# WF earnings call intelligence LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/WF) · [Earnings tab](https://www.lopjlb.com/stock/WF?tab=earnings) Updated: 2026-07-24T04:32:53 Quarters analyzed: 8 ## Cross-quarter narrative Across eight earnings calls from mid‑2024 to early‑2026, Woori Financial’s capital strength has steadily improved, with CET1 climbing from 12.04% to a record 13.6% and dividend policy becoming more generous. Margin pressure from falling market rates persisted, though NIM showed modest recovery in 2026 after earlier compressions. Loan demand remained solid for large corporates and high‑quality SMEs, while retail mortgage growth moderated. Cost efficiency saw the C/I ratio dip below 40% in 2024 but later rose to 42.8%, indicating mixed progress. The group accelerated diversification: securities platforms were launched and an insurance acquisition (Tongyang/ABL Life) was completed, adding non‑bank earnings. Macro‑economic uncertainty, FX volatility, and credit‑cost volatility have been recurring concerns, with each call flagging potential impacts on profitability and capital ratios. Regulatory capital risk and geopolitical tensions surfaced intermittently, but the firm’s strategic milestones—share buy‑backs, dividend hikes, digital investments, and the insurance deal—have largely stayed on track, reinforcing a narrative of strengthening balance‑sheet resilience amid a challenging external environment. ## Latest CallCard · Q1 Woori Financial Group posted flat Q1 net income, hit a record 13.6% CET1 ratio, raised dividend 10%, expanded non‑bank earnings, and announced a KRW1tn capital boost for securities and full acquisition of Tongyang Life amid market volatility and FX headwinds. **Guidance:** maintained — Management gave no new guidance but expects recovery once market indicators stabilize **Tone:** mgmt 0.6 · Q&A pressure 0.4 · divergence 0.3 Prepared remarks highlighted record CET1, dividend increase and growth momentum, conveying optimism ### Demand visibility Steady demand from corporate and core industries Corporate finance growth driven by advanced strategic industry, semiconductor, defense and bio sectors; SME loan dip modest, household loan flat ### Margins / costs NIM improving, margin trend steady Bank NIM 1.51% up 2bps Q/Q, group NIM 1.76% up 6bps YoY; focus on deposit base expansion and ALM to sustain margin ### Capital allocation Dividend hike, share buyback, capital injection and acquisition Quarterly dividend KRW221 (+10% YoY) and planned share buyback in H2; KRW1tn capital increase for securities; full acquisition of Tongyang Life to boost efficiency ### Milestones - **Quarterly dividend increase** [delivered]: KRW221 per share, 10% YoY rise - **Share buyback program** [new]: Planned for second half of 2026 - **Tongyang Life acquisition** [new]: Becoming fully owned subsidiary to improve governance and efficiency - **Capital increase for Woori Investment Securities** [new]: KRW1tn injection to support IB and S&T growth - **Non‑bank contribution to profit** [on_track]: Contribution rose to 25% of profit, up from 9% last year - **Asset revaluation surplus** [delivered]: KRW1.8tn surplus lifted CET1 by 60bps - **CET1 ratio record** [delivered]: Preliminary 13.6% in Q1, 71bps YTD increase - **AI‑based cost efficiency program** [at_risk]: Early infrastructure costs may affect short‑term SG&A ### Fears / risks - **Market volatility**: Sharp FX and interest‑rate swings caused earnings underperformance - **Geopolitical risk**: Middle‑East tensions raising oil and exchange rates, pressuring real economy - **Credit cost rise**: Credit cost up 20% YoY, though Q/Q fell 10%; one‑off provision of KRW138bn - **SME loan dip**: Marginal Q/Q decline in SME loans due to asset rebalancing - **Regulatory constraints**: Government caps on household loans limit retail loan growth - **RWA allocation pressure**: Capital injection to securities expected to boost RWA growth, raising RoRWA management focus - **ERP implementation cost**: ERP‑related expense of KRW183bn impacts SG&A this quarter - **FX loss exposure**: FX loss and downsized securities gains affected net income ### Key quotes > “Q1 2026 preliminary CET1 ratio for the group rewrote historical record at 13.6%, increasing 71 basis points year-to-date and 115 basis points from last year.” — Kwak Seong-Min > “Today, the BOD of Woori Financial Group decided on a quarterly dividend payout of KRW 221 per share, which is a 10% increase year-over-year.” > “Second question is that your earnings actually underperformed our expectation.” ## Quarter one-liners - **2026 Q1:** Woori Financial Group posted flat Q1 net income, hit a record 13.6% CET1 ratio, raised dividend 10%, expanded non‑bank earnings, and announced a KRW1tn capital boost for securities and full acquisition of Tongyang Life amid market volatility and FX headwinds. - **2025 Q4:** Woori Financial Group reports 2025 net income KRW 3.14tn (+1.8%), ROE 9.1%, CET1 12.9% (+77bps), record revenue; announces 2026 value plan targeting CET1 13%+, KRW 73tn productive finance, higher shareholder returns.','tone': {'mgmt': 0.3, 'mgmt_rationale': 'Prepared remarks emphasize record net ope - **2025 Q3:** Woori Financial Group reports 5.1% YTD net income growth, CET1 12.92% beating target, insurance acquisition adds KRW 556bn bargain gain, NIM improves to 1.48%, targets 13% CET1 in 2026.','tone': {'mgmt': 0.7, 'mgmt_rationale': 'Management highlights record fee income, third consecutive NIM improveme - **2025 Q2:** Woori Financial posted 11.6% YoY net income decline but improved CET1 to 12.76%, completed its insurance acquisition and pledged to hit a 13% CET1 target while managing rising SG&A and credit costs. - **2025 Q1:** WF Q1 net income KRW 615.6bn missed estimates due to one-off ERP and provision costs; CET1 12.42% nearing 12.5% target; dividend raised 11%; insurance acquisition pending; tariff TFT formed.' - **2024 Q4:** Woori Financial posted 23% net income growth, improved capital ratios and cost efficiency, but flags macro uncertainty, slower 2025 growth and margin pressure. - **2024 Q3:** Woori Financial posted 9.1% YoY net income growth, kept cost‑to‑income under 40%, but CET1 stayed flat at 12% as margin pressure and FX headwinds raise focus on capital ratio and diversification. - **2024 Q2:** Woori Financial Group H1 2024 net income KRW1.755T (+14.1% YoY), Q2 record KRW931.4B; ROE 10.8%, C/I ratio 39.9% first below 40%; CET1 12.04% (+9bps); Value-Up Plan targets 9% ROE 2024, CET1 12.5% early 2025, TSR 50%; securities launch Aug, insurance arm explored.Quarterly dividend KRW180/share main ## Theme arcs - **Capital adequacy** (improving): CET1 rose from 12.04% to 13.6% and dividend payouts increased - **Margin pressure** (deteriorating): Falling rates compressed NIM, only modestly improving by 2026 - **Loan demand** (stable): Corporate credit demand stayed solid; retail mortgage growth moderated - **Cost efficiency** (stable): C/I ratio briefly fell below 40% then rose to 42.8% - **Diversification and non‑bank earnings** (improving): Securities launch and insurance acquisition added fee income - **Macro‑economic uncertainty** (deteriorating): Repeated references to US elections, Middle‑East geopolitics and slowdown - **FX volatility** (deteriorating): Won appreciation repeatedly eroded CET1 and earnings - **Credit‑cost volatility** (deteriorating): Credit costs rose sharply in multiple quarters - **Regulatory capital risk** (new): Potential changes could affect CET1 targets ## Fear persistence - **Macro‑economic uncertainty** [recurring]: Cited in multiple quarters from 2024 Q3 through 2026 Q1 - **FX volatility** [recurring]: Won appreciation repeatedly highlighted as a risk - **Margin compression** [recurring]: Falling rates and NIM pressure noted across calls - **Credit‑cost volatility** [recurring]: Credit costs rose sharply in several periods - **Regulatory capital risk** [recurring]: Potential changes to CET1 requirements mentioned - **Geopolitical risk** [new]: Explicitly flagged in 2026 Q1 ## Guidance path 2024 Q2:vague → 2024 Q3:maintained → 2024 Q4:vague → 2025 Q1:maintained → 2025 Q2:maintained → 2025 Q3:vague → 2025 Q4:vague → 2026 Q1:maintained --- Research context only. Not personalized investment advice. API: `GET /bff/api/bigfive/earnings-intel/WF`