Woori Financial reports 34.7 trillion won in productive and inclusive finance in a year
In short
Woori Financial Group said on 21 October that it supplied 34.7 trillion won in productive and inclusive finance in the year since its Future Co-Growth Project began, 38.5% of its 90 trillion won five-year target. The figure is made up of 33.3 trillion won in productive finance and 1.4 trillion won in inclusive finance. Chairman Yim Jong-yong asked affiliates to raise the share going to small firms and regions in next year's plan.
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Woori Financial Group said on 21 October that it supplied 34.7 trillion won in productive and inclusive finance over one year through its Future Co-Growth Project. Of that, 33.3 trillion won was productive finance and 1.4 trillion won was inclusive finance. The group said the total is 38.5% of its five-year target of 90 trillion won. Kyunghyang Shinmun reported that the period ran from September last year to the previous month. [ 1 , 2 , 3 , 4 , 5 ]
The group held the October Advanced Strategic Industry Finance Council on 20 October at its headquarters in Jung-gu, Seoul. Chairman Yim Jong-yong chaired the meeting, which the heads of main affiliates attended. It reviewed the results so far and the plan for next year. The group announced the project in September last year with a goal of 80 trillion won over five years. In June it raised the goal to 90 trillion won, adding 9.4 trillion won of productive finance and 0.6 trillion won of inclusive finance. [ 1 , 2 , 3 , 4 ]
In productive-finance lending, the group as a whole supplied 27.2 trillion won from January to September, above its annual target of 18.4 trillion won. Woori Bank supplied 26.6 trillion won, of which 13.4 trillion won went to small and medium-sized firms and 5.1 trillion won to regionally based small and medium-sized firms, according to Asia Economy and Newsis. On the investment side, 1.9 trillion won was executed in the same period. Affiliates took part in the National Growth Fund, which put more than 500 billion won this year into projects including the Sinan Ui offshore wind project, a Samsung Electronics semiconductor facility in Pyeongtaek and AI chip company Rebellions. About 600 billion won of further committed projects awaits execution. [ 1 , 2 , 3 ]
Two further investment figures were given. The group joint fund managed by Woori Asset Management invested 177.7 billion won of its 200 billion won target in eight companies by September. Woori Investment & Securities supplied 466.1 billion won of venture capital, including 100 billion won for taking up private bonds of a solar company. [ 1 , 3 ]
In inclusive finance, 2.8 trillion won of the 3.5 trillion won supply target set in June had been executed by September. Woori Bank supplied 652 billion won of Saehuimang Hossi loans from January to September, which Newsis described as the largest among banks. About 90,000 customers received a total of 3.7 billion won in interest relief under the 7% annual cap on personal credit loans in force since January. The WON Dream living-expense loan, launched in March, supplied 63.7 billion won in six months, and its sales limit is to rise from 100 billion to 200 billion won in November. Woori Bank and Woori Card wrote off about 280 billion won of long-overdue debt, supporting about 12,000 people. [ 1 , 2 , 3 ]
For next year, the group plans to manage supply structure, including sector loan balances, the share going to small and regional firms and reliance on collateral and guarantees. Yim asked affiliates to draw up next year's plan so as to bring about structural change in supply, such as the share for small firms and regions, and to keep raising inclusive finance that customers can feel. The specific scale and method are to be set at a later council, according to Asia Economy. [ 1 , 2 , 3 , 10 ]
Why it matters
The figures show how far the group has progressed toward its five-year target after raising it from 80 trillion to 90 trillion won in June. Next year the group plans to manage the structure of its lending, including the share going to small and regional firms and reliance on collateral and guarantees. All figures come from the company's own announcement.
Key facts
- Woori Financial Group said it supplied 34.7 trillion won in productive and inclusive finance over one year: 33.3 trillion won productive and 1.4 trillion won inclusive. [ 1 , 2 , 3 , 4 , 5 , 6 , 10 ]
- The amount is 38.5% of the five-year target of 90 trillion won. [ 1 , 2 , 3 , 4 , 5 , 6 , 10 ]
- The target was set at 80 trillion won in September last year and raised to 90 trillion won in June, adding 9.4 trillion won of productive and 0.6 trillion won of inclusive finance. [ 1 , 3 , 4 ]
- Group-wide productive-finance lending in January to September was 27.2 trillion won, above the annual target of 18.4 trillion won. [ 1 , 2 , 3 , 6 ]
- Of Woori Bank's 26.6 trillion won in lending, 13.4 trillion won went to small and medium-sized firms. [ 1 , 2 , 3 , 7 , 10 ]
- For inclusive finance, 2.8 trillion won of the 3.5 trillion won supply target had been executed by September. [ 2 , 3 , 6 ]
- Woori Bank and Woori Card wrote off about 280 billion won of long-overdue debt this year, supporting about 12,000 people. [ 1 , 2 , 3 ]
Confirmed by several sources
- Woori Financial Group announced on 21 October that it supplied 34.7 trillion won in productive and inclusive finance in one year, 38.5% of its 90 trillion won five-year target. [ 1 , 2 , 3 , 4 , 5 , 6 , 10 ]
- Chairman Yim Jong-yong chaired the October Advanced Strategic Industry Finance Council on 20 October at the group's headquarters in Jung-gu, Seoul, with the heads of main affiliates attending. [ 1 , 2 , 3 , 4 , 10 ]
- Group-wide productive-finance lending of 27.2 trillion won in January to September exceeded the annual target of 18.4 trillion won. [ 1 , 2 , 3 , 6 ]
- The National Growth Fund, with affiliates taking part, executed more than 500 billion won this year in projects including the Sinan Ui offshore wind project, a Samsung Electronics semiconductor facility in Pyeongtaek and AI chip company Rebellions. [ 1 , 2 , 3 ]
- About 90,000 customers received a total of 3.7 billion won in interest relief under the 7% annual cap on personal credit loans in force since January. [ 1 , 2 , 3 ]
- The sales limit of the WON Dream living-expense loan is to be raised from 100 billion to 200 billion won in November. [ 1 , 2 , 3 ]
- From next year the group plans to manage supply structure, including sector loan balances, the share going to small and regional firms and reliance on collateral and guarantees. [ 1 , 2 , 10 ]
Still unclear
- The specific size and method of next year's support have not been set. One outlet said they will be decided at a later Advanced Strategic Industry Finance Council.
- Whether the reported figures have been checked independently. The documents repeat the figures as announced by Woori Financial Group and give no independent verification.
What local media are saying
Timeline, local time
- Asia Economy published the first report in the documents on the group's one-year supply of 34.7 trillion won. [ 1 ]
- Yonhap published its report on the group's announcement of 21 October. [ 2 ]
- Newsis published its report with the lending, investment and inclusive-finance breakdowns. [ 3 ]
- Seoul Economic Daily published its report on the announcement. [ 7 ]