Woori Financial Group Inc.
WF · NYSE
Company research
Woori Financial Group Inc. (NYSE: WF) is a Seoul-based banking and financial services holding company founded in 1899, operating as one of South Korea's "Big Four" financial institutions with total assets exceeding KRW 674 trillion and a market capitalization of approximately $15 billion USD. Through its subsidiaries, the Group delivers a comprehensive suite of financial services across Banking, Credit Card, Capital, Investment Banking, and other segments, serving individual consumers, businesses, and institutional clients through a vast network of domestic branches and digital platforms, including over 20 million digital users. The company generates approximately 75% of its operating income from net interest income, while strategically expanding its non-interest revenue streams through securities, insurance integration, and investment banking, supported by a growing presence across 24 countries. Under the leadership of CEO Jong-Yong Yim, Woori Financial Group recorded a record net profit of KRW 3.01 trillion in 2024 and is targeting KRW 3.4 trillion for 2025, underpinned by its Value-up program aimed at enhancing shareholder returns and regional growth.
Research reports
Maintains a Buy rating with a KRW41,900 target price based on a P/B–ROE framework, expecting continued CET1 ratio improvement, earnings growth from the insurance subsidiary and higher group net interest income to drive consolidated net profit to about KRW3.4 trillion in 2026. The report flags short‑term risks from an anticipated 1Q26 earnings miss versus consensus driven by FX valuation losses and higher SG&A (ERP and education tax), as well as sensitivity to credit cost and loan growth assumptions across bull and bear scenarios.
Mirae Asset Securities · February 9, 2026Woori Financial Group: Effective shareholder return ratio likely to reach 50%Reiterates a Buy rating and raises the target price to KRW40,000, arguing that CET1 approaching 13%, higher tax‑exempt dividends, and increased buybacks and cancellations should lift the effective shareholder return ratio toward 50% in 2026. The analysis highlights upside from forecast net profit growth supported by both interest and non‑interest income and elevated shareholder return yield, while noting risks from weaker non‑interest income, non‑operating losses, and the usual macro and credit‑cost uncertainties that could impede target price realization.
KB Securities · October 13, 2025Woori Financial Group (316140): Insurer Incorporation amid Provisioning BurdenMaintains a Buy rating and lifts the target price to KRW33,000 using a residual‑income valuation, with the main thesis that incorporating insurance subsidiaries will generate synergies with asset‑management and securities units and support faster total shareholder return increases from 2026. It underscores contributions from the insurance wing to net profit while highlighting provisioning burdens from rising delinquency rates and completion‑guarantee trusts, as well as FX‑related losses and credit‑cost sensitivity as key risk factors.