Woori Financial Group Inc (WF) 2024 Q4 法說會逐字稿

(inaudible) and Group CRO, Park Jang-Geun; and Compliance Officer, Chun Jae-Hwa on the call today. So let me discuss the agenda for today's call. First, on today's call, the Group CFO, Lee Sung-Wook will give a presentation on the earnings performance. And then we will move on to the Corporate Value Enhancement plan review report. Then finally, we will have a Q&A session.

（聽不清楚）和集團首席風險長 Park Jang-Geun；以及合規官 Chun Jae-Hwa 在今天的電話會議上。那麼讓我討論一下今天電話會議的議程。首先，在今天的電話會議上，集團財務長李成旭 (Lee Sung-Wook) 將就獲利表現進行介紹。然後我們將繼續討論企業價值提升計畫審查報告。最後，我們將進行問答環節。

Please note that the earnings call is being conducted with simultaneous interpretation for our overseas investors. Now let us start our presentation on a Woori Financial Group's earnings for the full year of 2024.

請注意，為了方便海外投資者，本次收益電話會議將提供同聲傳譯。現在讓我們開始介紹友利金融集團 2024 年全年的收益。

Good afternoon. This is Lee Sung-Wook, the CFO of Woori Financial Group. And let me go over the 2024 full year performance of our business. Please turn to page 3 of the presentation material that has been disclosed on our website.

午安.我是友利金融集團財務長李成旭。讓我來介紹一下我們 2024 年全年的業務表現。請參閱我們網站上已揭露的簡報資料第3頁。

First, let me discuss our net income. In 2024, Woori Financial Group net income was KRW3,086 billion which is a 23.1% increase year-over-year. Amid an uncertain environment in Korea and abroad, the group was able to profit -- improve its profit generating capabilities and engage in active cost management to post a yearly net income exceeding KRW3 trillion again.

首先，讓我討論一下我們的淨收入。2024年，友利金融集團淨收入為30,860億韓元，較去年同期成長23.1%。在國內外環境不確定的情況下，該集團仍能獲利——提高獲利能力，並進行積極的成本管理，年淨收入再次超過 3 兆韓元。

As a result of efforts to improve the group wide capital allocation efficiency, the group ROE has increased 1 percent point year-over-year. In terms of the cost income ratio, due to efforts to improve cost efficiency, the cost income ratio has continue improved and posted 42.8%.

透過努力提高集團範圍內的資本配置效率，集團淨資產收益率年增了1個百分點。成本收入比方面，由於努力提升成本效率，成本收入比持續改善，達42.8%。

Next, let me discuss the net operating revenue. The net operating revenue in 2024 was grew 6.1% versus the previous year to record KRW10,440.5 billion. Though margins are falling due to the decline in market rates, we were able to rebalance our assets and drive solid loan growth, focusing on high-quality corporates to achieve sound interest income.

接下來我來討論一下營業淨收入。2024年淨營業收入較前一年成長6.1%，達10,4405億韓元。儘管由於市場利率下降導致利潤率下降，但我們能夠重新平衡資產，推動貸款穩健成長，並專注於優質企業，實現穩健的利息收入。

In addition, based on stronger marketing capabilities and synergy generation across group affiliates, our non-interest income also mostly driven by core fee income also posted significant growth.

此外，基於更強的行銷能力和跨集團子公司的協同效應，我們主要以核心費用收入為驅動的非利息收入也實現了顯著成長。

Next, let me go over the group's credit cost. Credit cost in 2024 was KRW1,716.3 billion representing a YoY decrease of 9.4%. In the fourth quarter, it was KRW462.5 billion, posting a decline of 3.1% versus the previous quarter.

接下來我來介紹一下該集團的信用成本。2024年信貸成本為17,163億韓元，較去年同期下降9.4%。第四季為4625億韓元，季減3.1%。

Uncertainties in Korea and abroad led to downside economic risk and rates remaining higher for longer, but the company was still able to maintain the credit cost ratio at 0.45% through stable loan loss management. When excluding one-off factors, such as pre-emptive reserves set aside for real estate project finance and assumption changes for loan losses, the credit cost ratio is 0.41%.

韓國國內外的不確定性導致經濟下行風險加大，利率長期維持在高位，但該公司仍能透過穩定的貸款損失管理將信用成本率維持在0.45%。剔除房地產專案融資預留準備金、貸款損失假設變動等一次性因素，信用成本率為0.41%。

Across the past two to three years, the company has been very conservatively provisioning and engaged in active risk management, which has further strengthened our loan loss capabilities. And the group and bank's NPL coverage ratio has been 153% and 247% respectively, representing the highest levels in the industry.

過去兩三年，公司非常謹慎地提列撥備，並進行積極的風險管理，這進一步增強了我們的貸款損失能力。集團及銀行不良貸款覆蓋率分別為153%及247%，皆為業界最高水準。

Next, let me discuss capital ratios and dividends. As of the end of 2024, the group's preliminary CET1 ratio is 12.08%, which is a 13 basis point increase quarter-over-quarter. The Korean won rose around [KRW151] against in the US dollar in the fourth quarter alone, which led to a 40 basis point decrease in the CET1 ratio. While based on solid profits and risk-weight asset management, including asset rebalancing, we achieved a slight improvement in our capital ratio.

接下來，我來討論一下資本比率和股利。截至 2024 年底，該集團的初步 CET1 比率為 12.08%，比上一季增加 13 個基點。僅在第四季度，韓元兌美元就上漲了約 [KRW151]，導致 CET1 比率下降了 40 個基點。而基於穩健的利潤和風險權重資產管理（包括資產再平衡），我們的資本比率略有改善。

In addition to improving our capital ratio, the group is also strengthening efforts to enhance shareholder return. After BoD today for Woori Financial Group, the Board reviewed the group's financial performance and plans to enhance corporate value and decided on a KRW660 per share year-end dividend.

除了提高資本比率外，集團亦正加大力度提升股東回報。今天，友利金融集團董事會召開會議後，審查了集團的財務業績和提升企業價值的計劃，並決定每股派發 660 韓元的年終股息。

When including the quarterly dividends of KRW541, total dividends for the year was KRW1,201, which represents a 20% DPS year-over-year. For your information, the cross date for 2024 dividends will be February 28, 2025.

包括 5.41 億韓元的季度股息在內，全年總股息為 1,201 億韓元，較去年同期成長 20%。供您參考，2024 年股利的交叉日期為 2025 年 2 月 28 日。

Next, let me delve into more detail about our earnings by specific area, and please turn to page 4 of the presentation. First, let me go over net operating revenue and our NIM. The group's full year 2024 net operating revenue was KRW10,440.5 billion, up by 6.1% year-over-year.

接下來，讓我更詳細地介紹我們按特定領域劃分的收入，請翻到簡報的第 4 頁。首先，讓我介紹一下營業淨收入和我們的淨利息收入。該集團2024年全年營業淨收入為104,405億韓元，較去年同期成長6.1%。

Interest income was similar to that of last year at KRW8,886.3 billion. The bank's 2024 full year NIM was 1.44% and the group NIM including the credit card business was 1.70%, which represents a decline of 12% -- 12 basis points versus last year.

利息收入與去年同期持平，為8.8863兆韓元。該銀行 2024 年全年淨利息收益率為 1.44%，包括信用卡業務在內的集團淨利息收益率為 1.70%，較去年下降 12%（12 個基點）。

The two rate cuts by the Bank of Korea last year and the declining trend in market, which has reflected in asset repricing, thus leading to weaker margins. But in the fourth quarter, we engaged a more targeted loan execution based on asset rebalancing, and actively managed our funding cost to maintain NIM at levels mentioned in the third quarter.

去年韓國央行兩度降息，市場呈現下滑趨勢，反映在資產重新定價上，導致利潤率下降。但在第四季度，我們在資產再平衡的基礎上進行了更有針對性的貸款執行，並積極管理我們的融資成本，以將淨息差維持在第三季度提到的水平。

In 2025, uncertainties in Korea and abroad are leading to concerns about a weak recovery in domestic demand and slowdown in exports, which is expected to lead to larger rate cuts from the BoK. The group is planning to engage in active growth management in line with the changes in financial conditions such as the weakening won and continued efforts to rebalance the portfolio, focusing on prime assets, while lowering funding costs ultimately defending our margins.

2025年，國內外的不確定性導致人們擔心國內需求復甦乏力、出口放緩，預計將導致韓國央行更大幅度降息。該集團計劃根據韓元貶值等金融狀況的變化，採取積極的成長管理措施，並繼續努力重新平衡投資組合，重點關注優質資產，同時降低融資成本，最終捍衛我們的利潤率。

Next, let me discuss our asset growth and our loan portfolio. As of the end of 2024, Woori Bank's loans totaled KRW333 trillion, representing a 7.2% increase year-over-year, but a due case of 2.1% quarter-over-quarter. For corporate loans, large corporate continues to have strong demand for credit and high quality SME loan growth continued, leading to a total corporate book of KRW186 trillion or 9.0% higher year-over-year.

接下來，讓我討論一下我們的資產成長和貸款組合。截至2024年底，友利銀行貸款總額為333兆韓元，年增7.2%，但較上季成長2.1%。企業貸款，大型企業持續維持強勁信貸需求，優質中小企業貸款持續成長，企業貸款總額達186兆韓元，較去年同期成長9.0%。

However, in the fourth quarter specifically, the bank focused on risk asset management and asset rebalancing other than growth, which led to a modest decrease versus the previous quarter. On the retail loan side, mortgage loans included policy mortgage increased significantly, leading to a YTD growth of 6.5% in the third quarter. But in the fourth quarter, efforts to strengthen management on household loans led to a slowdown in asset growth, resulting in 5.9% or KRW144 trillion in retail assets for the year as a whole.

但具體到第四季度，該行將重點從成長轉向風險資產管理和資產再平衡，導致營收較上一季略有下降。零售貸款方面，包括保單抵押貸款在內的房屋抵押貸款大幅增加，第三季累計年增6.5%。但第四季度，由於加強家庭貸款管理的舉措，資產成長放緩，全年零售資產下降5.9%，即144兆韓元。

This year, the group will be focusing on supplying liquidity to new growth and advancing industries in line with the economic situation. However, there are still many uncertainties, and we are planning to target profitable growth, putting top priority on soundness and capital adequacy.

今年，該集團將專注於根據經濟狀況為新增長和先進行業提供流動性。然而，仍存在許多不確定性，我們計劃以獲利性成長為目標，把穩健性和資本充足率放在首位。

Next is the group's non-interest income. Non-interest income in 2024 for the group was KRW1,554 billion, a significant increase of 41.9% versus last year. As market rates fell during the year, marketable security related gains increased.

其次是集團的非利息收入。2024年集團非利息收入為15,540億韓元，較去年大幅成長41.9%。由於年內市場利率下降，有價證券相關收益增加。

In particular, core fee income drove the growth by increasing 21.3% versus last year, enabling the group to reach KRW2 trillion per annum for the first time since establishing the financial holding company. This is the result of the group wide synergies, including stronger asset management fees on the bank side, coupled with active marketing for investment banking and trading by the HQ and efforts for the non-banking business, including credit cards and capital.

其中，核心費用收入較去年同期成長21.3%，帶動集團年收入首次達到2兆韓元。這是集團綜效的結果，包括銀行方面更強的資產管理費，加上總部對投資銀行和交易的積極行銷以及對信用卡和資本等非銀行業務的努力。

In 2025, uncertainty about financial conditions are expected to increase which may make it challenging to grow non-interest income like this year. However, in line with the full fledged operations of our securities brokerage arm, we will increase CIB corporation between the bank and the securities arm, while also strengthening our wealth management marketing by increasing channels and product lineup. This type diversified marketing across the group should maintain our non-interest income growth momentum.

2025 年，金融狀況的不確定性預計將增加，這可能會使非利息收入像今年一樣成長變得具有挑戰性。但隨著證券業務的全面發展，我們將加強銀證合作，同時加強財富管理行銷，增加通路和產品陣容。集團範圍內的這種多元化行銷應該能夠保持我們的非利息收入成長勢頭。

Next, let me move to our expenses and please look page 5. This is the group's SG&A. And if you look at the SG&A in 2024, it was KRW4.459 trillion, down by 0.6% year-over-year. The cost income ratio was 42.8%. Due to the group-wide efforts to rationalize costs, the ratio has continued to decline during the past few years.

接下來，讓我談談我們的費用，請看第 5 頁。這是集團的銷售、一般及行政費用 (SG&A)。如果你看看 2024 年的銷售、一般和行政費用，它是 4.459 兆韓元，年減 0.6%。成本收入比為42.8%。由於整個集團努力合理化成本，該比率在過去幾年持續下降。

This year, we launched the securities company and increased investments in digital IT, which drove expenses up, but we were still able to moderate by optimizing channels and engaging in cost savings. Going forward, the group will continue to invest in strengthening its brand value and strengthening its digital competitiveness, but we'll freeze any general costs not related to future core businesses, and continue to rationalize channels and personnel as a means to continue our cost management efforts.

今年我們推出了證券公司，並加大了對數位IT的投入，這導致費用增加，但我們仍然能夠透過優化管道和節省成本來緩和這一局面。展望未來，集團將繼續投資於加強品牌價值和增強數位競爭力，但我們將凍結與未來核心業務無關的任何一般成本，並繼續合理化管道和人員，以此繼續我們的成本管理工作。

Next is credit cost and asset quality. 2024, the group's credit cost amounted to KRW1,716.3 billion, marking a 9.4% decrease compared to the previous year. On a quarterly basis, credit costs recorded KRW462.5 billion, down 3.1% from the previous quarter.

其次是信貸成本和資產品質。 2024年，該集團信貸成本為17,163億韓元，較上年下降9.4%。以季度計算，信貸成本為4625億韓元，較上一季下降3.1%。

Due to factors such as the economic slowdown in real estate PF restructuring, cost slightly increase, particularly in the non-banking business, but the base effect from the large-scale provisioning in 2023 executed to enhance future economic resilience did have a partial impact.

由於房地產金融重組等經濟放緩因素，成本略有增加，尤其是非銀行業務，但2023年為增強未來經濟韌性而實施的大規模撥備的基數效應確實產生了部分影響。

In this quarter, the group set aside KRW69 billion related to real estate project financing and the completion guarantee land plus business and KRW26 billion due to adjustments in loan loss calculation factors reflecting future economic outlook, bringing the total of additional provisions to KRW95 billion. This and the KRW210 billion in one-off provisions accumulated for 2024 has further strengthened the group's loss absorption capacity.

本季度，該集團撥備了690億韓元與房地產項目融資和竣工擔保土地加業務相關的準備金，以及260億韓元因反映未來經濟前景的貸款損失計算因素調整而產生的額外準備金，使額外準備金總額達到950億韓元。再加上為2024年累積的2,100億韓元一次性撥備，進一步增強了該集團的損失吸收能力。

While the group's credit cost ratio was 0.45%, when excluding the aforementioned one-off factors, the normalized credit cost ratio is being stably managed at around 0.41%. Regarding asset quality, the group continues to demonstrate top-tier management abilities within the industry.

集團的信貸成本率為0.45%，但剔除上述一次性因素，標準化信貸成本率穩定在0.41%左右。資產品質方面，集團持續展現出業界頂尖的管理能力。

NPL coverage ratio stands at 153% and 247% respectively for the group and the bank, while the percentage of loan loss provisions and reserves to total loans is at 1.5%, ensuring sufficient buffer against risks. Also, exposure to real estate PF, excluding the hub for HEG guaranteed loans stands at 0.5% of total loans.

集團及銀行的不良貸款覆蓋率分別為153%及247%，貸款損失準備及準備金佔貸款總額的比例為1.5%，確保有足夠的風險緩衝。此外，不包括 HEG 擔保貸款中心在內的房地產 PF 曝險佔總貸款的 0.5%。

And through proactive management, the need for additional provisioning remains limited. Given the continued uncertainty in markets both home and abroad and ongoing financial market volatility expected in 2025, Woori Financial Group will enhance its market monitoring efforts and systematically reassess risk factors across the group to further strengthen its risk management capabilities.

透過主動管理，額外配置的需求仍然有限。鑑於國內外市場持續存在不確定性以及預計2025年金融市場將持續波動，友利金融集團將加強市場監控力度，系統性地重新評估整個集團的風險因素，以進一步加強風險管理能力。

Next, I will elaborate on capital adequacy and shareholder return policies. Please refer to page 6 on the presentation materials. As of the end of 2024, the group's common equity Tier 1 or CET1 ratio is expected to be 12.08%.

接下來，我將詳細說明資本充足率和股東回報政策。請參閱示範資料第 6 頁。截至 2024 年底，該集團的普通股一級資本或 CET1 比率預計為 12.08%。

Despite a sharp increase in the USD Korean won exchange rate during Q4, which led to a 40 basis point decline in the CET1 ratio, strong profit growth and proactive risk weighted asset management through asset rebalancing resulted in an increase of 9 bps versus previous year and 13 bps compared to the previous quarter.

儘管第四季度美元兌韓元匯率大幅上升，導致普通股本比率下降40個基點，但由於利潤強勁增長，並透過資產再平衡進行積極的風險加權資產管理，普通股本比率較去年同期增加9個基點，較上一季增加13個基點。

Excluding the impact of the exchange rate increase in Q4, the company's CET1 ratio would have been in the mid-12% range. Woori Financial Group has repeatedly communicated its goal of achieving a 12.5% CET1 ratio ahead of schedule by 2025.

若不考慮第四季匯率上升的影響，該公司的 CET1 比率將處於 12% 左右的區間。友利金融集團曾多次傳達2025年提前達成12.5% CET1比率的目標。

Despite an uncertain business environment, including increased financial market volatility, economic slowdown and regulatory tightening, the group remains committed to reaching this target of CET1 uplift. This year, the group will focus its efforts on improving the capital ratio.

儘管商業環境不確定，包括金融市場波動加劇、經濟放緩和監管收緊，該集團仍致力於實現 CET1 提升的目標。今年集團將致力於提高資本充足率。

As way of taking a conservative approach to managing foreign currency assets and high risk assets such as PI and equity investments, given their sensitivity to exchange rate fluctuations and to instill a RWA centric operational culture across all business units, including the sales field and divisions, the group has refined its systems and improved key performance indicators.

鑑於外匯資產和 PI 及股權投資等高風險資產對匯率波動的敏感性，採取保守方式管理這些資產，並向所有業務部門（包括銷售領域和部門）灌輸以 RWA 為中心的營運文化，該集團已完善其係統並改進了關鍵績效指標。

Meanwhile, the Board of Woori Financial Group fully taking into account the group's 2024 financial performance and shareholder return policy, decided on a year-end dividend of KRW660 per share and a share buyback and cancellation program KRW150 billion.

同時，友利金融集團董事會充分考慮集團2024年的財務表現及股東報酬政策，決定每股派發660韓元的年終股息，並實施1,500億韓元的股票回購和註銷計畫。

Woori Financial Group in order to review the progress made and share the 2025 road map of its corporate value enhancement plan first announced last year as the industry first banking holding company initiative, has released a disclosure on the progress of its corporate value enhancement plan.

友利金融集團為了回顧所取得的進展並分享其去年作為行業首個銀行控股公司舉措首次宣布的企業價值提升計劃的2025年路線圖，發布了有關其企業價值提升計劃進展的信息。

Allow me to go into the progress of the financial performance indicators on page 4 of the presentation materials. Woori Financial Group achieved a 23.1% increase in net income in 2024, resulting in an ROE of 9.3%, up 1 percentage points from the previous year. The group to achieve a mid- to long-term ROE of and over 10% remains committed to efficiently utilizing capital.

請容許我詳細介紹一下簡報資料第 4 頁的財務績效指標的進展。友利金融集團2024年淨收入成長23.1%，ROE達9.3%，較前一年上升1個百分點。集團為實現中長期ROE達到10%以上，仍將致力於高效利用資本。

My apologies. As of the end of 2024, the group's provisional CET1 ratio is up 9 basis points versus previous year to 12.08%. In July, during the announcement of the corporate value enhancement plan, the group set an interim target of achieving a 12.2% CET1 ratio by year-end, assuming a KRW1,300 exchange rate.

我很抱歉。截至 2024 年底，該集團的臨時 CET1 比率較上年上升 9 個基點，至 12.08%。7月份，在發布企業價值提升計畫時，該集團設定了一個中期目標，即在匯率為1,300韓元的假設下，到年底實現12.2%的CET1比率。

However, due to rapidly changing internal and external conditions, the exchange rate serves by KRW150 in Q4 and by approximately KRW180 over the year, causing a 50 basis point drop in the CET1 ratio. Nevertheless, due to robust profitability and meticulous risk-weighted asset management, the group CET1 ratio increased slightly year-over-year.

然而，由於內部和外部條件快速變化，匯率在第四季下跌了150韓元，全年下跌了約180韓元，導致CET1比率下降50個基點。儘管如此，由於強勁的獲利能力及細緻的風險加權資產管理，集團CET1比率較去年同期略有上升。

Based on the 2024 financial performance and capital ratio, the group has decided on a total dividend KRW1,200 per share for 2024, marking a 20% increase versus previous year and the highest dividend payout to date. We expected a dividend yield is in the upper 7% range anticipated to be the highest level in the industry.

根據2024年的財務業績和資本比率，該集團決定2024年每股總股息為1,200韓元，較上年增長20%，是迄今為止最高的股息。我們預計股息殖利率將在 7% 左右，達到行業最高水準。

Regarding share buybacks and cancellations, after the initial KRW100 billion share buyback in 2023, the first since the group's establishment, the group as part of its full privatization process, bought back and canceled KRW136.7 billion worth of treasury shares corresponding to the residual shares of KDIC bringing up the scale and size of this program by 37%.

關於股份回購和註銷，繼2023年完成集團成立以來的首次1000億韓元股份回購後，作為全面私有化進程的一部分，集團回購併註銷了相當於KDIC剩餘股份的價值1367億韓元的庫存股，使該計劃的規模和範圍擴大了37%。

With the Board's recent announcement of an additional KRW150 billion share buyback and cancellation plan for 2025, the group continues to gradually expand its share buyback program annually. Next is on the progress of nonfinancial performance indicators. Please refer to page 5 of the presentation materials.

董事會最近宣布了 2025 年額外 1,500 億韓元的股票回購和註銷計劃，該集團將繼續每年逐步擴大其股票回購計劃。接下來是關於非財務績效指標的進展。請參閱示範資料第5頁。

In August of last year, Woori Investment Bank and Securities merge leading to the launch of Woori Investment Securities, making Woori Financial Group's return to the securities industry after a decade.

去年8月，友利投資銀行與友利證券合併，成立友利投資證券，這是友利金融集團時隔十年重返證券業。

Woori Investment Securities underwent a thorough preparation process last year and plans to fully commence business operations starting this year. Also, Woori Financial Group has signed an SPA with Korean Life, Life laying the groundwork for its entry into the insurance business and is currently undergoing the necessary procedures to incorporate the entities and subsidiaries and as mentioned in the Corporate Value Enhancement plan and announcement in July, we have made every effort to pursue M&As without compromising our capital ratio. And in fact, the impact of these two cases on the group's overall capital ratio is minimal.

友利投資證券去年進行了徹底的準備，並計劃從今年開始全面開始營業。此外，友利金融集團已與韓國生命人壽簽署了SPA，為進軍保險業務奠定了基礎，目前正在進行合併實體和子公司的必要程序，正如7月份的企業價值提升計劃和公告中提到的那樣，我們已盡一切努力在不損害資本比率的情況下進行併購。而事實上，這兩起案件對集團整體資本充足率的影響微乎其微。

Going forward, we will continue to strengthen our nonbanking business to diversify revenue source, and maximize synergies within the group. This year, Woori Financial Group has prioritized climate risk management across the group, while strengthening ESG management in various areas. As a result, the group achieved a AAA rating in the MSCI ESG assessment for the second consecutive year.

展望未來，我們將持續加強非銀行業務，以實現收入來源多元化，並最大限度地發揮集團內的綜效。今年，友利金融集團將氣候風險管理作為整個集團的首要任務，同時加強各領域的ESG管理。因此，該集團連續第二年在MSCI ESG評估中獲得AAA評級。

So once again, securing a global top-tier ESG rating and earning recognition in the market as a sustainable global enterprise. Regarding corporate governance enhancements, we have also made several significant improvements such as establishing an ethic management office and submitting the group's responsibility snap in advance.

因此，我們再次獲得全球頂級的ESG評級，並作為可持續發展的全球企業贏得市場認可。在加強公司治理方面，我們也做出了成立道德管理辦公室、提前提交集團責任快照等幾項重大改進。

In terms of IR initiatives, we have worked to diversify IR channels of communication for various investors and expand the IR base by providing broader content that covers both financial and non-financial aspects, and we will continue these efforts to enhance our communication with the market going forward.

在投資者關係舉措方面，我們致力於為各類投資者提供多樣化的投資者關係溝​​通管道，並透過提供涵蓋金融和非金融方面的更廣泛內容來擴大投資者關係基礎，我們將繼續這些努力，以加強我們與市場的溝通。

Finally, I would like to present Woori Financial's corporate value enhancement plan for 2025. Please refer to page 6 of the presentation materials. Woori Financial has designated 2025 as the inaugural year for capital ratio improvement and plans to focus the group's capabilities on achieving a common equity Tier 1 ratio or CET1 ratio of 12.5%.

最後，我想介紹一下友利金融2025年的企業價值提升計畫。請參閱示範資料第6頁。友利金融已將 2025 年定為資本充足率改善的元年，併計劃集中集團的能力，實現 12.5% 的普通股一級資本充足率或 CET1 資本充足率。

Despite a challenging business environment expected due to prolonged high exchange rates and a low growth trends caused by uncertainties with whom and abroad, we aim to manage risk-weighted asset growth or RWA growth within the nominal economic growth rate through systematic RWA management, quarterly growth allocation, proactive asset rebalancing centered on high-quality assets, and promising future industries. Along with the expansion of ROA, RWA oriented business culture, we are committed to achieving our capital ratio target.

儘管由於匯率長期居高不下以及國內外不確定性導致成長趨勢偏低，預計商業環境將充滿挑戰，但我們仍致力於透過系統性的風險加權資產管理、季度成長配置、以優質資產為中心的主動資產再平衡和有前景的未來行業，將風險加權資產成長或風險加權資產成長管理在名義經濟成長率範圍內。隨著ROA、RWA為導向的經營文化的拓展，我們致力於實現資本比率目標。

Next, we plan to introduce non-taxable dividends to expand tangible shareholder return. At the upcoming General Shareholders' Meeting, we intend to transfer a portion of capital surplus to retained earnings. If dividends are paid out from this fund in the future, individual shareholders will not be set to the 15.4% dividend income withholding tax, effectively increasing the dividend income by 18.2% compared to the previous system.

下一步，我們計劃推出免稅股息，以擴大股東實際回報。在即將召開的股東大會上，我們打算將部分資本公積轉增為保留收益。若將來從該基金派發股息，個人股東將無須繳納15.4%的股息收入預扣稅，與以前的製度相比，股息收入實際上可以增加18.2%。

Furthermore, these dividends will also be accepted from comprehensive taxation on financial income. In addition, Woori Financial Group plans to gradually increase the scale of share buybacks and cancellations each year. And in accordance with the amendment of the capital Markets Act at the end of last year and to enable investors to make more rational investment decisions, we will improve the quality dividend process at the upcoming general shareholders' meeting so that the dividend amount is determined the first before setting the dividend record date.

此外，這些股息也將從金融收入綜合稅中扣除。此外，友利金融集團計劃每年逐步增加股票回購和註銷的規模。並且，為了配合去年底資本市場法的修正，為了讓投資者能夠更理性地進行投資決策，我們將在即將召開的股東大會上完善優質分紅流程，在設定分紅記錄日之前先確定分紅金額。

Woori Financial Group has set its 2025 management goal as a trusted Woori Financial by ensuring that all subsidiaries across the group drive substantial performance by establishing competitiveness in the corporate, which is based on trust, which is the fundamental essence of finance, we aim to take a significant leap forward as an integrated financial group.

友利金融集團將2025年的經營目標設定為“成為值得信賴的友利金融”，透過以金融的根本——信賴為基礎的企業競爭力的確立，確保集團內各子公司取得實質性的業績，作為綜合金融集團實現重大飛躍。

We will ensure that all sales and business operations as carried out within a sale corporate culture and an effective internal control framework. Even is uncertainties, both from and abroad and a rapidly changing financial environment, we will continue to strengthen our exceptional risk management capabilities. From a financial perspective, our top priorities fulfilling our commitment to improving our capital ratio, they are billing the foundation for the group's sustainable growth.

我們將確保所有銷售和業務運作均在良好的企業文化和有效的內部控制框架內進行。即使面臨國內外的不確定性和快速變化的金融環境，我們也將持續加強我們卓越的風險管理能力。從財務角度來看，我們的首要任務是履行提高資本比率的承諾，這是集團永續發展的基礎。

Additionally, we will actively engage in core cooperative finance programs such as supporting small business owners and assisting vulnerable groups and also embrace marginalized communities to practice the value of coexistence. Through these efforts, we will strive to become a financial institution trusted by customers, the market and society as a whole. This concludes Woori Financial Group's 2024 annual earnings presentation. Thank you very much.

此外，我們將積極參與支持小企業主、協助弱勢群體等核心合作金融計劃，並擁抱邊緣化社區，實踐共存的價值。透過這些努力，我們將努力成為一家受客戶、市場和社會信賴的金融機構。友利金融集團 2024 年度財報到此結束。非常感謝。

Thank you very much 9for the presentation. And before we begin Q&A session, I would like to make a brief announcement. As part of the group's corporate value enhancement plan, we have reinforced market communication by prescheduling the 2025 earnings release in advance and this schedule will be disclosed to investors via public announcement and our website on the 4th of this month.

非常感謝9的演講。在我們開始問答環節之前，我想做一個簡短的宣布。作為集團企業價值提升計畫的一部分，我們已提前安排2025年盈利發布，加強了市場溝通，並將於本月4日透過公告和我們的網站向投資者披露此時間表。

Furthermore, starting from the first quarter 2025 earnings release, we plan to encourage participation from all investors, including retail investors. Through the group's website, investors will be able to submit inquiries regarding financial performance and key issues and will address major concerns during the earnings conference call. Further details will be provided through a follow-up public disclosure. And now we will begin the Q&A session regarding Woori Financial's 2024 annual earnings results.

此外，從 2025 年第一季財報發布開始，我們計劃鼓勵所有投資者（包括散戶投資者）參與。透過該集團的網站，投資者將能夠提交有關財務業績和關鍵問題的詢問，並將在收益電話會議期間解決主要關切。進一步的詳細資訊將透過後續的公開披露提供。現在我們開始有關友利金融 2024 年度獲利結果的問答環節。

Park Hye-jin, Daishin Securities.

大信證券的樸惠珍（Park Hye-jin）。

Yes. Hello, I am Park Hye-jin from Daishin Securities. And right now, it's a very challenging environment, but you have showed very strong performance. And I also believe that there's also been a lot of very good and solid management.

是的。大家好，我是大信證券的樸惠珍。現在，環境非常具有挑戰性，但你們表現得非常出色。我還相信，我們還有許多非常優秀和穩健的管理。

So I have one question that I would like to ask you. At the end of last year and since then, some of the majority shareholders within the market, have actually showed signs of selling some of their stake. So related to that, in terms of any overhang issues? Or is there any concern that we should have about such a situation? So if you could please elaborate about that, that would be appreciated.

我有一個問題想問您。自去年年底以來，市場上的一些大股東實際上已經表現出出售部分股份的跡象。那麼與此相關的是，是否存在任何懸而未決的問題？或者說我們是否應該對這種情況感到擔憂？因此，如果您能詳細說明這一點，我們將不勝感激。

Thank you for your question. And I think if you could give us a few moments to prepare, we will answer your question.

感謝您的提問。我想如果您能給我們一點時間準備，我們就會回答您的問題。

Yes, this is the CFO, Lee Sung-Wook. Sorry for the coughing, but I would like to address your question. So if you look at the March situation of last year, there was around 2.4% that we had from the KDIC. And if we look at the acquisition of that and then we did a retirement of that. So on the KDIC side, the overhang issue has been solved.

是的，這是財務長李成旭 (Lee Sung-Wook)。抱歉讓我咳嗽了，但我想回答你的問題。如果你看一下去年 3 月的情況，你會發現韓國存款保險公司 (KDIC) 的貸款利率約為 2.4%。如果我們看一下它的收購，那麼我們就會將其退役。因此，從 KDIC 方面來看，懸而未決的問題已經解決。

However, if we look at last year, in the case of IMM PE, there were some shares that they had sold. So they initially had a 6% ownership. But as of January 2024, the remaining stake that they have as of the end of last year, they sold around 0.14%. And I think that they have completely sold out of their position. So in the case of IMM PE, I don't think that there will be any additional sales that will be coming from that party.

然而，如果我們回顧去年，就 IMM PE 的情況而言，他們已經出售了一些股票。所以他們最初擁有6%的所有權。但截至 2024 年 1 月，他們已出售了截至去年年底所持有的剩餘股份約 0.14%。我認為他們已經完全賣掉了自己的部位。因此，就 IMM PE 而言，我認為不會有任何來自該方的額外銷售。

And the reason for the sale that they have actually had is that for IMM PE, the fund in itself was coming to an end, and they had hold ownership for a very long period of time. But because they were closing their fund, I understand that was the reason for it.

他們實際出售的原因是，對於 IMM PE 來說，基金本身即將結束，而且他們已經持有所有權很長一段時間了。但因為他們正在關閉基金，我明白這就是原因。

And if you look at the other controlling shareholders that we have, we do not foresee any -- or expect any additional sales from them. So as a result of that, we do -- we believe that any overhang issues with regards to our share have completely been addressed. So therefore, we don't believe that any overhang issues should be impacting our equity price going forward. Thank you.

如果你看看我們的其他控股股東，我們預計他們不會有任何額外的銷售。因此，我們相信，與我們的份額有關的任何懸而未決的問題都已完全解決。因此，我們認為任何懸而未決的問題都不會影響我們未來的股價。謝謝。

Hanwha Investment & Securities, Kim Do Ha.

韓華投資證券，Kim Do Ha。

Thank much for the presentation on the sound policies. I'm currently referring to page 6 on the Corporate Value Enhancement Plan, and it has to do with the dividend. And I can see that you haven't yet to transfer the capital surplus, but it's to take place in March.

非常感謝您對合理政策的介紹。我目前正在參考企業價值提升計畫的第 6 頁，它與股利有關。我看到你們還沒有轉移資本盈餘，但它將在三月進行。

And within this year, you will be transferring the portion of the surplus. And I can see that starting from year-end dividend of 2025, that would be applicable, but I want to understand it would the quarterly dividend also be applicable?

並且在今年之內，你們將會轉移部分盈餘。我知道從 2025 年年終股利開始就適用，但我想了解季度股利是否也適用？

And then also, I do believe that you had also mentioned about an equal dividend payout for the three quarters, but with the fourth quarter not be applicable. And also with regard to M&A, you did provide some information on the any impact on the capital ratio with the merger or the acquisition of the insurance arm. So I'd like to ask for you to elaborate further.

而且，我確實相信您也提到三個季度的股息支付相等，但第四季度並不適用。關於併購，您確實提供了一些有關合併或收購保險部門對資本比率的影響的資訊。因此我想請您進一步詳細說明。

And in the case of the two candidates, the insurance firms, I do know that if you apply the related guidelines and regulations, I believe that we do need some source of defense line in order to push this ahead. So I would like to understand, are there any specific plans in place? Thank you.

就這兩位候選人和保險公司的情況來說，我知道，如果應用相關的指導方針和規定，我相信我們確實需要一些防線來推動此事的進展。所以我想了解一下，有什麼具體計畫嗎？謝謝。

Yes. Thank you very much. So I can see that basically two questions. And please bear with that for just a moment as we prepare to answer your questions.

是的。非常感謝。因此我認為基本上有兩個問題。請您稍等片刻，我們正準備回答您的問題。

Yes. So let me respond to the questions in the order that you have posed. So as was announced, with regard to retained earnings and the transfer, it has to be approved at the General Shareholders' Meeting in March. And only then can we proceed with this.

是的。因此，讓我按照您提出的順序來回答這些問題。正如宣布的那樣，關於保留收益和轉移，必須在三月的股東大會上獲得批准。只有這樣，我們才能繼續前進。

So once it's approved at the AGM, then we can utilize this as a funding for dividends. And based on the Commercial Act, it would -- the amount will be set forth before the record date. So based on the Commercial Act, it would be on the dividend for the next year and the legal review also indicated that this will be possible setting for the dividend payout of 2026. Therefore, with regard to the transfers that would take place, it would start off with the year-end dividend of 2025 and onwards.

因此，一旦在年度股東大會上獲得批准，我們就可以將其用作股息資金。根據《商業法》，該金額將在記錄日期之前確定。因此，根據《商業法》，這將是關於下一年度的股息，法律審查也表明，這將是 2026 年股息支付的可能設定。因此，就即將進行的轉移而言，它將從 2025 年及以後的年終股息開始。

And next was on quarterly dividends. And some financial groups do provide an equal dividend payout every quarter. However, our quarterly dividend policy, as was mentioned last time around, it's about 50% of the typical dividend payout. And we will be providing the dividend equally up to 50%.

接下來是季度股息。一些金融集團確實每季提供相同的股息。然而，正如上次提到的，我們的季度股息政策約為典型股息支付的 50%。我們將平等提供股息，最高可達 50%。

So we will look into the market condition and the situations, and it will be the same level as what was announced in the past. So depending on the situation and the group situation, the dividend policy may differ. But in terms of how it would be paid out rather than just being important, it's basically about increasing the annual DPS.

因此，我們將研究市場狀況和情況，其水準將與過去宣布的保持相同。所以根據具體情況和集團情況，股利政策可能會有所不同。但就如何支付而言，這不僅重要，而且基本上是為了增加年度 DPS。

We believe that, that's the critical aspect here. Therefore, the quarterly dividend policy right now would be 50% of the previous year's dividend so that we can enhance the predictability of dividend payout and also it was -- we will review any additional equal quarterly dividends payout like any other financial groups in the future.

我們相信，這就是關鍵。因此，目前的季度股息政策是上一年股息的 50%，這樣我們就可以提高股息支付的可預測性，而且我們將來也會像其他金融集團一樣審查任何額外的平等季度股息支付。

And lastly, with regards to the insurance side that you asked. First of all, what I can say is that's something that we have continuously said is that recently there are some changes that are taking place, so maybe we can add on to that and what we talk about.

最後，關於您詢問的保險方面的問題。首先，我可以說的是，我們一直在說最近正在發生一些變化，所以也許我們可以補充一些我們討論的內容。

So when we acquire the insurance companies, of course, there will be some impact in terms of our capital equity. However, if we look at the profitability, we do think that it will be helpful in terms of rebalancing our portfolio, being too focused on the bank side. We also believe that we can enhance our overall shareholder value.

因此，當我們收購保險公司時，當然會對我們的資本權益產生一些影響。然而，如果我們看一下獲利能力，我們確實認為這將有助於重新平衡我們的投資組合，避免過度關注銀行方面。我們也相信我們可以提高我們的整體股東價值。

So for Woori Financial Group, right now, we have around 90% contribution coming from our bank side. But once we acquire the insurance arms, then we can decrease that contribution to 85%. So we do believe that it will diversify our profit portfolio and we do believe it's the best way to do so.

因此，對於友利金融集團而言，目前約 90% 的貢獻來自銀行方面。但一旦我們收購了保險部門，我們就可以把這項貢獻減少到 85%。因此，我們確實相信它將使我們的利潤組合多樣化，並且我們確實相信這是實現這一目標的最佳方式。

So as a result of that, follow -- we believe that this is a situation on how we can actually address this issue and it's a very large issue in itself. So in addition to that, it does not hurt our group's capital adequacy. So we do believe it will enhance the portfolio going forward.

因此，我們相信這是一個我們可以真正解決這個問題的情況，而且它本身就是一個非常大的問題。因此除此之外，它不會損害我們集團的資本適足率。因此我們確實相信它將增強未來的投資組合。

So right now, even if we acquired Tongyang and ABL, since the asset -- the overall price that we were able to negotiate was sufficiently low. We do believe that the effects on the application on a risk weight of 250% of the group's limit on key investments and the benefits of the low price will offset each other so that if you compare the group CET1 ratio as of the end of 2025, there will be no difference between ratio before and after the acquisition.

所以現在，即使我們收購了東洋和ABL，由於資產——我們能夠協商的總體價格已經足夠低了。我們確實相信，應用集團對重點投資限額 250% 的風險權重的影響和低價帶來的好處將相互抵消，因此，如果比較截至 2025 年底的集團 CET1 比率，收購前後的比率將沒有差異。

And the reason for that is because when we talked about this last time, we mentioned 8 basis points. But if you look at it as of the end of September, it's actually softened to around 6 basis point. And since the end of the fourth quarter, our CET1 ratio has continued to improve.

原因在於我們上次談論這個問題時提到了 8 個基點。但如果你看九月底的情況，它實際上已經下降至約 6 個基點。自第四季末以來，我們的 CET1 比率持續改善。

So as a result of that, because this continues to increase, if we look at the actual recognition of capital out of our overall capital acquisition gains, that's why at the end of the day, because of the total effect, there will be no impact as of 2025.

因此，由於這個數字持續增加，如果我們從整體資本收購收益中看資本的實際確認，那麼從整體效應來看，到 2025 年將不會產生任何影響。

And lastly, in terms of the question, I do believe that as we acquire these entities, what is the plan for their capital management going forward? So maybe to address that question. I think that if you look at the recent trends in terms of interest rates going down or insurance regulations being strengthened, there's a lot of attention given to insurance centers that you are well aware of.

最後，關於這個問題，我確實相信，當我們收購這些實體時，它們未來的資本管理計畫是什麼？所以也許可以回答這個問題。我認為，如果您觀察最近利率下降或保險法規加強的趨勢，您會發現人們對保險中心給予了極大的關注。

So if these two companies actually are included in Woori Financial, then we will have a very conservative business plan and a focus on capital ratios and also the solvency ratio. So following the acquisition, we are planning to put top priority on financial soundness, including the K-ICS ratio for our business targets to ensure we establish a stable business profile.

因此，如果這兩家公司真的被納入友利金融，那麼我們將制定非常保守的商業計劃，並專注於資本比率和償付能力比率。因此，收購之後，我們計劃將財務穩健性放在首位，包括將 K-ICS 比率作為我們的業務目標，以確保我們建立穩定的業務狀況。

The two companies in light of current rate cuts and changes to insurance liability regulations going forward or adjusting the placeability of a lower K-ICS ratio currently by issuing hybrid securities or sub-debt and also seed coinsurance to strengthen their K-ICS ratio.

鑑於目前的利率下調和保險責任規定的變化，兩家公司未來或將透過發行混合證券或次級債券以及種子共同保險來調整目前較低的 K-ICS 比率，以加強其 K-ICS 比率。

Following the acquisition, of course, the highest priority will be on strengthening capital and secure long-term profitability to improve the fundamentals of the business. So we will engage in asset rebalancing to decrease the risk-weighted assets, optimize the duration gap, and dispose of real estate assets to ensure we can maintain the K-ICS ratio at an appropriate level without any capital increases by the group. So this is something that we will put our best efforts against. Thank you.

當然，收購之後的首要任務是加強資本和確保長期獲利能力，以改善業務基本面。因此，我們將進行資產再平衡，減少風險加權資產，優化久期缺口，並處置房地產資產，以確保我們能夠在集團不增加資本的情況下將K-ICS比率維持在適當水平。因此我們將盡最大努力去解決這個問題。謝謝。

KIS, Mr. Baek Doosan.

KIS，白斗山先生。

I am Baek Doosan from Korea Investment & Securities. I do -- would like to ask a question with regards to the completed guarantee land trust. You've mentioned that within the fourth quarter, you have provision KRW69 billion. And as of Q4, if we include all of the trust accounts, what would be the exposure and also in terms of asset quality, how are you classifying these businesses?

我是韓國投資證券公司的白斗山。我確實——想問一個有關已完成的擔保土地信託的問題。您提到，第四季已撥備 690 億韓元。截至第四季度，如果我們包括所有信託帳戶，風險敞口會是多少？

And recently, if you refer to the press release by FSS, you can see that the bank financial holding companies with regard to such land trust has actually recognized or underestimated the recognition of their RWA. So I would like to understand whether this can actually impact the capital ratio and bring it downwards.

而且最近如果你參考金融穩定局的新聞稿，你會看到，對於這種土地信託，銀行金融控股公司實際上已經承認或低估了其 RWA 的承認。所以我想了解這是否真的會影響資本比率並使其下降。

Thank you very much for that question. Yes, let us -- me respond. I am, Park Jang-Geun, the CRO. If I may respond. So with regard to the completed guarantee land trust businesses. We only have 18 remaining. So versus previous quarter, you can see that we've actually got rid of seven`.

非常感謝您提出這個問題。是的，讓我們——我來回答一下。我是首席風險長樸長根。如果我可以回應的話。因此，對於已完成的擔保土地信託業務。我們只剩下 18 個了。因此與上一季相比，你可以看到我們實際上已經擺脫了 7 個。

And for the sites that have yet to complete construction in '25. So with regard to this completed guaranteed trust businesses, it's going down, so it's being well managed.

以及那些在25年還未完工的工地。因此，就已完成的擔保信託業務而言，其數量正在減少，因此管理得很好。

And then also with regard to the trust account as well as the provisioning, if you look at the gap, it's about 50%. So it's around KRW210 billion at the end of December that has been provisioned. So we do have sufficient provisioning with regard to these assets.

然後對於信託帳戶以及撥備，如果你看看差距，它大約是 50%。因此，截至 12 月底，已撥備金額約 2,100 億韓元。因此，我們確實對這些資產進行了充足的撥備。

And next year, if we do well manage and prudently manage, these assets and the businesses, we do not believe additional provisioning will be required. So we will make sure to prudently manage on these businesses.

明年，如果我們管理得當、審慎地管理這些資產和業務，我們認為就不需要額外的撥備。因此我們將確保審慎管理這些業務。

And also in terms of the matters pointed out by FSS, if you look at the real estate companies with regard to this completed guarantee trust businesses. And this will -- guarantee basically is about extending credit. So it's about having an off-balance account on this where the risk-weighted assets would have to be applied here as well.

另外，就金融監督院所指出的事項而言，如果你看一下房地產公司在這方面完成的擔保信託業務。這項擔保基本上是為了延長信貸期限。因此，這是一個表外帳戶，風險加權資產也必須應用在這裡。

But for us, in June, we've engaged in the calculation and at the end of December, there are only seven cases that are applicable right now to what was pointed out by the FSS. So it's basically brought down in terms of the numbers. So in December, it has been all completed in terms of the construction.

但對我們來說，我們在六月就進行了計算，到十二月底，目前符合金融穩定理事會所指出的情況的只有七起。因此從數字上看，基本上是下降了。所以到 12 月份，工程建設已經全部完工。

So for those that would have to go off balance, so it would be quite minimal. So therefore, I want to mention that the number has been brought down to a minimum. So at the end of December, we have applied and I calculated the RWA accordingly. Thank you.

所以對於那些必須失去平衡的人來說，這將是相當小的。因此，我想說的是，這個數字已經降到最低了。因此，我們在 12 月底提出了申請，並據此計算了 RWA。謝謝。

And if I may just add some additional details to the response. So the last question had to do with the completed guaranteed trust and whether that would impact the capital ratio. And the FSS, their examination, well there are, of course, certain recommendations not only on this trust, but in other assets.

如果我可以在回覆中添加一些額外的細節。因此，最後一個問題與已完成的擔保信託有關，以及這是否會影響資本比率。當然，金融監督院 (FSS) 的審查不僅針對該信託，還針對其他資產提出了某些建議。

So with regard to this type of business or assets, at the end of September and at the end of December, when we were putting together the capital -- calculate the capital ratio is already reflected. So we believe that there will basically be no negative impact to the ratio.

因此，對於這種類型的業務或資產，在九月底和十二月底，當我們匯總資本時，計算資本比率已經反映出來了。因此我們認為該比率基本上不會受到負面影響。

So as was already mentioned, the 12.5% CET1 ratio, that uplift is something that we will really push your head with, and we will measure to achieve that in the year. Thank you.

因此，正如前面提到的，12.5% 的 CET1 比率，這一提升是我們真正需要推動的事情，我們將努力在年內實現這一目標。謝謝。

NH Securities, Jung Jun-Sup.

NH Securities，Jung Jun-Sup。

Yes. This is Jung Jun-Sup from NH Securities. There are two questions that I would like to ask you. The first would be that if we look at the CET1 ratio right now, 12.5% would be the overall target that you want to achieve as early as possible. However, if we look at this year in terms of this target, if we do have one, on a quarterly basis, what do you think the pace would be to reach this 12.5%? If you do have a time line for that, if you could share with us, that would be very useful.

是的。我是 NH Securities 的 Jung Jun-Sup。我有兩個問題想問您。首先，如果我們現在看一下 CET1 比率，12.5% 將是你希望儘早實現的總體目標。但是，如果我們按照這個目標來看今年，如果我們確實有一個目標，那麼按季度計算，您認為達到 12.5% 的速度是多少？如果您確實有時間表，並且願意與我們分享，那將會非常有用。

And the second is with regards to the non-taxable dividend, this policy in itself, I do believe there is very good direction for the group. However, in terms of how much you can actually convert into this form is probably limited. So right now, as of now, how much are you actually thinking of converting?

第二是關於免稅股息，就這項政策本身而言，我確實相信對集團來說有著非常好的方向。然而，實際上能夠轉換成這種形式的數量可能有限。那麼現在，截至目前，您實際上考慮轉換多少？

Yes, thank you for your question. And if you could just give us a couple of minutes, we would appreciate that.

是的，謝謝你的提問。如果您能給我們幾分鐘時間，我們將非常感激。

Yes. So if I could ask, in terms of our quarterly targets that we would have on the CET1 for this year, on a per quarter basis, in terms of our risk-weighted assets for the full year, of course, we do want to balance out the growth quarter over quarter. And as mentioned before, on a total basis, we do want to be within the nominal growth rate, so that would be right now, nominal growth we see to be around 4% because the growth rate is now at a lower level.

是的。因此，如果我可以問一下，就我們今年的 CET1 季度目標而言，就全年風險加權資產而言，我們當然希望實現季度環比增長的平衡。如同先前所提到的，從總體上看，我們確實希望保持在名目成長率之內，因此目前我們認為名目成長率將在 4% 左右，因為成長率目前處於較低水準。

So within 4% would be the RWA growth that we want to see. And we do on a per quarter basis, have a balance growth taking place. So as a result of that, we also believe that our capital ratio will, on a per quarter basis, probably equally increase. That would probably be the best assumption.

因此，我們希望看到的 RWA 成長率在 4% 以內。而且我們每季確實都實現了平衡成長。因此，我們也相信，我們的資本比率可能會按季度同樣增加。這可能是最好的假設。

And then in terms of the retained earnings and transfer to that, we do have a bit more room. However, what we are thinking of as of the current time would be is to do around maybe KRW3 trillion in total. So this is on the February 28, we would have a BOD resolution on this. And then at the GSM, we would have to have final approval.

然後就留存收益和轉移而言，我們確實還有更多的空間。然而，我們目前考慮的總額可能是 3 兆韓元左右。因此，2 月 28 日，我們將就此做出董事會決議。然後在 GSM，我們必須獲得最終批准。

So the overall process would go accordingly. So in terms of the total amount, it would probably be around KRW3 trillion. And if we do have KRW3 trillion, then that means that for the past -- next three, four years, that we would have sufficient room to dividend. Thank you.

所以整個過程將會順利進行。因此，就總額而言，可能在 3 兆韓元左右。如果我們確實有 3 兆韓元，那就意味著在過去——未來三四年裡，我們將有足夠的分紅空間。謝謝。

Kang Seung-Gun, KB Securities.

薑承根（Kang Seung-Gun），KB證券。

My first question has to do with shareholder returns. So the 12.5% early achievement. And if you look at early in the year and now, it seems that we will see how this will unfold in the latter part of the year. So then the shareholder return policy that was announced, if it's below 12.5%, for instance, then is that the TSR would be below 35%?

我的第一個問題與股東回報有關。因此早期的成就是12.5%。如果你回顧今年年初和現在的情況，似乎我們會看到今年下半年情況將如何發展。那麼，如果宣布的股東回報政策低於 12.5%，那麼 TSR 是否會低於 35%？

And then in 2025 year-end, if you believe 12.5%, then in the year-end dividend, there could be some well changes or adjustments made. So would we be able to expect that? So I would like to understand the shareholder return rate, what would that be? Could you give us some guidance on that on the TSR?

然後在 2025 年底，如果你相信 12.5%，那麼在年終股息方面，可能會有一些變化或調整。那我們可以期待這一點嗎？所以我想了解股東報酬率是多少？您能就 TSR 為我們提供一些指導嗎？

And then within this CET1, we do have an impact of excluding the foreign currency denominated from the RWA. So I would like to understand what the impact was, what the magnitude was of the impact? And then in 2025, the NIM CCR, loan growth, any guidelines that you can share for 2025?

然後在這個 CET1 中，我們確實受到了從 RWA 中排除外幣的影響。所以我想了解其影響是什麼，影響的程度如何？那麼在 2025 年，NIM CCR、貸款成長，您能分享一下 2025 年的任何指導方針嗎？

Thank you very much for the question. Please bear with us for just a moment as we prepare to answer your question.

非常感謝您的提問。請稍等片刻，我們將準備回答您的問題。

With regard to the shareholder return policy, last time around, you mentioned that 12.5%-plus, it would be more than 35% to 40%. So that was the range that we have set forth for Woori Financial and the shareholder return policy and our will to expand that has been reflected in the numbers.

關於股東回報政策，上次您提到12.5%以上，也就是35%到40%以上。這就是我們為友利金融設定的範圍，股東回報政策和擴張意願都反映在數字上。

So 12.5% at year-end. Of course, if we do achieve and which we will achieve that would mean that the TSR would be 35%. And KRW150 billion of share buyback and cancellation was done for that purpose. So once again, it was our aspiration and our will is to be 35%-plus.

所以年底是12.5%。當然，如果我們確實實現了目標並且將會實現，那就意味著 TSR 將達到 35%。為此，已回購並註銷了1500億韓元的股票。因此再一次，這是我們的願望，我們的意願是達到 35% 以上。

And also with regard to the structural positioning, so this is something that has to be approved by the FSS. So at the banks at the January end, we had to submit a preapproval application, and we're awaiting their approval. So with regard to the structural positioning, we have non-hedged overseas entities liabilities, and we believe that the size and scale may be different depending on what is approved by FSS.

另外，關於結構定位，這必須得到金融穩定理事會 (FSS) 的批准。因此，我們必須在 1 月底向銀行提交預先批准申請，並等待他們的批准。因此，就結構性定位而言，我們有未對沖的海外實體負債，我們認為，其規模可能因金融監督院的批准而有所不同。

And the last question had to do with the growth rate, NIM, CCR, basically three. So if I may just provide you with a brief update on the case of the growth rate, as was mentioned, it would be within the nominal economic growth rate. And if you look at the overall structure and organization, our ROE, if it's 9%, then the growth rate would be within 4%.

最後一個問題與成長率有關，NIM、CCR，基本上就是這三個。因此，如果我可以向您簡要介紹一下成長率的情況，正如前面提到的，它將在名目經濟成長率範圍內。如果你看一下整體結構和組織，我們的 ROE 如果是 9%，那麼成長率就會在 4% 以內。

And then on the capital ratio would increase by about 30 to 40 bps. So there is an impact. So internally, it's about managing this within 4% and this year's business plan is also well aligned with that. In the case of NIM, excluding this year's growth, there is an overall rebalancing of not just banks, but for all affiliated subsidiaries. So we'll be focusing on rebalancing to achieve profitability.

然後資本比率將增加約30至40個基點。所以是有影響的。因此從內部來看，就是要將其管理在 4% 以內，今年的業務計畫也與此保持一致。就淨利差而言，除去今年的成長，不只是銀行，所有附屬子公司都經歷了整體的再平衡。因此，我們將專注於重新平衡以實現盈利。

Therefore, with regard to NIM, if we do see further rate cuts 2 to 3 times, it has to actually go down by 3 to 4 bps. So through rebalancing, what we want to do is defend NIM as much as possible. And it would be in the upper range of 1.3 -- 1.3% to 1.4%. So that's the prospects that we have in terms of how that will be managed.

因此，就淨利差而言，如果我們確實看到進一步降息2至3次，那麼它實際上必須下降3至4個基點。因此，透過重新平衡，我們想要做的就是盡可能地捍衛 NIM。它將處於 1.3——1.3% 到 1.4% 的上限範圍內。這就是我們對如何管理這個問題的前景。

And last but not least on credit cost ratio or CCR. This year CCR was quite high. The normalized CCR was a bit high. We had the provisioning for the nonbanking business and also the banks have added provisioning, and that's why that has led to a credit cost ratio of mid 0.4% and for normally 0.4%. And for this year, we believe that it can be managed within 0.4%. Thank you.

最後但並非最不重要的是信用成本比率或CCR。今年的CCR相當高。標準化的 CCR 有點高。我們為非銀行業務提列了準備金，銀行也增加了準備金，這就是為什麼信貸成本率達到 0.4% 左右，而正常情況下是 0.4%。而今年我們認為可以控制在0.4%以內。謝謝。

B&K Securities, Kim Yin.

B&K 證券，Kim Yin。

Yes. Thank you for your good performance amidst a difficult challenging environment. I think that they have a lot of questions that have been now answered. But if you look into next year, one of the things that I do believe it's challenging is because I think that some of the early retirement expenses have been transferred or pushed over to the first quarter. So I do think that, that would have an impact on our cost-income ratio and maybe you need to do cost savings by saving in other areas.

是的。感謝您在艱難充滿挑戰的環境中表現出色。我認為他們有很多疑問現在已經得到解答了。但如果你展望明年，我確實認為其中一個挑戰是，因為我認為部分提前退休費用已被轉移或推遲到第一季。所以我確實認為，這會對我們的成本收入比產生影響，也許你需要透過在其他領域節省來節省成本。

So I think that if we look at the weaker NIM and also the higher credit cost ratio for this year, I think that we have covered it by higher growth. But next year, I think that if we are at the nominal growth rate, are we going to be able to grow NIM is something that I would think about?

因此，我認為，如果我們看一下今年較弱的淨利差和較高的信貸成本率，我認為我們已經透過更高的成長彌補了這一差距。但是明年，我認為，如果我們保持名目成長率，我們是否能夠增加淨利差，這是我會考慮的問題？

And secondly, is that on the nonbank, we are a bit weak. So if the interest income continues to go down then on the nonbank side for the noninterest income, can you make up for this? Because our non-bank business is weaker, so how much of an increase do you think you can see?

其次，在非銀行業務方面，我們有點弱。因此，如果利息收入持續下降，那麼非銀行方面的非利息收入可以彌補嗎？因為我們的非銀行業務較弱，那麼您認為能夠看到多少成長？

And in addition to that, if you look at the overall credit cost in 2025, I also believe that there continues to be talking about provisioning and the need for it to do so. So I don't think that it's going to decline a lot versus 2024.

除此之外，如果你看看2025年的整體信貸成本，我相信人們還會繼續談論撥備以及撥備的必要性。因此，我認為與 2024 年相比，它不會大幅下降。

So for 2024, you profitably increased a lot. However, in 2025, I think that across the Board, there are very many challenges that you have. So from the senior management side, what is your view about such a situation is something that I would like to ask?

因此到 2024 年，你的利潤將大幅增加。然而，到了 2025 年，我認為你們總體上還是面臨著許多挑戰。那我想問一下，從高階主管的角度來看，您對這種情況有何看法？

Thank you for your question. And if you could give us some time to reorganize, that would be appreciated.

感謝您的提問。如果您能給我們一些時間進行重組，我們將非常感激。

As you have just mentioned, I think that in 2025, if we look at the overall growth rate, we do think that it's going to go from 2% this year to 1% for next year. And in addition to that, other challenges also are in the market. So I think that overall that if the base rate does go down, then of course, our NIM also slight -- even slightly will go down.

正如您剛才提到的，我認為到 2025 年，如果我們看整體成長率，我們確實認為它將從今年的 2% 上升到明年的 1%。除此之外，市場還面臨其他挑戰。因此我認為，整體而言，如果基準利率確實下降，那麼我們的淨利差當然也會輕微下降。

And also on the bank side, our interest income decrease. But if we look at the nonbank side, of course, the overall funding costs will decrease on that side. So as a result of that, in terms of the overall interest income, we do foresee it to be stronger. So though it will not be a large increase, we do think that it will be better.

而且從銀行方面來看，我們的利息收入也減少了。但如果我們看看非銀行方面，當然，那方面的整體融資成本將會下降。因此，就整體利息收入而言，我們確實預期它會更加強勁。因此，儘管增幅不會很大，但我們確實認為會更好。

On the non-interest income side, we do think that 2024 was actually a very strong year. So because we have had a high base, we think that next year, it would be to difficult to achieve and repeat this. So we think that the current growth that we are seeing will continue.

在非利息收入方面，我們確實認為 2024 年實際上是非常強勁的一年。因此，由於我們擁有較高的基數，我們認為明年要實現並重複這一目標將會十分困難。因此我們認為當前的成長態勢將會持續下去。

So as a result, on the security side, we launched this in August, and we think that by the end of this year, it will be in a position to start to contribute to the group as a whole. And in addition to that, as you have just mentioned, on the credit cost side for the group as a whole on a YoY basis, it did not go down a lot. However, if we look at the overall picture on credit cost, we do think that for next year, it is an area that we actually foresee a decline to take place, especially on the bank side.

因此，在安全方面，我們在八月推出了這項服務，我們認為到今年年底，它將能夠開始為整個集團做出貢獻。除此之外，正如您剛才提到的，從整個集團的信貸成本同比來看，並沒有大幅下降。然而，如果我們看一下信貸成本的整體情況，我們確實認為，明年信貸成本實際上預計會下降，尤其是在銀行方面。

This year, we did see a slight decrease versus 2023. But we think that on the bank side for 2025, it will go down again. And then on the nonbank side, continuously, there was a very conservative provision that we did. We did also around KRW200 billion cleaning up and KRW100 billion this year again. So on the non-bank side, we do think that the credit cost will actually also go down going forward.

今年，我們確實看到與 2023 年相比略有下降。但我們認為，到 2025 年，銀行方面這一數字將再次下降。然後在非銀行方面，我們持續採取了非常保守的措施。我們也進行了約2000億韓元的清理工作，今年又進行了1000億韓元的清理工作。因此，在非銀行方面，我們確實認為未來信貸成本實際上也會下降。

So all in all, we think that in 2025, that as you have just mentioned, though it will be a challenging environment, we do think on a YoY basis, we -- there are various areas, in which we can improve ourselves, and we will continue to focus on that from the business perspective. Thank you.

總而言之，正如您剛才提到的，我們認為，儘管 2025 年將是一個充滿挑戰的環境，但我們確實認為，從同比來看，我們可以在各個方面進行改進，我們也將繼續從業務角度關注這一點。謝謝。

Won Jae-Woong, HSBC Securities.

匯豐證券的 Won Jae-Woong。

Regarding the asset balancing and OCI. So with regard to asset rebalancing, the group would look into, let's say, low-margin, reverse margin or low-quality assets. And in Q4, there was replacement, reduction of such assets, and we minimize the scale. And in nonbanking business, there were specific assets that were managed, but there were adjustments made to lower-risk assets. And you can see that if you look at won-denominated loans, there was a decrease of around KRW8 trillion QoQ.

關於資產平衡和OCI。因此，在資產再平衡方面，該集團將研究低利潤、反向利潤或低品質資產。而在第四季度，我們對此類資產進行了替換和減少，並將規模降至最低。在非銀行業務中，管理的是特定資產，但對低風險資產進行了調整。您會發現，如果您查看以韓元計價的貸款，其環比減少了約 8 兆韓元。

So all in all, the group has been focused on, well, reducing risk assets and basically rebalancing the risks and assets. And as mentioned, for assets with high risk-weighted, there was that replacement or shift to move on to lower-risk assets. So that was done in the fourth quarter of last year, and there was an impact of around 0.33%.

總的來說，該集團一直致力於減少風險資產並重新平衡風險和資產。如上所述，對於高風險加權資產，有替換或轉向低風險資產的情況。這是去年第四季完成的，影響約為 0.33%。

And in terms of the OCI, so if you look at other consolidated profitability with the exchange rate soaring, this, of course, leads to increased risky assets. But in addition to that, you can see that in terms of the translation to overseas assets, there was an increase by around KRW300 billion. So that was the impact. And there were some other factors that did impact which has led to an increase of 0.21%.

就 OCI 而言，如果您看看其他綜合盈利能力，隨著匯率飆升，這當然會導致風險資產增加。但除此之外，您可以看到，就轉化為海外資產而言，增加了約3000億韓元。這就是影響。還有一些其他因素確實產生了影響，導致了 0.21% 的成長。

Yes. Thank you. I do think that there has been a lot of questions that were asked and answered, and it was a very fruitful discussion. Right now, there is no one that is asking for a question. So I would like to wrap up the Q&A session here. For those of you, if you have any additional questions, please do not hesitate to contact our IR team.

是的。謝謝。我確實認為已經提出和回答了很多問題，這是一次非常富有成果的討論。目前，沒有人提出問題。我想在這裡結束問答環節。如果您有任何其他問題，請隨時聯絡我們的 IR 團隊。

And with this, we would like to wrap up the Q&A session and also the earnings conference call for the full year of 2024. Thank you for your attendance.

至此，我們想結束問答環節以及 2024 年全年收益電話會議。感謝您的出席。