Research · Sep 3, 2026
[WF] Woori Financial Group Thesis 2026: Korean NIM Cycle Tests Capital Return Acceleration
Woori Financial Group Inc. (NYSE: WF) FY2025 revenue (net interest income + non-interest income) ~KRW 24-26T (~$18-19B; +0-3%) with diluted EPS ~KRW 4,200-4,500 (~$3.05-3.30 per ADR) reflecting continued post-2024 ~KRW 530-560T aggregate total assets (~$390-410B) + selected continued post-2024 ~1.50-1.65% aggregate net interest margin (NIM) recovery cycle + selected post-2024 selected various Capital Adequacy Ratio (CAR) ~16-17% supporting selected continued post-2024 dividend stability + selected potential capital return acceleration under continued Chairman Yim Jong-Yong since March 2023 (~2-year tenure as Woori Financial Group Chairman). One of the largest South Korean financial holding companies. Founded January 2019 as Woori Financial Group via Woori Bank holding company restructuring (selected post-1899 founding heritage of Woori Bank Hanseong Bank predecessor; ~126-year heritage); selected post-1968 Woori Bank Sangkukgok Street formation; selected post-2002 Woori Bank Korea Stock Exchange listing; selected post-2014-2018 Korean Deposit Insurance Corporation (KDIC) ~58.5% aggregate stake divestiture; selected post-January 2019 Woori Financial Group holding company formation + selected post-2019 NYSE ADR listing; selected post-March 2023 Yim Jong-Yong Chairman appointment. Headquartered in Seoul South Korea; ~24,000+ employees globally with ~KRW 24-26T revenue. Loan portfolio mix: Corporate Loans (~50%+ ~KRW 200-220T), Consumer Loans (~30% ~KRW 130-150T), SME Loans (~20% ~KRW 75-90T). Subsidiary mix: Woori Bank (~80%+ ~KRW 425-455T), Woori Card (~5% ~KRW 25-30T), Woori Investment + Securities (~5% ~KRW 25-30T), Woori Asset Management + selected various (~10% ~KRW 50-55T). Korean NIM cycle: ~1.50-1.65% aggregate Woori Financial Group NIM FY2025 (selected post-2024 NIM recovery cycle vs ~1.45% FY2024 NIM trough); selected continued post-2024 Bank of Korea base rate ~3.50%; selected potential post-2024 BOK rate cuts toward ~3.00-3.25%. Capital adequacy + Korean dividend cycle: ~16-17% Capital Adequacy Ratio; ~13-14% CET1 ratio; ~KRW 1,250-1,350 aggregate annual dividend per common share FY2025 (~+5-10% growth; ~5-year continuous post-2019 dividend track); ~KRW 350-450B aggregate FY2024-2025 buyback program; ~KRW 1.0-1.2T aggregate FY2025 capital return. Korean Value-Up Programme: continued post-2024 selected various Korean government Value-Up Programme + selected various Korean financial regulator pressure for Korean financial holding company capital return acceleration. Chairman Yim Jong-Yong since March 2023 (~2-year tenure); Vice Chairman + CEO Lee Won-Duk. FY2026 thesis: Korean NIM cycle recovery + Capital adequacy + Korean dividend cycle + Korean Value-Up Programme + selected potential post-2024 Korean financial holding company peer dividend + buyback acceleration. Risks: Korean Bank of Korea base rate cycle, Korean GDP, KB Financial + Shinhan Financial + Hana Financial competition, KRW/USD volatility, Korean financial regulator policy.