Woori Financial Group Inc (WF) 2021 Q3 法說會逐字稿

Our participants, first we have CFO, Mr. Lee Sung-wook; CRO of the group, Mr. Jung Seok-Young; group's CSO, Mr. Park Jong-il; CTO, Mr. Hwang Weon Cheol; and CFO of Woori Bank, Mr. [Choi Joongho].

我們的參與者，首先我們有首席財務官李成旭先生；集團CRO，Jung Seok-Young先生；集團首席戰略官朴正日先生；首席技術官黃元哲先生；友利銀行首席財務官[Choi Joongho]先生。

We would like to inform you that after the presentation of business performance we will have a Q&A session. Also, for our overseas investors, simultaneous interpretation services are being offered.

我們想通知您，在介紹業務績效後，我們將進行問答環節。此外，我們還為海外投資者提供同聲傳譯服務。

Let us now being Woori Financial Group's third quarter of 2021 earnings presentation.

現在讓我們做友利金融集團 2021 年第三季度的收益報告。

Good afternoon, I am head of the financial division at Woori Financial Group, I'm CFO Lee Sung-wook.

下午好，我是友利金融集團財務部的負責人，我是 CFO Lee Sung-wook。

First of all, I'd like to extend my deepest gratitude to everyone participating in our third-quarter 2021 earnings call. Furthermore, I would like to take this opportunity to express my sincere gratitude to the shareholders and market participants for their unswerving encouragement and trust in Woori Financial Group. So then, let us now begin the third quarter of 2021 business performance presentation of Woori Financial Group.

首先，我要對參加我們 2021 年第三季度財報電話會議的所有人表示最深切的感謝。此外，我想藉此機會對股東和市場參與者對友利金融集團堅定不移的鼓勵和信任表示衷心的感謝。那麼，讓我們現在開始介紹友利金融集團2021年第三季度的經營業績。

Please refer to page three of the third quarter management performance, which we have available on our website.

請參閱我們網站上提供的第三季度管理業績的第三頁。

First, let me elaborate on the group net income. Woori Financial Group's cumulative net income as of the third quarter of 2021 was KRW2.198 trillion at the highest performance ever recorded on an annual basis. Despite uncertain local and global circumstances, the group achieved an increase of 92.8% year over year, which resulted from stronger proper generation capabilities, stable asset quality, and continued sound cost management.

首先，讓我詳細介紹一下集團的淨收入。友利金融集團截至 2021 年第三季度的累計淨收入為 2.198 萬億韓元，創下年度最高業績記錄。儘管當地和全球環境不明朗，該集團仍實現了 92.8% 的同比增長，這得益於更強的適當發電能力、穩定的資產質量和持續穩健的成本管理。

The company's net income for the third quarter of 2021 was KRW778 billion, and approximately KRW60 billion was booked as losses due to the private funds delayed redemption. Net income surpassed the quarterly high of the second quarter, and again set a new quarterly record. Ever since the first quarter, we have been replacing the record high every quarter, continuing on with their earnings turnaround trend.

公司2021年第三季度淨利潤為7780億韓元，其中約600億韓元因私募基金延遲贖回而計入虧損。淨利潤超越二季度季度新高，再次刷新季度記錄。自第一季度以來，我們每個季度都在刷新歷史新高，繼續他們的盈利扭轉趨勢。

Next is the group's net operating revenue. The accumulated group net operating revenue for the third quarter was KRW6.181 trillion, up 20.6% year over year. Interest income was KRW5.089 trillion and non-interest income was KRW1.092 trillion.

接下來是該集團的淨營業收入。第三季度累計集團淨營業收入為6.181萬億韓元，同比增長20.6%。利息收入為5.089萬億韓元，非利息收入為1.092萬億韓元。

Although margin improvements was stagnant in the third quarter, thanks to solid growth centered on loans to SMEs, the group's interest income as of the third quarter reached KRW5.089 trillion. As of the third quarter, the group's non-interest income amounted to KRW1.092 trillion, up 57.2% YoY, driving the improvement in business performance.

儘管利潤率的改善在第三季度停滯不前，但由於以中小企業貸款為中心的穩健增長，該集團截至第三季度的利息收入達到了 5.089 萬億韓元。截至第三季度，集團非利息收入達1.092萬億韓元，同比增長57.2%，帶動經營業績改善。

Our efforts to break away from the profit structure centered on interest income has paid off, and the group's non-interest income has now grown stronger in terms of composition as well as absolute size. Meanwhile, the company's third-quarter net operating revenue exceeded KRW2 trillion following the second quarter staging KRW2.137 trillion. This is an increase of 3.9% percent QoQ and 24.7% higher YoY.

我們打破以利息收入為中心的利潤結構的努力取得了成效，集團的非利息收入在構成和絕對規模上都變得更加強大。同時，繼第二季度 2.137 萬億韓元之後，該公司第三季度淨營業收入超過 2 萬億韓元。環比增長 3.9%，同比增長 24.7%。

Let me now move on to the cost side, including SG&A and credit costs. The group's accumulated SG&A expenses as of the third quarter stood at KRW2.793 trillion increasing 3.9% YoY. This was mainly due to the effects of the newly included Capital company and Savings Bank, and when excluding this impact to the increase was only approximately 0.7% YoY.

現在讓我談談成本方面，包括 SG&A 和信貸成本。該集團截至第三季度的累計 SG&A 費用為 2.793 萬億韓元，同比增長 3.9%。這主要是由於新納入的資本公司和儲蓄銀行的影響，剔除該影響後同比增幅僅為 0.7% 左右。

As per third-quarter SG&A expense, thanks to group-wide cost improvement efforts, it recorded a slight decrease compared to the previous quarter. The group's cumulative SG&A cost income ratio as of the third quarter was 45.2% an improvement of 7.3 percentage points YoY.

根據第三季度的 SG&A 費用，由於集團範圍內的成本改善努力，與上一季度相比略有下降。截至第三季度，集團累計銷售及管理費用收入率為 45.2%，同比提高 7.3 個百分點。

Meanwhile, as of the third quarter, the group's credit cost was KRW312 billion, and credit cost ratio was 0.13% an improvement by 0.16 percentage points YoY. The group's key asset on these indicators are as before being stably managed at historical lows.

同時，截至第三季度，集團信貸成本為3120億韓元，信貸成本率為0.13%，同比改善0.16個百分點。該集團的主要資產在這些指標上一如既往地穩定在歷史低位。

Next, I will elaborate on the group's business performance in more detail by division. Please refer to page four of the presentation material.

接下來，我將按部門更詳細地闡述集團的經營業績。請參閱演示材料的第四頁。

First, let me go over interest income and NIM. As of the third quarter, the group's net interest income totaled KRW5.089 trillion. During the third quarter NIM in the banking business decreased slightly by 0.01 percentage point QoQ to 1.36%, but the group's NIM or NIM including the credit card business was 1.61% maintaining previous quarter levels.

首先，讓我回顧一下利息收入和 NIM。截至第三季度，該集團的淨利息收入總計5.089萬億韓元。第三季度銀行業務的淨息差環比微降0.01個百分點至1.36%，但集團的淨息差或包括信用卡業務在內的淨息差為1.61%，維持上一季度水平。

Meanwhile, in terms of third-quarter interest income despite the temporary stagnant NIM improvement in 3Q driven by SME-centered loan growth, interest income recorded KRW1.766 trillion up by approximately KRW63 billion QoQ. The main factors contributing to this sluggish NIM improvements in third quarter were the decline in market rates including government fund and the loan repricing effect coming to an end. However, with the rate hike at the end of August and efforts to increase our low-cost deposits, stronger NIM improvements are expected to continue again in the fourth quarter.

同時，就第三季度利息收入而言，儘管在以中小企業為中心的貸款增長的推動下，第三季度 NIM 改善暫時停滯不前，但利息收入錄得 1.766 萬億韓元，環比增加約 630 億韓元。導致第三季度淨息差改善緩慢的主要因素是包括政府基金在內的市場利率下降以及貸款重新定價效應即將結束。然而，隨著 8 月底的加息和我們努力增加低成本存款，預計第四季度 NIM 將再次出現更強勁的改善。

Next, let me go into asset growth and our loan portfolio. Bank loans, as of the end of September, totaled KRW286 trillion, up 8.0% or KRW21 trillion versus previous year end. Corporate loans stood at KRW148 trillion, a growth of 12.1% versus last year and centered SMEs loans. In particular, as for SME loans, due to the increase in demand as of third quarter, it increased by 13.5% versus previous year end to KRW109 trillion. Household loans amounted to KRW137 trillion and driven by real demand loans such as cancelled loans that increased 4% versus the end of last year.

接下來，讓我談談資產增長和我們的貸款組合。截至 9 月底，銀行貸款總額為 286 萬億韓元，比上年末增長 8.0% 或 21 萬億韓元。公司貸款為 148 萬億韓元，比去年增長 12.1%，並以中小企業貸款為主。特別是中小企業貸款，由於第三季度需求增加，較上年末增長 13.5% 至 109 萬億韓元。家庭貸款總額為 137 萬億韓元，受取消貸款等實際需求貸款的推動，與去年年底相比增長了 4%。

In the meantime, while SME loans continue to grow at double digits this year, as in the previous year, Woori Bank's prime asset ratio as at the end of September recorded 89.2%, nevertheless. This is a level consistently exceeding the management target of 85%-plus and is the result of our efforts to maintain a growth policy centered on prime assets.

與此同時，儘管今年中小企業貸款繼續以兩位數的速度增長，與去年一樣，友利銀行截至 9 月底的主要資產比率仍達到 89.2%。這一水平始終超過 85% 以上的管理目標，是我們努力維持以優質資產為中心的增長政策的結果。

Next, is on the group's non-interest income. As of the third quarter, the group's non-interest income stood at KRW1.092 trillion up by 57.2% YoY driving the turnaround in our earnings. This is attributable to an even growth of all sectors including, not only growth in core fees and commissions, but also returns from securities.

接下來，是關於集團的非利息收入。截至第三季度，該集團的非利息收入同比增長 57.2% 達到 1.092 萬億韓元，推動了我們盈利的好轉。這歸因於所有部門的均勻增長，不僅包括核心費用和佣金的增長，還包括證券回報。

In particular, the focus of the group's CIB capabilities from the very beginning of the establishment of the holding company bore fruit and the profitability related to the IB sector increased significantly. In addition, as business is booming in the credit card and capital business and synergies with other subsidiaries, such as banks are in full swing, related non-interest income is also on the rise. Thanks to these efforts, the group's third-quarter non-interest income recorded KRW371 billion exceeding KRW350 billion for three consecutive quarters.

尤其是控股公司成立伊始，集團對CIB能力的專注就初見成效，IB板塊相關盈利能力大幅提升。此外，隨著信用卡及資金業務的蓬勃發展，以及與銀行等其他子公司的協同效應全面展開，相關非利息收入也呈上升趨勢。由於這些努力，該集團第三季度的非利息收入連續三個季度錄得 3710 億韓元超過 3500 億韓元。

Next, let me move on to expense and capital adequacy. Please refer to page five. Next, is in group's SG&A expense. Group SG&A expense from Q1 to Q3 recorded KRW2.793 trillion an increase of 3.9% year on year. This is mainly attributable to the acquisition of new subsidiaries including the Capital and Savings Bank businesses. If the acquisition effect is removed, however, the increases minimum only around 2.7% year on year.

接下來，讓我繼續談談費用和資本充足率。請參閱第五頁。接下來是集團的 SG&A 費用。第一季度至第三季度的集團 SG&A 費用錄得 2.793 萬億韓元，同比增長 3.9%。這主要是由於收購了新的子公司，包括資本和儲蓄銀行業務。然而，如果去除收購效應，同比增幅最低僅為 2.7% 左右。

Thanks for the group's efforts to continue C/I ratio Q3 SG&A stayed at a similar level to that of Q2. The group's C/I ratio recorded 45.2% managed at a stable level of the group annual target of around 50%.

感謝集團努力保持 C/I 比率，Q3 SG&A 保持在與 Q2 相似的水平。集團的C/I比率錄得45.2%，維持在集團年度目標50%左右的穩定水平。

Next is credit cost. Group credit cost to Q3 recorded KRW312 billion, declining 46.8%, compared to the same period of last year when a large-scale position was done in line with future economic outlook.

其次是信用成本。第三季度的集團信貸成本為 3120 億韓元，與去年同期相比下降了 46.8%，當時根據未來的經濟前景進行了大規模的頭寸。

CCR also decreased by 0.16 percentage points year on year, and improved to 0.13%. Group credit cost in Q3 came in at KRW107 billion increasing around KRW38 billion quarter on quarter, due to a base of it coming from write-backs in Q2, but aside from this Q3 ordinary credit cost is similar to that of Q2.

CCR也同比下降0.16個百分點，改善至0.13%。第三季度的集團信貸成本為 1070 億韓元，環比增加約 380 億韓元，這是由於其基數來自第二季度的回記，但除此之外，第三季度的普通信貸成本與第二季度相似。

[A risk eccentric business culture] has cascaded down to all group's subsidiaries. And for this, a global credit rating agency usage raised Woori Bank's credit reading last July 30 following [S&P's] upgrade. The latest upward adjustment is a testament to the group's sound risk management and lending portfolio stability.

[以風險為中心的商業文化] 已經滲透到集團的所有子公司。為此，一家全球信用評級機構在 [S&P's] 升級後於去年 7 月 30 日提高了 Woori 銀行的信用評級。最近的上調證明了該集團良好的風險管理和貸款組合的穩定性。

CCR and other [financial] indicators are at their district low. As of end of September, this year's CCR stands at 0.13% and NPL and delinquency ratios came in as 0.31% and 0.24% respectively, displaying continuing improvement. Despite of such fee, we will further behalf our efforts for asset quality management to brief more future base rate hikes.

CCR 和其他 [財務] 指標處於地區低點。截至9月底，今年的CCR為0.13%，不良貸款率和拖欠率分別為0.31%和0.24%，持續改善。儘管有這樣的費用，我們將進一步代表我們在資產質量管理方面的努力，以預測未來更多的基準利率上調。

Next, I will brief on capital adequacy and dividend policy. As of late September, the group's CET1 ratio recorded a 10.1% and projected to increase 0.2 percentage points year on year despite a surge in lending, this is thanks to a modest rise in income and proactive management of risk weighted assets. We are currently working to obtain additional approval on internal readings-based approach and hopeful that there will be a positive result soon.

接下來，我將介紹一下資本充足率和股息政策。截至 9 月底，該集團的 CET1 比率錄得 10.1%，儘管貸款激增，但預計仍將同比增加 0.2 個百分點，這得益於收入的溫和增長和對風險加權資產的積極管理。我們目前正在努力獲得對基於內部讀數的方法的額外批准，並希望很快會有積極的結果。

As part of our stronger shareholder return policy we have paid out 151 per share as interim dividend on July 23, following first half account settlement. As we have shared via our business report disclosure and first half earnings call, we are reviewing to adopt an active shareholder return policy within the balance of securing background prudent against COVID-19, and optimal capital adequacy ratio. The plan is to raise the dividend payout ratio to the level of 30% mid to long term.

作為我們更強大的股東回報政策的一部分，我們已於 7 月 23 日在上半年賬目結算後派發了每股 151 股中期股息。正如我們通過業務報告披露和上半年財報電話會議分享的那樣，我們正在審查在確保針對 COVID-19 的謹慎背景和最佳資本充足率的平衡範圍內採取積極的股東回報政策。中長期計劃將派息率提高至30%的水平。

Before concluding the presentation, I would like to offer an update on one-off events in Q3, and also issues pertaining to privatization.

在結束演講之前，我想介紹一下第三季度一次性事件的最新情況，以及與私有化有關的問題。

First is on K bank, an internet-only bank. The group has invested in K bank via Woori Bank, and as of end of September holds 12.7% shares. Last July, K bank successfully concluded capital increase at a premium issue price compared to the face value in recognition of its high value by investors home and abroad. Following its successful rights offerings, we've also incorporated into our Q3 results the gains using equity method worth around KRW70 billion. Also K bank is now removed from the group's subsidiary list due to Woori Banks decreased shareholding ratio pursuant to the Banking Act.

首先是 K bank，一家僅限互聯網的銀行。該集團通過友利銀行入股K銀行，截至9月底持股12.7%。去年7月，K銀行以高於面值的發行價成功完成增資，獲得了國內外投資者對其高價值的認可。在成功配股後，我們還將價值約 700 億韓元的權益法收益計入了我們的第三季度業績。此外，由於友利銀行根據銀行法降低持股比例，K 銀行現已從集團的子公司名單中刪除。

Next is on private funds. The group has satisfied a provision of KRW60 billion before tax in Q3, against funds with deferred payments. The total amount funds is suspended payment. Post maturity is around KRW198 billion and Woori Bank's [BOG] [decided last 22] to meet 50% advanced payments to protect consumers and restore customer trust.

其次是私募基金。該集團已在第三季度為延期付款的資金支付了 600 億韓元的稅前撥備。資金總額暫停支付。到期後約為 1,980 億韓元，友利銀行 [BOG] [最後 22 日決定] 支付 50% 的預付款，以保護消費者並恢復客戶信任。

The group has satisfied an allowance of around KRW60 billion against potential losses from some other funds and preemptively cleared future uncertainties. This provisioning is aimed as eliminating any remaining uncertainties associated with venture partners and other private funds. With the latest provisioning, we believe there will be little possibility for additional private fund related provisioning going forward.

該集團已為其他一些基金的潛在損失準備了約 600 億韓元的準備金，並提前清除了未來的不確定性。該準備金旨在消除與風險合作夥伴和其他私人基金相關的任何剩餘不確定性。根據最新撥備，我們認為未來增加私募基金相關撥備的可能性很小。

Next, I will brief on the KDIC's disposal of its remaining shares and Woori Financial Group. As you would have probably learned through media reports, KDIC is in the process of offloading 10% stake out of the remaining 15.13% stake in the group. Letters of intent were received until October 8, and many prospective investors from home and abroad allegedly have shown interest in the upcoming sale. The bid will close on November 18, and winners will be announced on November 22. And final agreements would be executed some time in December.

接下來，我將簡要介紹KDIC出售其剩餘股份和Woori Financial Group的情況。正如您可能通過媒體報導了解到的那樣，KDIC 正在出售集團剩餘 15.13% 股權中的 10% 股權。直到 10 月 8 日才收到意向書，據稱來自國內外的許多潛在投資者對即將進行的出售表現出了興趣。投標將於 11 月 18 日結束，中標者將於 11 月 22 日宣布。最終協議將在 12 月的某個時候執行。

Furthermore, a buyer of more than a 4% stake will be granted the right to recommend a non-executive director of Woori Financial Group and thus, we expected number of outside directors will increase. The new additions will bring diversity to the Board make up and help stabilize and improve the group's governance. Once the sale is successfully concluded, we expect overhang risks will be significantly reduced, which were also cited as a major factor depressing Woori Financial Group's stock prices.

此外，超過 4% 股權的買家將被授予推薦 Woori Financial Group 非執行董事的權利，因此我們預計外部董事的數量將會增加。新成員將為董事會成員帶來多元化，並有助於穩定和改善集團的治理。一旦成功完成出售，我們預計懸置風險將顯著降低，這也被認為是壓低友利金融集團股價的主要因素。

During Q1 earnings call -- so I would like to ask for your continued interest and support so that we can successfully conclude the sales. During Q1 earnings call, I explained to the investors and participants Woori Financial Group's three key financial undertaking for 2021. They were: first, to turn around the top line through stronger business activities; second, to actively manage C/I ratio; third, to improve capital ratio.

在第一季度的財報電話會議上——所以我想請您繼續關注和支持，以便我們能夠成功完成銷售。在第一季度財報電話會議上，我向投資者和與會者解釋了友利金融集團 2021 年的三項重點財務工作。二是積極管理C/I比；三是提高資本充足率。

To Q3, maybe officers and employees of the group made their sincere efforts to deliver on these commitments. As a result, you were able to achieve turnaround in our earnings in each quarter. Furthermore, C/I and capital ratios have improved at a capital stable level. Woori Financial Group is committed to fulfil its key targets and market premises.

到Q3，也許是集團的干部和員工為了兌現這些承諾做出了真誠的努力。因此，您能夠在每個季度實現我們收入的轉變。此外，C/I 和資本比率在資本穩定水平上有所改善。友利金融集團致力於實現其主要目標和市場前提。

With that, I would like to conclude Woori Financial Group's business report for Q3. Thank you for your attention.

至此，我想總結一下 Woori Financial Group 第三季度的業務報告。感謝您的關注。

Thank you very much. We'll now begin the Q&A session. (Operator Instructions)

非常感謝。我們現在開始問答環節。 （操作員說明）

Hyundai Auto, Kim Jin-Sang.

現代汽車，金振相。

Hello, thank you very much for that excellent performance. And I do have a question with regard to the expenses. I do see that it's being managed well, and it seems quite exceptional in terms of your cost management. So if you look at non-bank domains including securities, we have seen bonuses and we're seeing a bullish market. So in terms of expense, I think that we will be okay till year end, but it would be very difficult to control the cost going forward after year end, especially going to next year.

您好，非常感謝您的出色表現。我確實有一個關於費用的問題。我確實看到它管理得很好，就您的成本管理而言，它似乎非常出色。因此，如果你看看包括證券在內的非銀行領域，我們就會看到紅利，而且我們看到了牛市。所以在費用方面，我認為到年底我們會好起來的，但在年底之後很難控製成本，尤其是到明年。

So I would like to understand how are you going to differentiate yourself in terms of cost management going forward, and especially for next year in terms of increase in C/I ratio? And also in terms of the [CCR], I think that you may have a particular target for next year, so if you may share that with us we would appreciate it. Thank you.

所以我想了解您將如何在未來的成本管理方面脫穎而出，尤其是在明年提高 C/I 比率方面？而且就 [CCR] 而言，我認為你可能有明年的特定目標，所以如果你可以與我們分享，我們將不勝感激。謝謝。

Yes, Mr. Kim Jin Sang of Hyundai Motor Securities, thank you very much for your question. And as you've mentioned that you've asked the question with regard to our cost-to-income ratio, how it was so successful, and also in terms of the midterm to 2022, what our direction would be. So as we prepare for the question, please bear with us for just moment.

是的，現代汽車證券的Kim Jin Sang先生，非常感謝您的提問。正如你所提到的，你已經問過關於我們的成本收入比的問題，它如何如此成功，以及到 2022 年的中期，我們的方向是什麼。因此，在我們為這個問題做準備時，請稍等片刻。

Yes. I'm Lee Sung-wook, CFO. Let me answer that question. So when we were sending the plan last year for the bank, it was to remain as usual. And we've mentioned that we've decided to increase the non-banks in accordance with their performance and we've engaged the rationalization of personnel costs and other costs.

是的。我是首席財務官李成旭。讓我來回答這個問題。因此，當我們去年為銀行發送計劃時，它會照常進行。我們已經提到，我們決定根據非銀行業務的表現增加非銀行業務，並且我們已經對人員成本和其他成本進行了合理化。

So with regard to cost management for this year, it's going to be on track as planned. And as mentioned, in terms of the composition, so we will continue on to engage rationalization of the personnel in the banks. So the bank business is about 70% to 80% of expenses, so we're going to rationalize personnel in the banks to manage the cost.

因此，關於今年的成本管理，它將按計劃進行。如前所述，就構成而言，我們將繼續對銀行人員進行合理化。因此，銀行業務約佔支出的 70% 至 80%，因此我們將對銀行人員進行合理化管理以管理成本。

But of course, we're going to utilize our digital channels across there. We will be executed in an aggressive fashion. And in the case of non-banks, this is an area of M&A so we do need active investments. But in terms of the scale, it's not as big, so it will not have a significant impact. But what we want to do is, in terms of non-bank investments, it's going to be in line with operating revenue.

但當然，我們將在那裡利用我們的數字渠道。我們將以激進的方式被處決。就非銀行而言，這是一個併購領域，因此我們確實需要積極投資。但就規模而言，並沒有那麼大，所以不會有太大的影響。但我們想要做的是，就非銀行投資而言，它將與營業收入保持一致。

So the banking sector that has a significant impact, we're going to actively rationalize and manage the cost for personnel to maintain C/I ratio in the mid to long run. We want to make to achieve the 45% target rate as quickly as possible. Thank you.

因此，對影響重大的銀行業，我們將積極合理化和管理人員成本，以在中長期保持 C/I 比率。我們希望盡快達到 45% 的目標率。謝謝。

Thank you very much. Next person with question is not yet ready, I believe that our participants are still trying to come up with their questions. Yes, I see a question.

非常感謝。下一位提問者還沒有準備好，我相信我們的參與者還在努力提出他們的問題。是的，我看到一個問題。

Yuanta Securities, Tae Joon Jeong.

元大證券泰俊正。

Yes, good afternoon, my name Tae Joon Jeong from Yuanta Securities. I'd like to thank you all for your stellar performances.

是的，下午好，我是元大證券的 Tae Joon Jeong。我要感謝你們所有人的出色表現。

And I do have question. November -- and within Q4, I believe that [IBR] is going to be approved, and I understand you have whole plans already. In that case, how much of capital do you have already? And so, if you acquire a securities company or -- if anything non-securities companies, if you were to acquire a new asset, compared to other subsidiaries that you already have, what sort of synergy effect do you expect?

我確實有疑問。 11 月——在第 4 季度，我相信 [IBR] 將獲得批准，而且我知道你已經有了完整的計劃。那樣的話，你已經有多少資本了？因此，如果你收購一家證券公司，或者 - 如果有任何非證券公司，如果你要收購一項新資產，與你已經擁有的其他子公司相比，你期望什麼樣的協同效應？

Yes, Mr. Tae Joon Jeong, thank very much for your question. So Woori Financial Group's future growth and also IRD approval, and the future M&A plans, and also the synergy effect coming from the future business portfolio. So these were the questions used by our participants. So please bear with us as we prepare answers.

是的，Tae Joon Jeong 先生，非常感謝您的提問。所以友利金融集團未來的增長和IRD的批准，未來的併購計劃，以及未來業務組合帶來的協同效應。這些就是我們的參與者使用的問題。因此，在我們準備答案時請耐心等待。

Yes. I'm CFO, my name is Lee Sung-wook, I would like to answer your question.

是的。我是CFO，我叫Lee Sung-wook，我想回答你的問題。

First of all, IRD, once its approved, I believe more than 1% ratio is going to be improved or increased. So 1% means that about KRW2 trillion capital would increase, and also KRW20 trillion in terms of risk-weighted assets. So, if how that is, provided that we have an improved IRD approach, so with that I believe that we can do some more M&As going forward.

首先，IRD，一旦獲得批准，我相信超過 1% 的比率將得到改善或增加。因此，1% 意味著將增加約 2 萬億韓元的資本，以及 20 萬億韓元的風險加權資產。所以，如果情況如何，只要我們有改進的 IRD 方法，那麼我相信我們可以在未來進行更多的併購。

And on top of that, with regards to your second question, I believe that your question was about our future M&A plans. As a financial group, we believe that our business portfolio is not yet complete, and therefore, as you are already aware, we're trying to acquire a securities company and also a venture capital business and establishing an NPL.

除此之外，關於你的第二個問題，我相信你的問題是關於我們未來的併購計劃。作為一家金融集團，我們認為我們的業務組合還不完整，因此，正如您已經知道的那樣，我們正在嘗試收購一家證券公司以及一家風險投資業務並建立不良貸款。

So we believe that in in order to generate maximum synergy effects, we believe we need securities arm. But if you think about securities, there is not many companies out there for sales. Therefore, we are doing a lot of reviews. And our first candidate for M&A, although the market does not have any candidate already, we are targeting to acquire a securities company. And as I mentioned earlier, NPL, or a venture companies, those are also that type of companies that we hope to acquire.

所以我們相信，為了產生最大的協同效應，我們相信我們需要證券部門。但是，如果您考慮證券，就會發現沒有多少公司可以出售。因此，我們正在進行大量審查。而我們的第一個併購對象，雖然目前市場上還沒有人選，但我們的目標是收購一家證券公司。正如我之前提到的，不良貸款或風險投資公司，這些也是我們希望收購的那種類型的公司。

And we currently have about a KRW6 trillion that we can invest, and we do have a lot of room to maneuver with that. And once our IRD is approved, again, that would mean more than 1%. And in terms of capital, KRW2 trillion, and risk weighted assets KRW20 trillion. So thank you.

我們目前有大約 6 萬億韓元可以投資，我們確實有很大的迴旋餘地。一旦我們的 IRD 獲得批准，這將再次超過 1%。而在資本方面，2萬億韓元，風險加權資產20萬億韓元。所以謝謝。

KB Securities, Kang Seunggun.

KB Securities, Kang Seunggun.

Thank you for the opportunity to ask my question. In the quarter, I can see that the name in the banking sector has slightly decrease, and as was mentioned in the presentation in the fourth quarter and next year and going forward, has mentioned that NIM will be improving going forward.

感謝您有機會提出我的問題。在本季度，我可以看到銀行業的名字略有下降，正如在第四季度和明年以及未來的介紹中提到的那樣，NIM 將在未來有所改善。

So, already, at the end of August policy rate hike, and in terms of rate hike, it is to come within the year. So then in the fourth quarter and next year, can you give us more information on how NIM will be improved going forward? Would you like to elaborate on that please? Thank you.

因此，已經在 8 月底加息，就加息而言，它會在年內到來。那麼在第四季度和明年，您能否向我們提供更多有關 NIM 未來將如何改進的信息？您想詳細說明一下嗎？謝謝。

Yes, Mr. Kang Seunggun, thank you very much for your question. The question has to do with the temporary stagnant NIM improvements for the third quarter, and on the forecast for fourth quarter and also considering the policy rates hike within the year about our guidance. So please bear with us as we prepare the answer for question.

是的，Kang Seunggun 先生，非常感謝您的提問。這個問題與第三季度暫時停滯不前的 NIM 改善有關，與第四季度的預測有關，還考慮了年內政策利率上調有關我們的指導。因此，請耐心等待我們準備問題的答案。

Yes, so let me answer that question. From July 2019 and May 2020, an increased by 1.25 percentage points. So if we think of 1.25%, NIM would be a drop of 10 BPs and in terms of the impact. But this year, we've improved in our core deposits, and also increased in loans profitability. So through our efforts, we were able to improve by 10 BPs and able to bring this level to previous year. And in August, policy rates increased by 0.25%. And in November, there is to be another policy rate hike. So we're seeing a rate hike trending overall.

是的，所以讓我回答這個問題。比2019年7月和2020年5月增加1.25個百分點。因此，如果我們考慮 1.25%，就影響而言，NIM 將下降 10 個基點。但今年，我們的核心存款有所改善，貸款盈利能力也有所提高。因此，通過我們的努力，我們能夠提高 10 個 BP，並能夠將這一水平提高到去年的水平。 8 月份，政策利率上升了 0.25%。 11 月，將再次加息。所以我們看到整體上有加息趨勢。

And in terms of CD rates, there was a temporary decrease and a loan repricing was winding down. So the third-quarter NIM was as stagnant to previous quarter levels. So if we look at the overall rate market, it being on the uprise, increase in cost deposits and increase in loan profitability, will be something that would be pushing forward. So in August a 0.25% increase, and in November another 0.25% rate hike if we consider all that, and in fourth quarter it would be probably about 1.4%, and early next year mid-1.4% that's what we predict. That is our guidance. Thank you very much.

CD 利率暫時下降，貸款重新定價正在逐漸結束。因此，第三季度的 NIM 與上一季度的水平一樣停滯不前。因此，如果我們看看整個利率市場，它正在上升，成本存款的增加和貸款盈利能力的增加，將是推動的事情。因此，如果我們考慮所有這些因素，8 月將增加 0.25%，11 月將再次加息 0.25%，第四季度可能會達到 1.4% 左右，明年初年中將達到 1.4%，這就是我們的預測。那是我們的指導。非常感謝。

HSBC Securities, Mr. Won Jaewoong.

匯豐證券，Won Jaewoong 先生。

Yes. Thank you very much for that wonderful performance. I also have a question related to NIM. However, I think that a third person who -- has asked a question already covered that.

是的。非常感謝你們的精彩表演。我還有一個與 NIM 有關的問題。但是，我認為已經提出問題的第三個人已經涵蓋了這個問題。

Next I would like to talk about lending growth. I believe by next year your household lending regulation is going to be in place, and continue to be in place, in that case as new loans or large corporate loans. I believe that you would probably require strategies, change the strategies that this -- so are you going to continue to grow those loans? Or in order to control [risk] like credit costs, or are you going to try to reduce other lending? So I'd like to know about your lending growth prospect.

接下來我想談談貸款增長。我相信到明年你的家庭貸款監管將會到位，並繼續到位，在這種情況下，作為新貸款或大公司貸款。我相信你可能需要策略，改變策略——所以你會繼續增加這些貸款嗎？或者為了控制信貸成本之類的[風險]，或者你會嘗試減少其他貸款嗎？所以我想了解您的貸款增長前景。

Yes, thank you very much Mr. Won for your question. From Woori Financial Group, what is our future growth plans related to lending, and also household lending digging into consideration, what would be our growth plan. Thank you very much. And please bear with us as we prepare the answer.

是的，非常感謝元先生的提問。從 Woori Financial Group 來看，我們未來與貸款相關的增長計劃是什麼，以及考慮到家庭貸款，我們的增長計劃是什麼。非常感謝。在我們準備答案時請耐心等待。

Yes, I would like to take the question. This year and also next year, I believe that we do have a capital ratio that we have to meet and it's relatively lower compared to our peers at the moment. So I believe that for CET1 ratio, our target is to achieve 11%. So 11% of CET1 ratio, and we also have that we get into consideration government's revolution on household lending.

是的，我想回答這個問題。今年和明年，我相信我們確實有一個我們必須滿足的資本比率，而且與目前的同行相比，它相對較低。所以我認為對於CET1比例，我們的目標是達到11%。所以 11% 的 CET1 比率，我們也考慮到政府對家庭貸款的革命。

So overall, my plan is that there is going to be a growth of 6% to 7%. Of course, we are trying to prepare a plan for that, and our prospect or our outlook is 6% to 7%.

所以總的來說，我的計劃是增長 6% 到 7%。當然，我們正在為此準備一個計劃，我們的前景或前景是 6% 到 7%。

Again, though because of household zone regulations, I believe that it's going to be a bit lower for the entire group. However, for non-banking and also for global business, our goal is to constantly grow our lending, especially for global business, I believe we can grow our lending further. So again to our CET1 ratio, it has to be maintained at 11% this year and next year. Thank you.

同樣，儘管由於家庭區域規定，我相信整個組的價格會低一些。然而，對於非銀行業務以及全球業務，我們的目標是不斷增加我們的貸款，特別是對於全球業務，我相信我們可以進一步增加我們的貸款。因此，對於我們的 CET1 比率，今年和明年必須保持在 11%。謝謝。

Shinhan Financial Investments, Kim Soo-hyun.

新韓金融投資，金秀賢。

Very nice to meet you, I'm Kim Soo-hyun of Shinhan Financial Investments. I have question with regards to the digital business. So recently with Naver Financial, there was a smart store lending project or program that was launched. So in the media, as mentioned that it has surpassed to KRW100 billion in 10 months. So out of the many banks, with Naver Financial, how were you able to strike this affiliate relationship and were there a specific terms and conditions?

很高興認識你，我是新韓金融投資的金秀賢。我對數字業務有疑問。所以最近 Naver Financial 推出了一個智能商店貸款項目或程序。因此在媒體上，如前所述，它在 10 個月內已超過 1000 億韓元。那麼，在眾多銀行中，與 Naver Financial 之間，您是如何建立這種附屬關係的，是否有具體的條款和條件？

And second has to do with the profit split. How do you split that profit?

其次與利潤分配有關。你如何分配這些利潤？

And third is with regards to the data that you can acquire in the process and any other information, is there any that you can actually utilize or acquire in the process? And what is the target loan pricing that you are looking into for your planning?

第三個是關於你在這個過程中可以獲取的數據和其他信息，有沒有你可以在這個過程中實際利用或獲取的？您正在為您的計劃尋找的目標貸款定價是多少？

Yes, Kim Soo-hyun, thank you very much for your question. So let me briefly summarize your question. So first, it was on the linked loans with Naver Financial, and you've asked about the background behind this business relationship, and what the terms and conditions are, and the profit split, structure, and also about any data, or with regards to digital IT Information, are there any additional benefits in this working relationship. So as we prepare for your question, please bear with us.

是的，金秀賢，非常感謝你的提問。所以讓我簡要總結一下你的問題。所以首先，它是關於與 Naver Financial 的關聯貸款，你詢問了這種業務關係背後的背景，條款和條件是什麼，利潤分配，結構，以及任何數據，或者關於到數字 IT 信息，這種工作關係是否有任何額外的好處。因此，在我們為您的問題做準備時，請耐心等待。

Yes. Thank you very much for the question. I'm Weon Cheol, in charge of the digital business, I'm the CTO.

是的。非常感謝你的提問。我是Weon Cheol，負責數字業務，我是CTO。

So with regards to the need for smart store, the loans, as you're very well aware, it's not a retail service. It is for the vendors on the smart store. So it's for these small entrepreneurs.

所以關於智能商店的需求，貸款，正如你非常清楚的那樣，它不是零售服務。它適用於智能商店上的供應商。所以它是為這些小企業家準備的。

And the basic objective of this loan business, as it's the case for Naver smart store, it's to support these small stores, these small entrepreneurs. So that is the major purpose behind this program. But of course, it's a very difficult for them to extend loans or get loans. So there is a business certification profile or system where for these small entrepreneurs or small businesses, we do have a separate credit evaluation model, where in the detailed level with Naver Financial and to Woori, what came together to put together a new due diligence or deliberation model and extend loans based on the system.

而這項貸款業務的基本目標，就像 Naver 智能商店的情況一樣，是為了支持這些小商店，這些小企業家。這就是該計劃背後的主要目的。但是，當然，他們很難提供貸款或獲得貸款。所以有一個企業認證概況或系統，對於這些小企業家或小企業，我們確實有一個單獨的信用評估模型，在與 Naver Financial 和 Woori 的詳細層面上，將新的盡職調查或商議模式，以製度為基礎發放貸款。

In terms of the fees and commission, compared to other online platforms, when we do engage in a loan brokerage, it is a certain percentage of the actual amount that's extended. So that's the terms and conditions behind this business relationship.

在手續費和佣金方面，相對於其他網絡平台，我們在做貸款經紀的時候，是按實際金額的一定比例發放的。這就是這種業務關係背後的條款和條件。

And regarding the data, it's a completely different type of data that we can get from other financial companies. For instance, if we do have -- so the social businesses, in terms of the frequency, and the orders that are coming in, and what the pricing is, and what the cost of goods sold is, and also after the order to delivery, how much time is consumed in the process till the end delivery. So you can see that this information is some exceptional information. And that we do assess the credit level based on this.

關於數據，這是我們可以從其他金融公司獲得的完全不同類型的數據。例如，如果我們確實有——那麼社交企業，就頻率、收到的訂單、定價是多少、銷售商品的成本是多少，以及訂單到交付之後, 直到最終交付的過程中消耗了多少時間。所以你可以看到這個信息是一些異常的信息。並且我們確實基於此評估信用級別。

So irrespective of the quantity of data in terms of quality, the information that we can get in the process is completely different in competition versus what we can get from other banks or financial companies.

因此，無論數據的質量如何，我們在此過程中可以獲得的信息與我們從其他銀行或金融公司獲得的信息在競爭中是完全不同的。

And you also asked how we came to these working relationships. With Naver Financial, we have been looking into various joint alliance projects. And what Naver wanted to do was to engage in an open relationship with multiple banks and not skewed towards the specific banks, so it was a part of their open endeavors. So then, is there a specific equity that you'll be acquiring in the process and would like to repeat the question please?

你還問我們是如何建立這些工作關係的。與 Naver Financial 一起，我們一直在研究各種聯合聯盟項目。而 Naver 想做的是與多家銀行建立開放的關係，而不是偏向於特定的銀行，所以這是他們開放努力的一部分。那麼，是否有您將在此過程中獲得的特定股權，請重複這個問題？

Yes, in the future, would there be any equity share or equity trade between the two?

是的，未來兩者之間會不會有股權分享或者股權交易？

Right now, no, there is no such plan in place. Yes, thank you very much.

現在，不，沒有這樣的計劃。是的謝謝你。

Hanwha Investment & Securities. We have Mr. Kim Do-ha.

韓華投資證券。我們有金道河先生。

Yes. Thank you very much for the opportunity. I am Kim. I have two questions.

是的。非常感謝你給我這個機會。我是金。我有兩個問題。

So you already talked about M&A, so it this may be redundant. However, using various scenarios I believe that you are reviewing, and you mentioned how there is no securities company [tentative] or available yet? So what is your plan with regards to your income?

所以你已經談到了併購，所以這可能是多餘的。但是，使用各種場景，我相信你正在審查，你提到如何沒有證券公司 [暫定] 或可用？那麼關於收入的計劃是什麼？

I believe you would have some scenarios ready what to do with regards to the rolled over income or revenue that you have, in case you have M&A and in case you don't have M&A. What are you going to do with returning back to the stockholders?

我相信你會準備好一些場景，如果你有併購，如果你沒有併購，你會如何處理你擁有的滾動收入或收入。你打算如何回報股東？

And I believe that there a high possibility of delinquency going forward. And if there is a corporate delinquency, do you think that you'll be able to maintain stable CCR next year? So I hope that you can answer this credit-related question.

而且我相信未來拖欠的可能性很高。如果有公司拖欠，你認為明年你能保持穩定的 CCR 嗎？所以我希望你能回答這個信用相關的問題。

Thank you much for your questions. I believe there were two questions in general. So M&A strategy-related question was one. So what was the possible timeline and our capital plan going forward? So capital policy was the first question.

非常感謝您的提問。我認為一般有兩個問題。因此，與併購戰略相關的問題就是其中之一。那麼可能的時間表和我們未來的資本計劃是什麼？所以資本政策是第一個問題。

And second, you talked about the potential base rate hike and also potential for delinquent development. And therefore, in that aspect, what our CCR's going to look like next year. So please bear with us as we prepare your answers.

其次，您談到了潛在的基準利率上調以及拖欠開發的可能性。因此，在這方面，我們的 CCR 明年會是什麼樣子。因此，在我們準備您的答案時，請耐心等待。

Yes. Thank you very much, first, I would like to address M&A, and also capital-related question. So once we have IRD approved, late September, I believe CET1 ratio is going to increase to 11.4% and our outlook is that, as I mentioned earlier, I believe that we can acquire without difficulty in its size securities company.

是的。非常感謝，首先，我想談談併購，以及與資本相關的問題。因此，一旦我們在 9 月下旬獲得 IRD 批准，我相信 CET1 比率將增加到 11.4%，我們的前景是，正如我之前提到的，我相信我們可以毫無困難地收購其規模的證券公司。

However, if you want to talk about a large securities company, then they would have a risk-weighted assets of KRW30 trillion to KRW40 trillion. And if they are available the M&A market, then I think that we would have to secure more capital through capital increase in order to acquire. So we are going to make do preparations for those possible scenarios. Thank you.

但是，如果要說大型證券公司，那麼他們的風險加權資產將達到 30 萬億至 40 萬億韓元。如果他們在併購市場可用，那麼我認為我們必須通過增資獲得更多資本才能收購。因此，我們將為這些可能出現的情況做好準備。謝謝。

And as for your asset-quality-related questions, we have Mr. Jung Seok-Young, our CRO.

至於您與資產質量相關的問題，我們有我們的 CRO Jung Seok-Young 先生。

Yes, thank you very much for your question. I am CRO, I am Jung Seok-Young. So, next year's credit outlook. Well, our projection is that currently because of COVID-19, we do have some loans issues. But other than those, I don't think that we do have any loan risks. During the past three to four years, when it comes to lending, we've been working through increase prime loans.

是的，非常感謝你的問題。我是CRO，我是Jung Seok-Young。所以，明年的信用前景。好吧，我們的預測是，目前由於 COVID-19，我們確實有一些貸款問題。但除此之外，我認為我們沒有任何貸款風險。在過去的三到四年裡，在貸款方面，我們一直在努力增加優質貸款。

And at the group level, 89% of our lending has been extended to prime lenders. And therefore, provided that we don't have any financial crisis or like IMF crisis next year, I don't think that we will have any difficulties of maintaining that level.

在集團層面，我們 89% 的貸款已提供給主要貸款機構。因此，如果明年我們沒有任何金融危機或國際貨幣基金組織危機，我認為我們維持這一水平不會有任何困難。

So next year, when it comes to provisioning and also potential credit risks, we believe that we will be able to manage up [safety and safely]. But related to COVID-19 related lending, we are also pretty closely so that we can maintain stability, as you have probably seen in news articles or size of the loans or not that big, and also we do have mostly secured loans and we do have a collateral. So we don't that much of a concern. Thank you.

因此，明年，當談到撥備和潛在的信用風險時，我們相信我們將能夠[安全且安全]地進行管理。但是對於與 COVID-19 相關的貸款，我們也非常密切，以便我們能夠保持穩定，正如您可能在新聞文章中看到的那樣，或者貸款規模或沒有那麼大，而且我們確實有大部分擔保貸款，我們確實這樣做有抵押品。所以我們沒有那麼擔心。謝謝。

Yes. Thank you very much. And we have time to [relay] -- to receive one final question.

是的。非常感謝。我們有時間 [轉播] -- 接受最後一個問題。

JB Financial Investment, Mr. [Lee Dong Guan].

JB Financial Investment先生[李東冠]。

Yes, hi, everyone. I'm [Lee Dong Guan], from JB Investments. So I just wanted to confirm one thing that was already mentioned. In year end, it was in 0.4% you've mentioned about the dividends. And with the dividends, I think that this may drop. So I know that you're trying to maintain such at [10%-plus], but if you said that acquiring a mid-size securities would be no issue.

是的，大家好。我是 JB Investments 的 [Lee Dong Guan]。所以我只想確認已經提到的一件事。在年底，你提到的股息是 0.4%。有了紅利，我認為這可能會下降。所以我知道你正試圖將其維持在 [10% 以上]，但如果你說收購中等規模的證券就沒有問題。

But considering the loan-related regulations next year, I know that you are going to control your capital ratios but if there is an [M&A planned], I don't believe that there is enough buffer. So then if it's mid-size securities firm that you're thinking of acquiring, if we take that as a presumption in terms of CET1, how much are you are able to tolerate below of 10% or 11%? And what would be the final, let's say, hard stop in terms of CET1? So this is about your plans going forward. What is the level that you would be able to tolerate?

但考慮到明年的貸款相關規定，我知道你會控制你的資本比率，但如果有[併購計劃]，我認為沒有足夠的緩衝。那麼，如果您正在考慮收購的是中型證券公司，如果我們將其作為 CET1 的假設，那麼您能夠容忍低於 10% 或 11% 的比例是多少？就 CET1 而言，最後的硬停止是什麼？所以這是關於你未來的計劃。你能容忍的水平是多少？

And in terms of hybrid, if you look at the amount, it's not as sound. But in order to acquire Tier 1 capital, I believe that considering next year as well, are you thinking of maybe issuing more additional Tier 1 capital? And what can be replaced?

就混合動力而言，如果你看數量，它就不那麼可靠了。但是為了獲得一級資本，我相信考慮到明年，你是否考慮發行更多的一級資本？什麼可以替代？

Yes, Mr. [Lee Dong Guan], thank you very much for your question. So it had to do with our capital ratio year-end, you wanted to some more information on our year-end guidelines, and also about the hybrid with regards to new securities about the volume issuance and to our strategy going forward. Please bear with us for just a moment.

是的，[Lee Dong Guan] 先生，非常感謝您的提問。所以這與我們年終的資本比率有關，你想了解更多關於我們年終指導方針的信息，以及關於新證券的混合發行量和我們未來戰略的信息。請稍等片刻。

Yes, let me answer that question. So 11% is the plans for capital increase for next year as planned. And of course, if we do acquire a share of a mid-size securities firm, then the capital ratio will temporarily decrease. So our minimum guidance would be 2.5% as the capital buffer according to market regulation. Then it would be 10.5% that we want to protect in guarantee. And within 10.5%, we believe that an M&A acquisition will not be an issue.

是的，讓我回答這個問題。所以11%是明年按計劃增資的計劃。當然，如果真的參股了中型券商，那麼資本金比例會暫時下降。因此，根據市場監管，我們的最低指引是 2.5% 作為資本緩衝。那麼我們要保證保護的是 10.5%。在 10.5% 以內，我們認為併購不會成為問題。

And with this, it's about 2.5% of our retail loans as capital buffer, and that's when we do have that as that capital conversion buffer as a maximum.

有了這個，我們零售貸款的大約 2.5% 作為資本緩衝，而那時我們確實將其作為資本轉換緩衝的最大值。

And in terms of hybrid securities, when we converted to holding company, eventually in 2019, and KRW900 billion additionally afterwards. So the holding company has enough hybrid securities in place. And next year, we would be repaying some of the banking sector, and we're thinking of that, and we are remaining that level. We're not going to increase significantly. We will be maintained in that level.

而在混合證券方面，當我們最終在 2019 年轉換為控股公司時，之後又增加了 9000 億韓元。所以控股公司有足夠的混合證券。明年，我們將償還部分銀行業，我們正在考慮這一點，我們將保持這一水平。我們不會顯著增加。我們將保持在那個水平。

Yes, investors and market participants thank very much for your questions. And with that, we would like to conclude third-quarter 2021 Woori Financial Group's earnings call. If you do have any additional questions, please contact our IR department and we will have your questions answered.

是的，投資者和市場參與者非常感謝您的提問。至此，我們想結束 2021 年第三季度 Woori Financial Group 的財報電話會議。如果您有任何其他問題，請聯繫我們的 IR 部門，我們將回答您的問題。

Thank you very much for your interest in Woori Financial Group and thank you for your participation.

非常感謝您對友利金融集團的關注，感謝您的參與。