Woori Financial Group Inc.
- Open
- 62.29
- Day high
- 62.82
- Day low
- 61.97
- Prev close
- 62.45
- Volume
- 122K
- Mkt cap
- $15.1B
- P/E (TTM)
- 7.4
- EPS (TTM)
- $8.41
- P/B
- 0.6
- P/S
- 1.6
- Yield
- —
- Per share
- —
Woori Financial Group Inc. (WF) is a Financial Services company listed on NYSE. The stock is up 14% over the past year.
Woori Financial Group Inc. (WF) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
WF earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 24, 2026 | $2.27 | $1.59 | -30.0% | $1.9B | -2.3% |
| Mar 4, 2026 | $0.90 | $0.86 | -4.2% | $4.9B | +164.5% |
| Nov 14, 2025 | $2.28 | $3.57 | +56.6% | $1.8B | -12.1% |
| Jul 25, 2025 | $2.45 | $2.63 | +7.3% | $4.6B | +125.0% |
| Apr 25, 2025 | $1.65 | $1.61 | -2.4% | $4.3B | +124.8% |
| Mar 20, 2025 | — | $1.16 | — | $4.3B | — |
| Nov 14, 2024 | $2.29 | $2.57 | +12.2% | $4.9B | +148.4% |
| Aug 14, 2024 | $2.18 | $2.53 | +16.1% | $1.6B | -19.5% |
| May 16, 2024 | $2.13 | $2.53 | +18.8% | $1.4B | -22.6% |
| Feb 29, 2024 | $0.94 | $0.06 | -93.6% | $1.5B | -16.9% |
| Nov 14, 2023 | $2.51 | $2.69 | +7.2% | $2.1B | +13.4% |
| Aug 15, 2023 | $2.50 | $1.86 | -25.6% | $2.2B | +11.3% |
Woori Financial Group Inc. company profile
Overview
Woori Financial Group Inc. (NYSE:WF) is South Korea's fourth-largest commercial banking group, founded in 1899 and headquartered in Seoul. The company was established through a series of mergers and acquisitions of smaller Korean banks during the Asian Financial Crisis of the late 1990s, with the government consolidating several troubled financial institutions into what became Woori Bank. The group went public in 2003 and has since evolved into a comprehensive financial services conglomerate. Today, Woori Financial operates as a universal banking platform serving individual, business, and institutional customers primarily in South Korea, with a network of 768 branches and 4,296 ATMs as of 2021.
Business
Woori Financial Group operates as a comprehensive financial services provider in South Korea's banking sector, which serves as the backbone of the country's financial system. Commercial banks in South Korea function similarly to those in other developed economies, accepting deposits from customers and lending those funds to borrowers while earning profit from the interest rate spread. The company operates through five main business segments: **Banking (Primary Segment - approximately 80-85% of revenue):** This core segment provides traditional commercial banking services including savings accounts, checking accounts, time deposits, and certificates of deposit for individuals and businesses. On the lending side, the bank offers working capital loans for businesses, facilities financing, general purpose household loans, mortgage loans, and home equity loans. The banking segment also handles foreign exchange services, trade finance for import/export businesses, and syndicated lending for large corporate clients. **Credit Card (approximately 8-10% of revenue):** Through this segment, Woori issues both debit and credit cards to consumers, providing cash advance services, card-based loans, and related payment processing services. This business generates revenue through interchange fees, interest on card loans, and annual fees. **Capital (approximately 3-5% of revenue):** This segment focuses on lease financing services, providing equipment leasing and other asset-based financing solutions primarily to corporate clients. Lease financing allows businesses to use equipment without the large upfront capital investment required for outright purchase. **Investment Banking (approximately 5-7% of revenue):** Following the 2024 merger of Woori Investment Bank and F&I Securities, this segment provides securities trading, underwriting services, project financing for large infrastructure deals, derivatives trading, and investment advisory services. The segment also manages investment trust products and private equity funds. **Others (approximately 2-3% of revenue):** This includes various ancillary services such as real estate services, system software development, trust management, custodian services, money transfer services, and bancassurance products (insurance sold through bank branches).
Revenue model
Woori Financial Group generates revenue through multiple interconnected business models typical of universal banking operations. The primary revenue driver is **net interest income**, which accounts for approximately 85-90% of total revenue. This traditional banking model involves borrowing money from depositors at lower interest rates and lending it out at higher rates, capturing the spread as profit. The bank pays depositors interest rates of typically 1-3% on savings accounts and time deposits, while charging borrowers 4-8% on loans depending on credit risk and loan type. The company also generates **non-interest income** through various fee-based services. Credit card operations produce revenue from interchange fees (typically 1-3% of transaction value), annual fees, and interest on outstanding card balances. Investment banking activities generate underwriting fees, trading commissions, and advisory fees. The capital segment earns lease payments and residual values from equipment financing. Trust and custodial services provide steady management fees based on assets under management. **Customer Base:** Woori serves three main customer segments. Individual consumers provide the deposit base and demand retail banking services, mortgages, and credit cards. Small and medium enterprises (SMEs) require working capital loans, trade finance, and cash management services. Large corporations need syndicated loans, project financing, foreign exchange services, and investment banking services. **Margin Influencing Factors:** Several factors significantly impact Woori's profitability. **Interest rate environment** is the most critical - when the Bank of Korea raises rates, Woori can charge higher rates on new loans faster than it must pay higher rates on deposits, expanding net interest margins. Conversely, rate cuts compress margins. **Credit quality** directly affects profitability through loan loss provisions - economic downturns increase defaults, requiring higher provisions that reduce net income. **Competition** from other major Korean banks (KB Financial, Shinhan, Hana) pressures both lending margins and deposit costs. **Regulatory capital requirements** limit asset growth and require maintaining expensive capital buffers. **Economic growth** in South Korea drives loan demand and reduces credit losses, while recessions have the opposite effect. **Real estate market conditions** are particularly important given Korea's high household debt levels and Woori's significant mortgage portfolio.
Competitive moat
Woori Financial Group operates in the highly competitive Korean banking sector with moderate competitive advantages rather than a strong economic moat. The company's primary defensive characteristics stem from **regulatory barriers** that limit new bank formation and foreign competition in Korea's domestic market. Banking licenses are difficult to obtain and heavily regulated, providing some protection from new entrants. Additionally, **customer switching costs** exist due to the inconvenience of changing primary banking relationships, especially for businesses with complex cash management needs. However, these advantages are relatively weak compared to companies with stronger moats. The banking industry is commoditized with limited product differentiation - loans and deposits are largely interchangeable across competitors. **Scale advantages** are modest, as all major Korean banks operate extensive branch networks and have similar cost structures. Woori ranks fourth among Korean banks by assets, behind KB Financial, Shinhan, and Hana Financial, limiting its pricing power. **Competitive threats** come from multiple directions. The three larger Korean banking groups have superior scale and market positions. **Digital disruption** poses increasing risks as fintech companies and digital banks offer more convenient services, particularly appealing to younger customers. **Big Tech companies** like Kakao and Naver are expanding into financial services with superior technology platforms and customer engagement. **Regulatory changes** could further intensify competition by lowering barriers for new entrants or allowing more foreign competition. The company's competitive position is best described as **stable but not dominant**. While Woori benefits from Korea's oligopolistic banking structure and regulatory protection, it lacks the scale leadership, unique products, or switching costs that would constitute a strong economic moat. Success depends more on operational execution, risk management, and adapting to technological change rather than sustainable competitive advantages.
Risks & safety
**Overall Assessment:** Woori Financial Group presents a moderate margin of safety with adequate capital buffers but faces typical banking sector risks around credit cycles and interest rate sensitivity. **Solvency and Capital Position:** - CET1 ratio of 12.0% (Q3 2024), targeting 12.5% by early 2025, well above regulatory minimums - Total assets of $354 billion with $24 billion in cash and short-term investments - Debt-to-equity ratio of 2.26, typical for banking operations - Strong deposit base providing stable funding source - No immediate solvency concerns given regulatory capital levels **Credit Risk Metrics:** - Credit cost ratio of 0.44% (Q3 2024), indicating manageable loan losses - NPL ratio of 0.55% for group, 0.21% for bank operations - NPL coverage ratio of 152% for group, 270% for bank - Proactive provisioning of approximately KRW 525 billion in Q4 2023 **Valuation Metrics:** - Price-to-earnings ratio of 7.4 (Q4 2024), suggesting reasonable valuation - Price-to-book ratio of 0.37, trading below book value - ROE of 9.1% (2024), meeting management's 9% target - Dividend yield supported by 50% total shareholder return target **Other Considerations:** - Exposure to Korean real estate market through mortgage portfolio - Interest rate sensitivity given asset-liability duration mismatch - Regulatory capital requirements limiting growth flexibility - Concentrated geographic exposure to South Korean economy
Recent development
Over the past few years, Woori Financial Group has implemented significant strategic initiatives focused on enhancing shareholder value and diversifying revenue streams. In 2024, the company launched its **Corporate Value-Up Plan** with ambitious targets including achieving sustainable double-digit ROE, maintaining a CET1 ratio of 12.5% by early 2025, and delivering 50% total shareholder return to shareholders. **Business Expansion and M&A Activity:** The group completed a major consolidation in 2024 by merging Woori Investment Bank and F&I Securities, creating a stronger investment banking platform. Management has actively pursued expansion into the insurance sector, signing agreements to enter this new business line. The company launched Woori Investment Securities in August 2024 as part of its strategy to build a comprehensive non-bank portfolio through M&A activities. **Operational Excellence Initiatives:** Woori has focused intensively on cost optimization, successfully reducing its cost-to-income ratio below 40% for the first time in Q2 2024, with a target to maintain this level going forward. The company has implemented over 30 specific measures to increase core deposits, targeting KRW 100-300 trillion in core deposit growth to improve funding stability and reduce funding costs. **Capital Management Strategy:** Management has adopted a more disciplined approach to balance sheet growth, limiting asset growth to 4% in 2025 to preserve capital ratios and improve return on equity. The company has enhanced its dividend policy, maintaining quarterly dividends of approximately KRW 180 per share while targeting higher total shareholder returns. **Risk Management Evolution:** Following challenging market conditions, Woori has implemented more conservative risk management practices, particularly in real estate project financing. The company made preemptive provisions of approximately KRW 525 billion in Q4 2023 and has focused on maintaining high-quality, low-risk assets with a prime asset ratio exceeding 85%.
WF company profile · for informational purposes only — not investment advice.
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