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

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2021

Commission File Number: 001-31811

Woori Financial Group Inc.

(Translation of registrant’s name into English)

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

(Address of principal executive office)

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

Form 20-F ☒ Form 40-F ☐

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

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

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

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

Index

1.	Summary of 2020 Business Report

-	For the Audit Reports of Woori Financial Group for Fiscal Year 2020, please refer to the exhibits to the Form 6-K furnished to the U.S. Securities and Exchange Commission on March 12, 2021.

Summary of 2020 Business Report

Table of Contents


I.	INTRODUCTION OF THE COMPANY			5

	1.	Overview of the Company		5

	2.	Capital Structure (Changes in Capital)	7

	3.	Total Number of Authorized Shares	8

	4.	Voting Rights	8

	5.	Dividend Information	9

II.	BUSINESS OVERVIEW			10

	1.	Results of Operations	10

	2.	Funding Sources and Uses of Funds	10

	3.	Other Information Necessary for Making Investment Decisions	11

III.	FINANCIAL INFORMATION			16

	1.	Condensed Financial Statements (Consolidated)	16

	2.	Condensed Financial Statements (Separate)	18

IV.	INDEPENDENT AUDITOR’S OPINION			20

	1.	Independent Auditor’s Opinion	20

	2.	Compensation to the Independent Auditor for the Past Three Years	20

V.	CORPORATE GOVERNANCE AND AFFILIATED COMPANIES			22

	1.	About the Board of Directors	22

	2.	Affiliated Companies (As of December 31, 2020)	23

VI.	SHAREHOLDER INFORMATION			24

	1.	Share Distribution	24

	2.	Stock Price and Stock Market Performance	25

VII.	DIRECTORS AND EMPLOYEE INFORMATION			27

	1.	Directors and Executives	27

	2.	Employee Status	28

	3.	Directors’ Compensation	28

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

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

I.	Introduction of the Company

1.	Overview of the Company

a.	History


January 11, 2019		Establishment of the Company pursuant to a comprehensive stock transfer, by which Woori Bank, Woori FIS, Woori Finance Research Institute, Woori Credit Information, Woori Fund Services and Woori Private Equity Asset Management became wholly-owned subsidiaries of the Company.

February 13, 2019		Listed on the Korea Exchange (KRX).

April 5, 2019		Entered into share purchase agreements to acquire Tongyang Asset Management Corp. and ABL Global Asset Management Co., Ltd.

June 21, 2019		Entered into a purchase agreement with Woori Bank to acquire the common shares of Woori Investment Bank Co., Ltd. (“Woori Investment Bank”) and integrate Woori Investment Bank as a first-tier subsidiary of the Company (Buyer: Woori Financial Group, Seller: Woori Bank)

July 3, 2019		Entered into a stock exchange agreement between the Company and Woori Card Co., Ltd (“Woori Card”) to integrate Woori Card as a first-tier subsidiary of the Company

July 25, 2019		Entered into a share purchase agreement to acquire Kukje Asset Trust, Ltd.

August 1, 2019		Integrated Woori Asset Management Corp. (formerly known as Tongyang Asset Management Co., Ltd.) as a first-tier subsidiary of the Company.

September 10, 2019		Integrated Woori Card and Woori Investment Bank as first-tier subsidiaries of the Company.

September 26, 2019		Disposed 4% of common shares of the Company held by Woori Bank to a Taiwanese company, Fubon Life Insurance Co., Ltd.

December 6, 2019		Integrated Woori Global Asset Management Corp. as a first-tier subsidiary of the Company

December 30, 2019		Integrated Woori Asset Trust Ltd., as a first-tier subsidiary of the Company

March 25, 2020		Held the first annual general meeting of shareholders of Woori Financial Group; reappointed the Chief Executive Officer

October 26, 2020		Entered into a share purchase agreement to acquire Aju Capital Co., Ltd.

December 10, 2020		Integrated Woori Financial Capital Co., Ltd., (formerly known as Aju Capital Co., Ltd.) as a first-tier subsidiary of the Company Integrated Woori Savings Bank (formerly known as Aju Savings Bank) as a second-tier subsidiary of the Company

b.	Affiliated Companies

(1)

Overview of Business Group

Name of business group: Woori Financial Group Inc.

(2)

Affiliated companies within the business group

As of December 31, 2020


Type	Name of Company	(Controlling Company)
Company	Woori Financial Group	—

FirstTier Subsidiaries (12 companies)	Woori Bank (equity ownership 100.0%)	Woori Financial Group
	Woori Card (equity ownership 100.0%)
	Woori Financial Capital (equity ownership 74.04%)
	Woori Investment Bank (equity ownership 58.70%)
	Woori Asset Trust (equity ownership 51.0)%
	Woori Asset Management (equity ownership 73.0%)
	Woori Credit Information (equity ownership 100.0%)
	Woori Fund Services (equity ownership 100.0%)
	Woori Private Equity Asset Management (equity ownership 100.0%)
	Woori Global Asset Management (equity ownership 100.0%)
	Woori FIS (equity ownership 100.0%)
	Woori Finance Research Institute (equity ownership 100.0%)
	Woori Savings Bank (equity ownership 100.0%)	Woori Financial Capital
	Korea BTL Infrastructure Fund (equity ownership 99.88%)
SecondTier Subsidiaries (15 companies)	Woori America Bank (equity ownership 100.0%)	Woori Bank
	Woori Bank China Limited (equity ownership 100.0%)
	PT Bank Woori Saudara Indonesia (equity ownership 79.88%)
	AO Woori Bank (equity ownership 100.0% - 1 share)
	Banco Woori Bank do Brazil S.A. (equity ownership 100.0% - 1 share)
	Woori Global Markets Asia Limited (equity ownership 100.0%)
	Woori Bank Vietnam Limited (equity ownership 100.0%)
	Woori Wealth Development Bank (equity ownership 51.0%)
	Woori Finance Myanmar (equity ownership 100.0%)
	WB Finance Co., Ltd (Cambodia) (equity ownership 100.0%)
	Woori Bank Europe Gmbh (equity ownership 100.0%)
	Tutu Finance-WCI Myanmar (equity ownership 100.0%)	Woori Card
	Woori-Hanwha Eureka Private Equity Fund (equity ownership 0.80%)	Woori Private Equity Asset Management


Note 1)		Listed Companies : Woori Financial Group, Woori Financial Capital, Woori Investment Bank and PT Bank Woori Saudara Indonesia
Note 2)		Woori Financial Capital and Woori Savings Bank were formerly known as Aju Capital and Aju Savings Bank, respectively, until name changes made in January 2021.

2.	Capital Structure (Changes in Capital)


As of December 31, 2020				(units: Won, shares)

Date

Category

Stock Decrease/Increase

Type

Quantity

Par Value

Issue price

Note

January 11, 2019

—

Common

680,164,306

5,000

26,415

Establishment

(comprehensive stock transfer)

September 10, 2019

—

Common

42,103,377

5,000

12,350

Comprehensive stock exchange

Stock increase ratio: 6.19018%


Note 1)		Due to Woori Financial Group’s establishment through a comprehensive stock transfer, the issue price was calculated by dividing the total equity from its financial statements at the time of establishment (KRW 17,966,458,911,689) by the total number of issued shares (680,164,306).
Note 2)		Our capital changed in September 2019 due to the comprehensive stock exchange. The issue price is based on the closing stock price of the comprehensive stock exchange date.

3.	Total Number of Authorized Shares


As of December 31, 2020				(unit: shares)


Items	Type				Notes
Items	Common Shares		Total		Notes
Number of authorized shares		4,000,000,000		4,000,000,000
Number of issued shares		722,267,683		722,267,683		Note 1	)
Number of treasury shares		2		2		Note 2	)
Number of outstanding shares		722,267,681		722,267,681


Note 1)		New common shares of 42,103,377 were issued on September 10, 2019 due to a small scale stock exchange between Woori Financial Group and Woori Card.
Note 2)		Acquired from the issuance of fractional shares.

4.	Voting Rights


As of December 31, 2020				(unit: shares)


Items		Number of shares		Notes
Number of issued shares	Common Shares		722,267,683		—
	Preferred Shares		—		—
Number of shares without voting rights	Common Shares		2		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		11,669,293		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		710,598,388		—
	Preferred Shares		—		—


Note 1)		Acquired treasury shares from the issuance of fractional shares (based on Article 369 of the Commercial Act).
Note 2)		Pursuant to Article 8-2 of the Financial Holding Company 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 financial holding company.

5.	Dividend Information

Woori Financial Group was established on January 11, 2019.


Items		2020		2019		2018
Par value per share (Won)			5,000		5,000		—
Net profit (Millions of Won)			1,307,266		1,872,207		—
Earnings per share (Won)			1,742		2,727
Total cash dividends (Millions of Won)			260,016		505,587		—
Total stock dividends (Millions of Won)			—		—		—
Cash dividend payout ratio (%)			19.89		27.00		—
Cash dividend yield (%)	Common Shares		3.6		5.8		—
	Preferred Shares		—		—		—
Stock dividend yield (%)	Common Shares		—		—		—
	Preferred Shares		—		—		—
Cash dividend per share (Won)	Common Shares		360		700		—
	Preferred Shares		—		—		—
Stock dividend per share (Share)	Common Shares		—		—		—
	Preferred Shares		—		—		—


Note 1)		The dividend payments for FY2020 have yet to be approved by the shareholders of Woori Financial Group Inc. If the dividend payments are rejected or modified at the AGM for FY2020, then the details and the reason will be disclosed through a separate amendment filing.

II.

Business Overview

1.	Results of Operations


As of December 31, 2020						(unit: billions of Won)


Type	2020		2019		2018
Operating income		2,080		2,800		—
Non-operating income		-79		-77		—
Income from continuing operations before income tax		2,001		2,723		—
Income tax expense from continuing operations		486		685		—
Income from discontinued operations		—		—		—
Net income		1,515		2,038		—
Controlling Interest		1,307		1,872		—
Non-controlling Interest		208		165		—


Note 1)		Based on K-IFRS consolidated financial statements

2.	Funding Sources and Uses of Funds

a.	Sources of Funds


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


Classification	Funding Source	2020						2019
Classification	Funding Source	Average Balance		Interest Rate		Proportion		Average Balance		Interest Rate		Proportion
Source	Deposits		265,636,358		1.08		71.78		249,106,041		1.51		71.14
	Borrowings		19,606,056		1.31		5.30		18,013,074		1.92		5.14
	Debentures		32,287,676		2.24		8.73		30,401,987		2.56		8.68
	Others		26,523,338		—		7.17		28,928,780		—		8.26

	Total Liabilities		344,053,429		—		92.97		326,449,882		—		93.23
Total Equity			25,996,721		—		7.03		23,703,431		—		6.77

Total Liabilities & Equity			370,050,150		—		100.00		350,153,313		—		100.00

Note 1)

- Average Balance in 2020 : average of balances as of December 31, 2019, March 31, 2020, June 30, 2020, September 30, 2020 and December 31, 2020.

- Average Balance in 2019 : average of balances as of March 31, 2019, June 30, 2019, September 30, 2019 and December 31, 2019.

Note 2)

Based on K-IFRS consolidated financial statements

b.	Use of Funds


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


Type	Managed Item	2020						2019
Type	Managed Item	Average Balance		Interest Rate		Proportion		Average Balance		Interest Rate		Proportion
Use	Cash & Due from Banks		11,925,297		0.45		3.22		9,202,054		1.55		2.63
	Marketable securities		54,474,169		1.87		14.72		50,396,362		2.29		14.39
	Loans		269,533,892		2.98		72.84		254,691,201		3.48		72.74
	Loans in local currency		233,117,610		2.75		63.00		219,418,214		3.22		62.66
	Loans in foreign currency		22,614,578		3.99		6.11		20,982,894		4.59		5.99
	Guarantee payments		15,845		4.04		0.00		12,410		1.48		0.00
	Credit card receivables		8,207,859		7.87		2.22		8,139,789		7.98		2.32
	Foreign bills bought		5,578,001		1.53		1.51		6,137,894		2.96		1.75
	Bad debt expense in local currency (-)		-1,708,074		—		-0.46		-1,666,215		—		-0.48
	Others		35,824,866		—		9.68		37,529,911		—		10.72

Total Assets			370,050,150		—		100.00		350,153,313		—		100.00


Note 1)		- Average Balance in 2020 : average of balances as of December 31, 2019, March 31, 2020, June 30, 2020, September 30, 2020 and December 31, 2020.
		- Average Balance in 2019 : average of balances as of March 31, 2019, June 30, 2019, September 30, 2019 and December 31, 2019.
Note 2)		- Based on K-IFRS consolidated financial statements

3.	Other Information Necessary for Making Investment Decisions

a.	Selected Ratios

Group BIS Capital Adequacy Ratios


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


Type	2020	2019
Equity capital (A)	27,448	27,115
Risk weighted assets (B)	198,269	228,046
BIS(Capital adequacy) ratio (A/B)	13.84	11.89


Note 1)		BIS (Bank for International Settlements) Capital Adequacy Ratios = Equity capital / Risk weighted assets * 100
Note 2)		Based on K-IFRS consolidated financial statements and Basel III standards (2019 figures based on Standardised Approach / 2020 3Q figures based on IRB Approach)

Figures of Affiliated Companies


As of the end of the periods indicated				(units: 100 millions of Won, % )


Name of Company	Type		2020		2019		2018
Woori Bank	BIS ratio	Equity capital (A)		252,691		243,142		242,508
		Risk weighted assets (B)		1,457,554		1,578,895		1,549,710
		Capital adequacy ratio (A/B)		17.34		15.40		15.65
Woori Card	Adjusted capital ratio			19.93		18.33		18.08
Woori Card	Tangible common equity ratio			13.48		14.29		13.54
Woori Financial Capital	Adjusted capital ratio			12.17		13.46		15.47
Woori Financial Capital	Tangible common equity ratio			10.77		12.08		14.04
Woori Investment Bank	BIS ratio	Equity capital (A)		4,918		3,381		3,003
		Risk weighted assets (B)		31,922		26,303		23,192
		Capital adequacy ratio (A/B)		15.41		12.86		12.95
Woori Asset Trust	Operating capital ratio			1,286.43		1,397.97		957.76
Woori Asset Management	Minimum operating capital ratio			754.11		655.8		558.9
Woori Savings Bank	BIS ratio			13.40		13.46		12.29


Note 1)		BIS (Bank for International Settlements) Capital Adequacy Ratio : Equity capital / Risk weighted assets * 100
Note 2)		Figures for Woori Bank are based on K-IFRS consolidated financial statements and Basel III standards
Note 3)		Figures for Woori Card are based on the applicable standards for business reports submitted to the Financial Supervisory Service
Note 4)		Figures for Woori Financial Capital are based on the applicable standards for business reports submitted to the Financial Supervisory Service and our K-IFRS separate financial statements
Note 5)		Figures for Woori Investment Bank are based on the applicable standards for business reports submitted to the Financial Supervisory Service and our K-IFRS consolidated financial statements
Note 6)		Figures for Woori Asset Trust are based on K-IFRS separate financial statements Note 7) Figures for Woori Asset Management are based on K-IFRS separate financial statements
Note 7)		Figures for Woori Savings Bank are based on K-GAAP

Won Liquidity Ratios


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


Type	2020						2019						2018
Type	Won Liquidity Assets		Won Liquidity Liabilities		Won Liquidity Ratio		Won Liquidity Assets		Won Liquidity Liabilities		Won Liquidity Ratio		Won Liquidity Assets		Won Liquidity Liabilities		Won Liquidity Ratio
Woori Financial Group Note 1)		40,308		7,911		509.5		45,079		7,475		603.1		—
Woori Card Note 2)		6,255,965		1,406,387		444.8		5,976,031		1,407,335		424.6		6,055,752		1,349,874		448.6
Woori Financial Capital Note 2)		1,357,876		616,632		220.2		1,037,894		498,197		208.3		775,049		507,519		152.7
Woori Investment Bank Note 2)		2,166,208		1,555,418		139.3		1,671,823		1,118,318		149.5		1,183,476		444,475		266.3
Woori Asset Trust Note 2)		148,856		16,157		921.3		67,555		14,595		462.9		61,161		9,411		649.9
Woori Savings Bank Note 2)		267,927		209,712		127.76		263,961		228,491		115.52		289,957		248,252		116.80


Note 1)		Based on current assets and liabilities within one month of maturity
Note 2)		Based on current assets and liabilities within 90 days of maturity

Foreign Currency (FC) Liquidity Ratios


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

Type

2020

2019

2018

FC
Liquidity
Assets

FC
Liquidity
Liabilities

FC
Liquidity
Ratio

FC
Liquidity
Assets

FC
Liquidity
Liabilities

FC
Liquidity
Ratio

FC
Liquidity
Assets

FC
Liquidity
Liabilities

FC
Liquidity
Ratio

Woori Investment Bank

Note 1)

425

—

38,111

34,734

109.7

82,633

78,104

105.8


Note 1)		Based on current assets and liabilities within three months of maturity.

Liquidity Coverage Ratios


				(unit: % )


Name of Company	Type	2019		2018		2017
Woori Bank	Liquidity coverage ratio Note 1)		92.07		107.27		103.40
	Foreign currency liquidity coverage ratio Note 2)		106.06		110.50		108.98
	Ratio of business purpose premises and equipment		11.68		12.22		12.34


Note 1)		Method of calculation based on business disclosure (average of daily ratios for business days in a quarter), applicable periods are 2020 4Q, 2019 4Q and 2018 4Q
		- Under the Plans for Temporary Easing of Financial Regulations in Response to COVID-19 announced by the Financial Services Commission, the liquidity coverage ratio requirement for banks has been reduced from 100% to 85% until the end of March 2021.
Note 2)		Method of calculation of based on business disclosure (average of quarterly ratios), applicable periods are 2020 4Q, 2019 4Q and 2018 4Q
		- Under the Plans for Temporary Easing of Financial Regulations in Response to COVID-19 announced by the Financial Services Commission, the foreign currency liquidity coverage ratio requirement for banks has been reduced from 80% to 70% until the end of March 2021.

Profitability Ratios


				(unit: % )


Type	2020				2019				2018
Type	ROA		ROE		ROA		ROE		ROA		ROE
Woori Financial Group Note 1)
Including non-controlling interests		0.40		6.80		0.57		10.11		—
Excluding non-controlling interests		0.34		5.87		0.52		9.29		—
Woori Bank Note2)		0.38		5.83		0.55		8.36		0.60		8.82
Woori Card Note2)		0.98		5.29		0.90		5.05		0.72		4.00
Woori Financial Capital Note2)		1.53		13.83		1.64		12.64		1.66		11.48
Woori Investment Bank Note2)		1.47		13.1		1.69		13.66		1.30		10.49
Woori Asset Trust Note3)		22.03		31.51		25.20		37.60		28.30		48.80
Woori Asset Management		5.85		6.12		7.41		7.77		6.06		6.32
Woori Savings Bank Note4)		0.97		10.10		1.05		11.41		1.59		19.80


Note 1)		On an annualized basis based on the applicable standards for financial holding company business reports submitted to the Financial Supervisory Service. Average balance of total assets and equity calculated by averaging the balances at the beginning and end of each quarter.
Note 2)		Based on the applicable standards for business reports submitted to the Financial Supervisory Service and non-consolidated basis
Note 3)		Non-consolidated basis, and total assets and total equity are calculated by averaging the balances at the end of the previous year and each quarter.
Note 4)		Based on K-GAAP

Group Asset Quality


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


Type	2020		2019
Total loans		299,075		266,432
Substandard and below loans		1,256		1,198
Substandard and below ratio		0.42		0.45
Non-Performing Loans		1,149		1,068
NPL Ratio		0.38		0.40
Substandard and below coverage ratio (A/B)		153.8		133.6
Loan Loss reserve (A)		1,932		1,600
Substandard and below loans (B)		1,256		1,198


Note 1)		Based on the applicable standards for financial holding company business reports submitted to the Financial Supervisory Service

Asset Quality for Significant Subsidiaries and Consolidated Companies


As of the end of the periods indicated				(units: % )


Type	2020						2019						2018
Type	Substandard and below ratio		NPL ratio		Substandard and below coverage ratio		Substandard and below ratio		NPL ratio		Substandard and below coverage ratio		Substandard and below ratio		NPL ratio		Substandard and below coverage ratio
Woori Bank		0.32		0.30		153.95		0.40		0.36		121.80		0.51		0.43		119.42
Woori Card		0.63		—		102.65		0.80		—		102.84		0.80		—		104.02
Woori Financial Capital		1.77		1.75		140.16		2.28		2.28		97.71		1.38		1.38		158.73
Woori Investment Bank		0.79		0.20		84.72		0.49		0.21		167.39		1.51		1.49		51.21
Woori Asset Trust		63.64		—		—		37.51		—		—		10.52		—		—
Woori Savings Bank		3.40		—		—		3.51		—		—		3.36		—		—


Note 1)		Based on the applicable standards for company business reports submitted to the Financial Supervisory Service

III.

Financial Information

1.	Condensed Financial Statements (Consolidated)

Summary Consolidated Statement of Financial Position


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


Classification	2020			2019
ASSETS
Cash and cash equivalents		9,990,983			6,392,566
Financial assets at fair value through profit or loss (“FVTPL”)		14,762,941			8,069,144
Financial assets at fair value through other comprehensive income		30,028,929			27,730,531
Securities at amortized cost		17,020,839			20,320,539
Loans and other financial assets at amortized cost		320,106,078			293,717,693
Investments in joint ventures and associates		993,291			806,360
Investment properties		387,464			280,239
Premises and equipment		3,287,198			3,364,716
Intangible assets and goodwill		792,077			844,110
Assets held for sale		60,002			10,556
Net defined benefit asset		5,658			2,582
Current tax assets		75,655			47,367
Deferred tax assets		46,088			39,544
Derivative assets (designated for hedging)		174,820			121,131
Other assets		1,348,994			233,646

Total assets		399,081,017			361,980,724

LIABILITIES
Financial liabilities at FVTPL		6,813,822			2,958,302
Deposits due to customers		291,477,279			264,685,578
Borrowings		20,745,466			18,998,920
Debentures		37,479,358			30,858,055
Provisions		501,643			443,980
Net defined benefit liability		52,237			92,470
Current tax liabilities		370,718			182,690
Deferred tax liabilities		160,250			134,322
Derivative liabilities (designated for hedging)		64,769			6,837
Other financial liabilities		14,215,817			17,706,767
Other liabilities		473,813			420,471

Total liabilities		372,355,172			336,488,392

EQUITY
Owners’ equity:		23,053,608			21,510,370
Capital stock		3,611,338			3,611,338
Hybrid securities		1,895,366			997,544
Capital surplus		626,111			626,295
Other equity		(2,347,472	)		(2,249,322	)
Retained earnings		19,268,265			18,524,515
Non-controlling interests		3,672,237			3,436,658

Total equity		26,725,845			25,492,332

Total liabilities and equity		399,081,017			361,980,724

Number of Consolidated Subsidiaries (excluding holding company)		131			102

Summary Consolidated Statement of Comprehensive Income


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


Classification	2020			2019
Operating income		2,080,394			2,799,976
Net interest income		5,998,512			5,893,706
Net fees and commissions income		1,014,039			1,102,628
Dividend income		138,543			107,959
Net gain or loss on financial instruments at FVTPL (fair value through profit or loss)		421,709			25,455
Net gain or loss on financial assets at FVTOCI		24,138			11,015
Net gain on disposals of financial assets at amortized cost		44,443			102,115
Impairment losses due to credit loss		(784,371	)		(374,244	)
General and administrative expenses		(3,956,181	)		(3,766,077	)
Other net operating income (expenses)		(820,438	)		(302,581	)
Non-operating income(expense)		(79,143	)		(76,927	)
Net income before income tax expense		2,001,251			2,723,049
Income tax expense		(486,002	)		(685,453	)
Net income		1,515,249			2,037,596
Net income attributable to owners		1,307,266			1,872,207
Net income attributable to the non-controlling interests		207,983			165,389
Other comprehensive income (loss), net of tax		(82,207	)		51,782
Items that will not be reclassified to profit or loss		54,964			(92,777	)
Items that may be reclassified to profit or loss		(137,171	)		144,559
Total comprehensive income		1,433,042			2,089,378
Comprehensive income attributable to the owners		1,233,097			1,914,393
Comprehensive income attributable to non-controlling interests		199,945			174,985
Net income per share:
Basic and diluted loss per share (in Korean Won)		1,742			2,727

2.	Condensed Financial Statements (Separate)

Summary Statement of Financial Position


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


Classification	2020			2019
ASSETS
Cash and cash equivalents		69,176			43,670
Financial assets at fair value through profit or loss		7,247			9,434
Financial assets at fair value through other comprehensive income		149,614			—
Loans and other financial assets at amortized cost		619,117			1,269,203
Investments in subsidiaries		21,562,229			19,873,593
Premises and equipment		12,538			7,383
Intangible assets		5,282			3,310
Net defined benefit asset		3,509			—
Current tax assets		307			—
Deferred tax assets		964			—

Total assets		22,429,983			21,206,593

LIABILITIES
Debentures		1,147,503			947,679
Provisions		782			600
Net defined benefit liability		—			3,482
Current tax liabilities		215,071			133,526
Deferred tax liabilities		—			154
Other financial liabilities		22,085			10,745
Other liabilities		570			4,142

Total liabilities		1,386,011			1.100,328

EQUITY
Capital stock		3,611,338			3,611,338
Hybrid security		1,895,322			997,544
Capital surplus		14,874,084			14,874,084
Other equity		(1,518	)		(631	)
Retained Earnings		664,746			623,930

Total equity		21,043,972			20,106,265

Total liabilities and equity		22,429,983			21,206,593

Summary Statement of Comprehensive Income


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


Classification	2020			2019
Operating Income:		594,752			629,437
Net interest income		(12,953	)		40
Interest income		10,082			7,741
Interest expense		(23,035	)		(7,701	)
Net fees and commissions loss		(15,394	)		(15,833	)
Fees and commissions income		805			—
Fees and commissions expense		(16,199	)		(15,833	)
Dividend income		680,375			676,000
Net gain on financial instruments at FVTPL		(920	)		9,434
Impairment losses due to credit loss		116			(263	)
General and administrative expenses		(56,472	)		(39,941	)
Non-operating loss		(215	)		(750	)
Net other non-operating loss		(215	)		(750	)
Net Income before income tax expense		594,537			628,687
Income tax expense		781			(394	)
Net Income		595,318			628,293
Other comprehensive loss, net of tax		(887	)		(631	)
Items that will not be reclassified to profit or loss		(887	)		(631	)
Net loss on valuation of equity securities at FVTOCI		(280	)		—
Remeasurement loss related to defined benefit plan		(607	)		(631	)
Total comprehensive Income		594,431			627,662
Net Income per share:
Basic and diluted Income per share (In Korean Won)		757			900

IV.

Independent Auditor’s Opinion

1.	Independent Auditor’s Opinion


	2020	2019	2018
Auditor	Samil PricewaterhouseCoopers	Deloitte Anjin LLC		—
Auditor’s Opinion	Note 1)	Note 2)		—


Note 1)		In its audit reports, Samil PricewaterhouseCoopers stated that the financial statements present fairly, in all material respects, the financial position of Woori Financial Group as at December 31, 2020, and its financial performance and its cash flows for the year then ended in accordance with Korean IFRS.


Note 2)		In its audit reports, Deloitte Anjin LLC stated that the financial statements present fairly, in all material respects, the financial position of Woori Financial Group as of December 31, 2019 and December 31, 2018, respectively, and its financial performance and its cash flows for the years then ended 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 Note 1)
2020	Samil PricewaterhouseCoopers	Closing audit (including internal accounting management system)	KRW 1,135 million	10,514 hours
		3Q review		3,865 hours
		1H review		2,505 hours
		1Q review		1,350 hours
2019	Deloitte Anjin LLC	Closing audit (including internal accounting management system)	KRW 752 million —	10,849 hours
		Interim audit		7,074 hours
		3Q review		6,095 hours
		1H review		2,591 hours
		1Q review		856 hours
2018	—			—


Note 1)		Total time includes planning time up until the commencement of the applicable services

b.	Other Audit Services


Term	Auditor	Description	Fee
2019	Deloitte Anjin LLC	Auditing services provided in connection with the submission of a holding company establishment report to the Fair Trade Commission	KRW 67 million

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


Term	Auditor	Description	Fee
2020	Samil PricewaterhouseCoopers	U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting for FY2021	KRW 2,370 million
2020	Samil PricewaterhouseCoopers	U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting for FY2020	KRW 2,280 million
2019	Deloitte Anjin LLC	U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting for FY2019	KRW 1,873 million

d.	Non-Audit Services


Term	Date of Execution of Agreement	Description of Service	Service Term	Fees

2020	July 9, 2020	Tax adjustment (including review relating to application of consolidated tax)	July 9, 2020 ~ May 31, 2021	KRW 61 million
2019	April 18, 2019	Tax adjustment (including review relating to application of consolidated tax)	April 18, 2019 ~ May 31, 2020	KRW 88 million
2019	May 14, 2019	Issuance of agreed-upon procedure report relating to asset management company establishment registration submitted to the Financial Supervisory Service	May 14, 2019 ~ May 31, 2020	KRW 18 million

V.	Corporate Governance and Affiliated Companies

1.	About the Board of Directors

Composition of the Board of Directors

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

Committees under the Board of Directors

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

(a)

Audit Committee

(b)

Board Risk Management Committee

(c)

Compensation Committee

(d)

Committee for Recommending Executive Officer Candidates

(e)

Committee for Recommending Group Executive Officer Candidates

(f)

Committee for Internal Control Management


(As of December 31, 2020)


Name of Committee	Composition	Names of Members
Audit Committee	Three outside directors	(Chairman) Chan-Hyoung Chung (outside director) Sung-Tae Ro (outside director) Dong-Woo Chang (outside director)

Board Risk Management Committee	Three outside directors One non-standing director One standing director	(Chairman) Sang-Yong Park (outside director) Dennis Chan (outside director) Zhiping Tian (outside director) Hong-Tae Kim (non-standing director) Won-Duk Lee (standing director)

Compensation Committee	Six outside directors One non-standing director	(Chairman) Chan-Hyoung Chung (outside director) Sung-Tae Ro (outside director) Sang-Yong Park (outside director) Dennis Chan (outside director) Zhiping Tian (outside director) Dong-Woo Chang (outside director) Hong-Tae Kim (non-standing director)

Committee for Recommending Executive Officer Candidates	Six outside directors	(Chairman) Dong-Woo Chang (outside director) Sung-Tae Ro (outside director) Sang-Yong Park (outside director) Chan-Hyoung Chung (outside director) Dennis Chan (outside director) Zhiping Tian (outside director)

Committee for Recommending Group Executive Officer Candidates	Six outside directors One standing director	(Chairman) Tae-Seung Son (standing director) Sung-Tae Ro (outside director) Sang-Yong Park (outside director) Chan-Hyoung Chung (outside director) Dennis Chan (outside director) Zhiping Tian (outside director) Dong-Woo Chang (outside director)

Committee for Internal Control Management	One outside director One non-standing director One standing director	(Chairman) Sang-Yong Park (outside director) Hong-Tae Kim (non-standing director) Tae-Seung Son (standing director)

2.	Affiliated Companies (As of December 31, 2020)

LOGO

VI.

Shareholder Information

1.	Share Distribution

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


As of December 31, 2020				(units: shares, %)

Name

Relation

Type

Shares Held

Notes

Beginning balance

Ending balance

Number

Share

Number

Share

Korea Deposit Insurance Corporation (KDIC)

Largest

Shareholder

Common

124,604,797

17.25

124,604,797

17.25

Note 1)

Total

Common

124,604,797

17.25

124,604,797

17.25

Others

—


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

b.	Changes in the largest shareholder


As of December 31, 2020				(units: shares, %)

Change of Date

Largest Shareholder

Number Held

Share

Notes

January 11, 2019

Korea Deposit Insurance Corporation

124,604,797

18.32

Comprehensive Stock Transfer

(Woori Financial Group) Note 1)

September 10, 2019

Korea Deposit Insurance Corporation

124,604,797

17.25

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


Note 1)		Woori Financial Group was established pursuant to a comprehensive stock transfer of Woori Bank and five other companies, and the KDIC received new shares of Woori Financial Group in accordance with the stock transfer ratio.
*		transfer ratio Woori Bank : Woori Financial Group = 1: 1.0000000
Note 2)		Small scale stock exchange between Woori Financial Group and Woori Card.

c.	Share Ownership of More Than 5%


As of December 31, 2020				(units: shares, %)


	Name	Shares				Notes
	Name	No. of shares		Percentage of shareholding		Notes
Share ownership of more than 5%	Korea Deposit Insurance Corporation		124,604,797		17.25	—
	National Pension Service		70,818,135		9.80	—
	Nobis1, Inc. (IMM PE)		40,560,000		5.62	—
Employee Stock Ownership Association			60,962,300		8.44	Note 1)


Note 1)		Total shares of the employee stock ownership association of Woori Financial Group and Woori Bank

2.	Stock Price and Stock Market Performance

a.	Domestic Stock Market


				(units: Won, shares)


Period		July 2020		August 2020		September 2020		October 2020		November 2020		December 2020
Common Shares	High		9,060		9,240		8,620		9,220		10,300		10,300
	Low		8,410		8,390		8,080		8,410		9,230		9,690
	Average		8,783		8,744		8,432		8,748		9,830		10,033
Monthly Trade Volume	High		2,645,106		3,535,877		1,978,885		3,478,736		3,694,198		4,970,135
	Low		682,717		1,033,160		813,220		1,167,198		1,164,944		1,223,598
	Monthly Total		36,616,493		37,441,383		27,777,816		37,069,678		40,859,660		45,404,568


Note 1)		Source: KRX KOSPI Market
Note 2)		Share prices are based on closing prices.

b.	Foreign Stock Market (NYSE)


				(units: US Dollars, Won, ADRs)


Period		July 2020		August 2020		September 2020		October 2020		November 2020		December 2020
ADS	High		23.19		23.50		22.08		24.88		28.00		28.50
	Low		21.32		20.93		20.71		21.66		24.43		26.64
	Average		21.99		22.17		21.57		22.98		26.51		27.68
Won Conversion	High		27,837		27,845		25,911		28,216		31,153		31,552
	Low		25,467		24,888		24,115		25,199		27,616		29,336
	Average		26,361		26,318		25,431		26,305		29,610		30,308
Monthly Trade Volume	High		169,200		58,700		53,800		74,436		42,413		39,011
	Low		19,900		10,900		19,600		8,687		5,856		10,162
	Monthly Total		1,028,500		752,900		619,600		564,413		386,106		481,268


Note 1)		Source: standard trading rate (daily and monthly average) (Seoul Money Brokerage, www.smbs.biz)
Note 2)		One ADR represents three common shares.
Note 3)		Share prices are based on closing prices.

VII.

Directors and Employee Information

1.	Directors and Executives


As of December 31, 2020

Position

Name

Common
Shares
Owned

Term

Commencement Date

Expiration of Term

Chief Executive Officer

Registered

Tae-Seung Son

88,127

January 11, 2019 ~

Note 1)

Senior Deputy President

Registered

Won-Duk Lee

21,500

December 18, 2020 ~

Note 2)

Outside Director

Registered

Sung-Tae Ro

5,000

January 11, 2019 ~

Note 2)

Outside Director

Registered

Sang-Yong Park

1,000

January 11, 2019 ~

Note 2)

Outside Director

Registered

Chan-Hyoung Chung

10,532

January 11, 2019 ~

Note 2)

Outside Director

Registered

Dennis Chan

—

March 25, 2020 ~

Note 3)

Outside Director

Registered

Zhiping Tian

—

January 11, 2019 ~

Note 2)

Outside Director

Registered

Dong-Woo Chang

—

January 11, 2019 ~

Note 2)

Non-standing Director

Registered

Hong-Tae Kim

—

March 25, 2020 ~

Note 3)

Deputy President

Non-Registered

Min-cheol Shin

17,000

December 24, 2020 ~

December 23, 2022

Deputy President

Non-Registered

Dong-Su Choi

19,738

January 11, 2019 ~

December 17, 2021

Deputy President

Non-Registered

Jin-Ho Noh

6,000

February 11, 2020 ~

December 17, 2021

Deputy President

Non-Registered

Kyu-Mok Hwang

16,239

December 18, 2020 ~

December 17, 2021

Deputy President

Non-Registered

Seok-Tae Lee

18,857

December 18, 2020 ~

December 17, 2021

Deputy President

Non-Registered

Seok-Young Chung

22,951

December 18, 2020 ~

January 10, 2023

Senior Managing Director

Non-Registered

Weon-Cheol Hwang

4,000

December 18, 2020 ~

December 17, 2021

Senior Managing Director

Non-Registered

Jong-Il Park

14,619

December 18, 2020 ~

December 31, 2021

Senior Managing Director

Non-Registered

Byoung-Kwon Woo

5,500

December 18, 2020 ~

February 10, 2022

Senior Managing Director

Non-Registered

Sung-Wook Lee

10,000

December 18, 2020 ~

December 31, 2021

Managing Director

Non-Registered

Jong-Keun Lee

2,000

December 18, 2020 ~

December 17, 2022


Note 1)		Date of the 2023 annual general meeting of shareholders
Note 2)		Date of the 2021 annual general meeting of shareholders
Note 3)		Date of the 2022 annual general meeting of shareholders
Note 4)		Term commencement date: date of inauguration for registered officers or directors / date of appointment for non-registered officers or directors
Note 5)		Common shares owned are as of the date of submission of this report, and those owned by executives exclude the shares owned through the Employee Stock Ownership Association.

2.	Employee Status


As of December 31, 2020		(units: persons, millions of Won)

Number of Employees

Average

Tenure

Total
Compensation

Average
Compensation
Per Person

Note

Regular

Contract

Total

(Short time
worker)

Total

(Short time
worker)

Total

123

—

155

18 months (15 years 1 month)

21,703

140

—


Note 1)		25 employees (20 regular employees and 5 contract employees) concurrently employed by affiliated companies are excluded
Note 2)		Average tenure: term in ( ) includes tenure at affiliated companies
Note 3)		Contract employees include non-registered executives

3.	Directors’ Compensation


As of December 31, 2020		(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		1,373		458		—
Outside Directors (excludes audit committee members)		3		186		62		—
Audit Committee Members		3		157		52		—
Auditor		—		—		—		—


Note 1)		Registered directors and audit committee members include uncompensated directors
Note 2)		Only the compensation amount paid by Woori Financial Group is included for the three executives concurrently employed by Woori Bank

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.