
Deferred tax liabilities			—				—				—
Derivative liabilities			28,256				12,103				7,221
Other financial liabilities			21,091,235				13,029,421				20,827,284
Other liabilities			174,620				135,686				153,238
Total liabilities			285,386,495				276,943,481				270,919,625
EQUITY
Capital stock			3,381,392				3,381,392				3,381,392
Hybrid securities			3,017,888				3,017,888				3,574,896
Capital surplus			269,533				269,533				269,533
Other equity			(341,014	)			(135,282	)			138,542
Retained earnings			13,468,387				13,260,559				12,488,155
Total equity			19,796,186				19,794,090				19,852,518
Total liabilities and equity			305,182,681				296,737,571				290,772,143

 

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Summary Statement of Comprehensive Income

 

(The Bank)		(unit: millions of Won, except per share amounts)
Classification		1Q 2018				1Q 2017				2017				2016
Operating income			725,075				782,866				1,790,558				1,270,501
Net interest income			1,146,552				1,053,484				4,390,603				4,222,447
Net fees and commissions income			271,660				244,667				931,021				842,883
Dividend income			26,464				30,507				125,599				220,015
Net gain or loss on financial instruments at FVTPL (fair value through profit or loss) K-IFRS1109			51,643
Net gain or loss on financial instruments at FVTPL (fair value through profit or loss) K-IFRS1039							(152,023	)			(96,983	)			97,225
Net gain or loss on available for sale financial assets							13,217				135,003				35,525
Net gain or loss arising on financial assets at amortized cost*			9,366
Impairment losses due to credit loss			(62,199	)			(34,154	)			(553,204	)			(640,443	)
General and administrative expenses			(630,744	)			(658,689	)			(3,128,725	)			(3,115,371	)
Other net non-operating income (expenses)			(87,667	)			285,857				(12,756	)			(391,780	)
Non-operating income			11,647				(4,477	)			(170,336	)			40,144
Net income before income tax expense			736,722				778,389				1,620,222				1,310,645
Income tax expense			190,735				176,486				344,110				245,043
Net income from continuing operations			545,987				601,903				1,276,112				1,065,602
Net income from discontinued operations			—				—				—				—
Net income			545,987				601,903				1,276,112				1,065,602
Other comprehensive income (loss), net of tax			(22,391	)			(24,571	)			(65,666	)			32,526
Items that will not be reclassified to profit or loss			(24,667	)			(25,512	)			16,566				33,191
Items that may be reclassified to profit or loss			2,276				941				(82,232	)			(665	)
Total comprehensive income			523,596				577,332				1,210,446				1,098,128
Net Income Per Share
Basic and diluted net income per share			755				821				1,648				1,277

 

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IV.	Independent Auditor’s Opinion

 

1.	Independent Auditor’s Opinion

 

		1Q 2018		2017		2016
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

 

Term		Auditor		Description		Fee		Total Time
1Q 2018		Deloitte Anjin LLC		Closing audit				—
				Interim audit (including internal accounting management system)		KRW		—
				3Q review		1,727 million		—
				1H review				—
				1Q review				4,010 hours
2017		Deloitte Anjin LLC		Closing audit				15,883 hours
				Interim audit (including internal accounting management system)				5,827 hours
				3Q review		KRW		4,880 hours
				1H review		1,786 million		4,061 hours
				1Q review				4,020 hours
2016		Deloitte Anjin LLC		Closing audit				7,515 hours
				Interim audit (including internal accounting management system)				4,210 hours
				3Q review		KRW		4,991 hours
				1H review		1,561 million		3,526 hours
				1Q review				3,920 hours

 

b.	Non-Audit Services

 

Term		Date of Execution of Agreement		Description of Service		Service Term		Fees
1Q 2018		Apr. 16, 2018		Tax adjustment		Each quarter and end of term		KRW 130 million
		Apr. 16, 2018		PCAOB and SOX Auditing		May 1, 2018 ~ Apr. 30, 2019		KRW 1,463 million
		May. 11, 2018		Issuance of GMTN-related comfort letter		May 2018		USD 100,000
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

 

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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 March 31, 2018

Name of Committee		Composition		Names of Members
Audit Committee		Two outside directors, One standing auditor		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		Tae-Seung Sohn (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) Chang-Sik Bae (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) Chang-Sik Bae (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) Chang-Sik Bae (non-standing director)**
Committee for recommending officer candidates		One standing director, Five outside directors		Tae-Seung Sohn (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)

 

*	The chairman of the board of directors and the chairmen and members of the committees were appointed at the 17th extraordinary board of directors’ meeting held on December 22, 2017.

**	Non-standing director : Kwang-Woo Choi’s tenure expired and Chang-Sik Bae was newly appointed at the Annual General Meeting of shareholders held on March 23, 2018.

1)	Jan. 1, 2018 ~ Mar.22, 2018 : Kwang-Woo Choi was a member of Board of directors management committee, Risk management committee and Compensation committee

2)	Mar. 22, 2018 ~ Mar.31, 2018 : Chang-Sik Bae is a member of Board of directors management committee, Risk management committee and Compensation committee

 

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2.	Affiliated Companies (as of March 31, 2018)

 

 

VI.	Shareholder Information

 

1.	Share Distribution

 

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

 

As of March 31, 2018

(units: shares, %)

Name

Shares Held

Notes

Relation

Type

Beginning balance

Ending balance

Stock

Share

Stock

Share

Korea Deposit Insurance Corporation(KDIC)

Largest Shareholder

Common

124,604,797

18.43

124,604,797

18.43

Note 1)

Total

Common

124,604,797

18.43

124,604,797

18.43

Others

—

—

—

—

Note 1) Refer to ‘b. Changes in the largest shareholder’ for changes in the number and percentage of shares held by the KDIC

 

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b.	Changes in the largest shareholder

 

As of March 31, 2018

(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

Korea Deposit Insurance Corporation

385,285,578

56.79

Merger date of Woori Finance Holdings and Woori Bank

December 8, 2014

Korea Deposit Insurance Corporation

345,142,556

51.04

Sale of stake

October 2, 2015

Korea Deposit Insurance Corporation

345,142,556

51.06

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

December 1, 2016

Korea Deposit Insurance Corporation

239,097,161

35.37

Sale of stake (Tongyang Life Insurance, Eugene Asset Management, Mirae Asset Global Investments, Korea Investment & Securities)

December 8, 2016

Korea Deposit Insurance Corporation

185,017,161

27.37

Sale of stake (Kiwoom Securities, Hanwha Life Insurance)

December 14, 2016

Korea Deposit Insurance Corporation

157,977,161

23.37

Sale of stake ( IMM PE)

January 31, 2017

Korea Deposit Insurance Corporation

144,457,161

21.37

Sale of stake (IMM PE)

May 11, 2017

Korea Deposit Insurance Corporation

143,857,161

21.28

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

June 16, 2017

Korea Deposit Insurance Corporation

132,897,007

19.66

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

June 22, 2017

Korea Deposit Insurance Corporation

131,697,007

19.48

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

June 27, 2017

Korea Deposit Insurance Corporation

130,697,007

19.33

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

June 28, 2017

Korea Deposit Insurance Corporation

128,185,796

18.96

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

July 3, 2017

Korea Deposit Insurance Corporation

126,935,796

18.78

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

September 28, 2017

Korea Deposit Insurance Corporation

125,205,147

18.52

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

December 7, 2017

Korea Deposit Insurance Corporation

124,604,797

18.43

Exercise of call option of Employee Stock Ownership Association of Woori Bank (0.09%)

*	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.

 

c.	Share Ownership of More Than 5%

 

As of March 31, 2018												(units: shares, %)
		Name		Shares								Notes
				No. of shares				Percentage of shareholding
Share ownership of more than 5%		Korea Deposit Insurance Corporation			124,604,797				18.43	%			—
		National Pension Service			62,809,267				9.29	%			Note1	)
		Nobis1, Inc. (IMM PE)			40,560,000				6.00	%
Employee Stock Ownership Association					34,622,207				5.12	%			—

Note1) Number of shares of the National Pension Service is as of Dec.31, 2017

 

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2.	Stock Price and Stock Market Performance

 

a.	Domestic Stock Market

 

 

																				(units: Won, shares)
Period				October 2017				November 2017				December 2017				January 2018				February 2018				March 2018
Common Stock		High			18,100				16,700				16,300				17,200				17,050				16,400
		Low			16,400				15,500				15,400				15,650				15,200				14,250
		Average			17,406				16,016				15,955				16,632				16,403				15,405
Monthly Trade Volume		High			2,935,518				2,855,053				3,272,458				2,697,968				8,494,057				3,186,017
		Low			838,703				727,854				788,707				653,628				780,723				967,071
		Monthly Total			25,597,320				36,186,699				24,046,612				28,679,898				33,505,646				37,831,871

 

*	Source: KRX KOSPI Market

*	Share prices are based on closing prices.

 

b.	Foreign Stock Market (NYSE)

 

 

																				(units: US Dollars, ADRs)
Period				October 2017				November 2017				December 2017				January 2018				February 2018				March 2018
ADR		High			47.76				45.32				45.72				49.04				48.24				45.97
		Low			43.90				41.20				42.88				44.73				42.63				40.83
		Average			46.32				43.34				44.58				47.03				45.81				43.72
Won Conversion		High			54,718				49,054				49,405				52,531				52,026				49,151
		Low			49,387				46,172				46,884				47,655				46,372				43,777
		Average			52,416				47,896				48,399				50,169				49,450				46,865
Monthly Trade Volume		High			56,800				52,300				83,400				33,600				30,100				44,100
		Low			4,500				1,300				5,100				6,100				4,000				4,800
		Monthly Total			309,500				276,600				445,100				306,500				278,200				316,100

 

*	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.

 

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VII.	Directors and Employee Information

 

1.

Directors

 

 

As of the submission date May 15, 2018

(units: shares)

Position

Name

Common Stock Owned

Term Commencement Date

Expiration of Term

President and CEO

Registered

Tae-Seung Sohn

15,296

December 22, 2017 ~

December 21, 2020

Standing Member of Audit Committee

Registered

Jung-Sik Oh

5,000

March 24, 2017 ~

Note 1)

Outside Director

Registered

Sung-Tae Ro

5,000

December 30, 2016 ~

December 30, 2018

Outside Director

Registered

Sang-Hoon Shin

15,000

December 30, 2016 ~

December 30, 2018

Outside Director

Registered

Sang-Yong Park

1,000

December 30, 2016 ~

December 30, 2018

Outside Director

Registered

Zhiping Tian

—

December 30, 2016 ~

December 30, 2018

Outside Director

Registered

Dong-Woo Chang

—

December 30, 2016 ~

December 30, 2018

Non-standing Director

Registered

Chang-Sik Bae

—

March 23, 2018 ~

Note 2)

Executive Vice President

Non-Registered

An-Ho Jang

—

December 22, 2017 ~

December 8, 2018

Executive Vice President

Non-Registered

Woon-Haeng Cho

—

December 22, 2017 ~

December 8, 2018

Executive Vice President

Non-Registered

Seong-Il Park

—

February 3, 2017 ~

December 3, 2019

Executive Vice President

Non-Registered

Sun-Kyu Kim

—

February 3, 2017 ~

December 8, 2018

Executive Vice President

Non-Registered

Yeong-Bae Kim

—

December 22, 2017 ~

December 8, 2018

Executive Vice President

Non-Registered

Jeong-Jin Heo

—

December 22, 2017 ~

December 8, 2018

Executive Vice President

Non-Registered

Dong-Yeon Lee

9,000

December 22, 2017 ~

December 8, 2018

Executive Vice President

Non-Registered

Hyun-Poong Hong

—

December 22, 2017 ~

December 8, 2018

Executive Vice President

Non-Registered

Chai-Pong Cheong

—

December 22, 2017 ~

December 8, 2018

Executive Vice President

Non-Registered

Chang-Jae Lee

—

December 22, 2017 ~

December 8, 2018

Executive Vice President

Non-Registered

Jeong-Ki Kim

—

December 22, 2017 ~

December 8, 2018

Managing Director

Non-Registered

Tae-Joong Ha

—

February 3, 2017 ~

December 8, 2018

Managing Director

Non-Registered

Jong-In Lee

—

February 3, 2017 ~

December 3, 2019

Managing Director

Non-Registered

Won-Duk Lee

2,000

February 3, 2017 ~

December 8, 2018

Managing Director

Non-Registered

Hong-Sik Choi

—

December 22, 2017 ~

December 8, 2019

Managing Director

Non-Registered

Su-Hyeong Cho

—

December 22, 2017 ~

December 8, 2019

Managing Director

Non-Registered

Hwa-Jae Park

2,000

December 22, 2017 ~

December 8, 2019

Managing Director

Non-Registered

Myung-Hyuk Shin

1,000

December 22, 2017 ~

December 8, 2019

Managing Director

Non-Registered

Dong-Su Choi

—

December 22, 2017 ~

December 8, 2019

Managing Director

Non-Registered

Jong-Suk Jeong

5,005

December 22, 2017 ~

December 8, 2019

Managing Director

Non-Registered

Kyong-Hoon Park

—

December 22, 2017 ~

December 8, 2019

Managing Director

Non-Registered

Jong-Deuk Kim

2,000

December 22, 2017 ~

December 8, 2019

Managing Director

Non-Registered

Dae-Jin Lee

—

February 3, 2017 ~

December 8, 2018

Note 1) The end of the annual general meeting of shareholders to be held in March 2019

Note 2) The end of the annual general meeting of shareholders to be held in March 2020

*	Non-standing director Kwang-Woo Choi’s tenure expired and Chang-Sik Bae was newly appointed at the Annual General Meeting of shareholders held on March 23, 2018.

*	Changes (from January 1, 2018 to the submission date, May 15, 2018) are as follows:

-	President and CEO Tae-Seung Sohn acquired 15,000 shares

-	Standing member of the Audit Committee Jung -Sik Oh acquired 3,650 shares.

-	Outside director Sung-Tae Ro, Sang-Hoon Shin acquired 5,000 shares and Sang-Yong Park acquired 1,000 shares.

-	Executive Vice President Dong-Yeon Lee acquired 1,000 shares.

-	Managing Director Jong-Suk Jeong acquired 5,000 shares and Won-Duk Lee, Hwa-Jae Park, Jong-Deuk Kim acquired 2,000 shares.

*	Common stock owned by executives exclude stocks owned through the Employee Stock Ownership Association

*	Term Commencement Date: The date of inauguration for registered directors, the date of appointment for non-registered directors

 

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2.	Employee Status

 

As of March 31, 2018

(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

14,094

236

627

86

14,721

16.7

457,568

31

 

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

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

*	When excluding amount decided in 2017 and paid in 2018, cumulative compensation is 373,974 million KRW (Average compensation per person is 25 million KRW)

 

3.	Directors’ Compensation

 

As of March 31, 2018						(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)			3				178				59				—
Outside Directors (excludes audit committee members)			3				47				16				—
Audit Committee Members			3				95				32				—
Total			9				320				36				—

 

*	Number of persons: includes the outside directors and audit committee members that resigned in 2018

(as of March 31, 2018, 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 number of persons

*	Total compensation: cumulative amount paid from January to March of 2018

 

VIII.

Related Party Transactions

Extensions of Credit to Major Shareholders, Etc.

 

As of March 31, 2018								(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		29,999		January 22, 2013, etc.		January 22, 2018, etc. *
Woori Investment Bank		Loans		25,000		March 10, 2016		March 4, 2019
		CMA		100,000		July 1, 2017		June 30, 2018
Woori Card		Loans		100,000		March 2, 2018		March 4, 2019
Woori P&S		Loans		12,000		May 25, 2016		May 25, 2026
		Loans		600		November 28, 2017		November 28, 2018

 

*	repaid at maturity.

 

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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: May 15, 2018				By: /s/ Won Duk Lee
				(Signature)
				Name :Won Duk Lee
				Title : Managing Director

 

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