Woori Financial Group (316140.KS): Asia Financials Corporate Day Takeaways

研报英文原文证据摘录

Woori Financial Group (316140.KS): Asia Financials Corporate Day Takeaways

Equity Research

16 June 2026 | 1:58PM KST

Woori Financial Group (316140.KS): Asia Financials Corporate Day

Takeaways

Sinyoung Park

+82(2)3788-1778 |

sinyoung.park@gs.com

Goldman Sachs (Asia) L.L.C., Seoul

Branch

We hosted Woori FG at our Asia Financial Corporate Day on June 15th, 2026. Given rate

hike expectations and renewed Value Up targets, discussions were centered around margin

outlook, life insurance/brokerage operations and shareholder return.

Bank profit strengthening given rate hike expectations and robust loan growth

With higher market rates pushing up asset yields and corporate customers

supporting a low cost funding base, monthly bank NIM has been trending up and

management guided for a continued NIM expansion. Coupled with robust loan

growth led by large corporates and credit costs expected to remain steady (with the

company noting the special provisioning against an Indonesian subsidiary in 1Q26

was a special item), we expect bank profit to strengthen.

Focused on lifting the non-bank profit contribution, targeting 30%+ mid-to-LT

As part of its renewed Value Up target, the group plans to lift the non-bank profit

contribution to 20%/30%+ in 2026E/mid-to-LT (vs. 10% in 2025A) by 1) growing its

brokerage operations, first through CIB (Corporate Investment Banking) leveraging

Woori Bank’s corporate network and then retail starting from 2028E; and 2)

converting Tong Yang Life (TYL) into a wholly-owned subsidiary. According to news,

WFG is appointing an additional accounting firm to re-evaluate TYL’s stock swap

ratio, aligning with the Commercial Code guidelines to protect minority shareholders.

CET1 ratio targets on track as capital relief measures offset KRW weakness