2003 3Q Fact Book

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					2003 3Q Fact book



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Table of Contents


Holding Company Level (Consolidated FS)   Non-banking Subsidiaries

                                          Woori Credit Card
Condensed Financial Statement             Credit Card Asset
Summary of Income Statement               Woori Securities and Woori Investment Trust

                                          Asset Quality
Banking Subsidiaries
                                          Asset Quality Summary
Combined Commercial Banks                 Top 30 Exposures
Woori Bank                                Top 20 NPLs and Precautionary Loans
Kyongnam Bank                             Exposure to Major Groups
Kwangju Bank                              NPL/ABS Status
Interest Income/Non Interest Income       NPLs sold to KAMCO w/ Recourse
NIM & Spread /Deposit Breakdown
Loan Breakdown
Asset Quality and Loan Loss Reserve       Woori Financial Group IR Officer Lists
Delinquency




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Condensed Financial Statement


>>> Consolidated Balance Sheet

(Won in billions)                        2003 3Q             2003 2Q   2003 1Q   2002 YE                          2003 3Q   2003 2Q   2003 1Q   2002 YE
                                                                                           Deposits                84,071    85,606    82,169    78,917
Cash & Due from Banks                        5,530             5,720     5,116     6,569
                                                                                           Borrowings              13,312    13,604    14,054    13,840
                                                                                           Debentures              11,355    10,921    11,786    10,793
Trading Securities                           3,348             3,565     3,164     2,944
                                                                                           Others                   7,582     6,420     7,224     5,979

Investment Securities                      22,740             23,680    26,268    23,509   Total Liabilities      116,320   116,551   115,233   109,529



Loans                                      82,756             81,563    78,043    73,604
                                                                                           Capital Stock            3,878     3,878     3,839     3,839
Fixed Assets                                 2,714             2,679     2,646     2,796   Capital Surplus            28        28        28        25
                                                                                           Retained Earnings        1,454     1,591     1,274     1,151
Others                                       5,264             5,513     5,533     5,422   Capital Adjustment        441       440       159        55
                                                                                           Minority Interests        232       232       237       245

                                                                                           Total Shareholders’      6,032     6,169     5,537     5,315
                                                                                           Equity

                                                                                           Total Liabilities &
Total Assets                              122,352            122,721   120,770   114,844   Shareholders’ Equity   122,352   122,721   120,770   114,844



* 775,504,910 shares outstanding, as of September 30, 2003




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Condensed Financial Statement


>>> Consolidated Income Statement
                                                                 Quarterly
                                   2003 3Q   2002 3Q
(Won in billions)                                      2003 3Q           2003 2Q            2003 1Q

   Operating Revenue                7,838     7,017     2,585                2,667           2,589

      Interest Income               5,645     4,643     1,835                2,016           1,795

      Fee Income                      865     1,113       251                 297              317

      Others                        1,328     1,261       499                 354              473

   Operating Expenses               7,613     6,560     2,695                2,520           2,411

      Interest Expense              2,909     2,770       964                 975              970

      Fees Paid                       187       224        59                  65               63

      Other Operating Expenses      2,949     2,081     1,139                 951              866

      SG&A                          1,388     1,301       472                 469              447

      Others                          182       184        62                  61               63

   Operating Income                   225       457      (110)                147              178

      Non-Operating Income (Net)      320      (199)       42                 243               45

   Ordinary Income                    544       258       (68)                390              223

      Extraordinary Income              0         1         0                   0                0

      Corporate Taxes                 189        23        67                  73               49

   Net Income                         356       236      (135)                317              174

      Minority Interests                4       (20)       (2)                  (1)              7

   Consolidated Net Income            360       216      (137)                316              181




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Summary of Consolidated Income Statement

>>> 2003 3Q
                                    Banking Subsidiaries
                                                                                                                                  Total
(Won in billions)                Woori     Kyongnam        Kwangju   Subtotal   Credit Cards    Sec          ITM          Consolidation
2003 3Q
Operating Revenue (Net)         2,532           246          195     2,972             411      76             5               3,505
SG&A                            1,018           102           87     1,208              46      71             4               1,388
Non-Operating Income             320              (7)           4      317              30     (17)            0                  324
Gain on Sale of NPL               (11)            (7)           0       (18)            46       0             0                   24
Impairment Loss from Inv Sec.    139              (3)           0      136               0     (20)            0                  119
Others                           192               3            4      198             (16)      3             0                  181
Income before Provisioning      1,833           136          111     2,081             333     (12)            2               2,441
Loan Loss Provision              561             83           74       719          1,163        2            (0)              1,893
Corporate Tax                    115             (30)         (28)       57             60      (2)            1                  189
Net Income                      1,158            83           64     1,305            (890)    (11)            1                  360



>>> 2002 3Q
                                    Banking Subsidiaries
                                                                                                                                  Total
(Won in billions)                Woori     Kyongnam        Kwangju   Subtotal   Credit Cards    Sec Merchant Bank   ITM   Consolidation
2002 3Q
Operating Revenue (Net)         2,046           220          191     2,456             379     106           44      3         3,131
SG&A                             911             99           83     1,093              26      72           10      4         1,301
Non-Operating Income              46             (12)          (9)       26            (77)     (0)          (30)    0           (218)
Gain on Sale of NPL               (26)            (8)           0       (34)             4       0             1     0            (30)
Impairment Loss from Inv Sec.    (145)            (7)           0      (152)             0      (1)          20      0           (262)
Others                           216               3           (9)     211             (82)      1           (51)    0             73
Income before Provisioning      1,181           109           99     1,389             276      34           17      1         1,612
Loan Loss Provision              846             47           42       935             241      (1)          21      0         1,373
Corporate Tax                       4              0            0         4              0      10             0     4             23
Net Income                       331             63           57       450              35      25            (2)    1            216




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Summary of Consolidated Income Statement

>>> 2003 3Q (Quartely)
                                              Banking Subsidiaries
                                                                                                                                           Total
(Won in billions)                          Woori     Kyongnam        Kwangju   Subtotal   Credit Cards   Sec          ITM          Consolidation
2003 3Q
Operating Revenue (Net)                     803            86           65       954             112     24             1               1,101
SG&A                                        354            34           28       416              13     21             1                  472
Non-Operating Income                         94             (2)          (2)       90              0     (4)           (0)                  39
Gain on Sale of NPL                         (15)            (7)           0       (22)            46      0             0                   (9)
Impairment Loss from Inv Sec.               (29)             1            0       (28)             0     (4)            0                  (51)
Others                                      139              3           (2)     140              (8)     0            (0)                 100
Income before Provisioning                  543            50           34       627             112     (1)            0                  668
Loan Loss Provision                         178            31           25       234             521      1             0                  738
Corporate Tax                                22             (4)         (12)        6             71     (0)            0                   67
Net Income                                  343            23           22       387            (480)    (2)            0                 (137)



>>> 2003 2Q (Quarterly)
                                              Banking Subsidiaries
                                                                                                                                           Total
(Won in billions)                          Woori     Kyongnam        Kwangju   Subtotal   Credit Cards   Sec Merchant Bank   ITM   Consolidation
2003 2Q
Operating Revenue (Net)                     955            83           66     1,104             160     29           37      3         1,331
SG&A                                        342            36           29       407              19     23             3     1            469
 * Major intercompany
Non-Operating Income            transaction adjustments include 1) 600 bn won205 goodwill generated from sales 42 Woori Bank credit 242
                                             203         (2)         4        of       (10)          2         of         0          card
Gain on Sale of NPL                          25             (0)           0        25              0      0             0     0             25
Impairment Loss from Inv Sec.               118             (5)           0      113               0     (2)          38      0            136
Others                                       60              3            4        67             (8)     4             7     0             54
Income before Provisioning                  816            46           41       902             131      8           73      1         1,104
Loan Loss Provision                         171            34           19       224             448     (1)          38     (0)           716
Corporate Tax                                35            (27)          (9)       (1)            62      4             0     0             73
Net Income                                  610            38           31       679            (380)     4           36      0            316




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Banking Subsidiaries Combined
Home
                                                                            Quarterly
                                            2003 3Q    2002 3Q
(Won in billions)                                                2003 3Q                    2003 2Q

  Net Interest Income                         2,276     1,829       713                        851

  Non-Interest Income                          696        628       241                        253

Operating Revenue (Net)                       2,972     2,456       954                       1,104

SG&A Expenses                                 1,208     1,093       416                        407

Non-Operating Income                           317         26        90                        205

   Gain on Sale of NPLs                         (18)      (34)       (22)                       25

   Impairment Loss from Inv Sec.               136       (152)       (28)                      113

   Others                                      198        211       140                         67

Income before Provisioning                    2,081     1,389       627                        902

Loan Loss Provisioning                         719        935       234                        224

Taxes                                           57          4          6                         (1)

Net Income                                    1,305       450       387                        679



Avg Total Assets                            110,702    92,619    114,461                    110,959

Avg Shareholders' Equity                      5,618     4,045      6,227                      5,649

Avg Interest Bearing Assets                  97,434    79,864    100,722                     98,169

ROAA                                           1.6%      0.7%       1.3%                       2.5%

ROAE                                          31.1%     14.9%      24.7%                      48.2%



Operating Income per Employee (won in mm)      313        253       299                        347

Cost Income Ratio                             40.9%     44.8%      43.7%                      37.2%




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Woori Bank
Home
                                                                          Quarterly
                                            2003 3Q   2002 3Q
(Won in billions)                                               2003 3Q                   2003 2Q

  Net Interest Income                        1,916     1,499       588                       728

  Non-Interest Income                          615       546       215                       227

Operating Revenue (Net)                      2,532     2,046       803                       955

SG&A Expenses                                1,018       911       354                       342

Non-Operating Income                           320        46        94                       203

   Gain on Sale of NPLs                        (11)      (26)      (15)                       25

   Impairment Loss from Inv Sec.               139      (145)      (29)                      118

   Others                                      192       216       139                        60

Income before Provisioning                   1,833     1,181       543                       816

Loan Loss Provisioning                         561       846       178                       171

Taxes                                          115         4        22                        35

Net Income                                   1,158       331       343                       610



Avg Total Assets                            91,795    76,345    94,920                     91,965

Avg Shareholders' Equity                     4,849     3,485     5,397                      4,880

Avg Interest Bearing Assets                 80,424    65,445    82,988                     80,974

ROAA                                          1.7%      0.6%      1.4%                       2.7%

ROAE                                         31.9%     12.7%     25.2%                      50.1%



Operating Income per Employee (won in mm)      327       263       309                       368

Cost Income Ratio                            40.5%     44.9%     44.2%                      36.2%




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Kyongnam Bank

                                                                          Quarterly
                                            2003 3Q   2002 3Q
(Won in billions)                                               2003 3Q                   2003 2Q

  Net Interest Income                          197       172        70                        67

  Non-Interest Income                           49        48        16                        16

Operating Revenue (Net)                        246       220        86                        83

SG&A Expenses                                  102        99        34                        36

Non-Operating Income                            (7)      (12)       (2)                       (2)

   Gain on Sale of NPLs                         (7)       (8)       (7)                       (0)

   Impairment Loss from Inv Sec.                (3)       (7)        1                        (5)

   Others                                        3         3         3                         3

Income before Provisioning                     136       109        50                        46

Loan Loss Provisioning                          83        47        31                        34

Taxes                                          (30)        0        (4)                      (27)

Net Income                                      83        63        23                        38



Avg Total Assets                            10,462     8,959    10,806                    10,447

Avg Shareholders' Equity                       454       345       486                       452

Avg Interest Bearing Assets                  9,486     8,001     9,908                     9,529

ROAA                                          1.1%      0.9%      0.8%                      1.5%

ROAE                                         24.6%     24.3%     18.6%                     33.8%



Operating Income per Employee (won in mm)      257       212       268                       264

Cost Income Ratio                            41.7%     45.0%     39.0%                     43.1%




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Kwangju Bank

                                                                          Quarterly
                                            2003 3Q   2002 3Q
(Won in billions)                                               2003 3Q                    2003 2Q
  Net Interest Income                          163       157        55                         56

  Non-Interest Income                           32        34        10                         10
Operating Revenue (Net)                        195       191        65                         66

SG&A Expenses                                   87        83        28                         29
Non-Operating Income                             4        (9)       (2)                         4

   Gain on Sale of NPLs                          0         0         0                          0
   Impairment Loss from Inv Sec.                 0         0         0                          0
   Others                                        4        (9)       (2)                         4

Income before Provisioning                     111        99        34                         41
Loan Loss Provisioning                          74        42        25                         19

Taxes                                          (28)        0       (12)                        (9)
Net Income                                      64        57        22                         31



Avg Total Assets                             8,445     7,315     8,735                      8,547
Avg Shareholders' Equity                       315       215       344                        317
Avg Interest Bearing Assets                  7,524     6,419     7,826                      7,665
ROAA                                          1.0%      1.0%      1.0%                       1.5%
ROAE                                         27.3%     33.9%     25.1%                      39.4%


Operating Income per Employee (won in mm)      243       216       243                        246

Cost Income Ratio                            45.0%     43.7%     43.6%                      44.0%




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Banking Subsidiaries - Interest Income & Expense


                                           2003 3Q                                    2002 3Q
(Won in billions)             Woori   Kyongnam        Kwangju    Banks   Woori   Kyongnam        Kwangju       Banks
Interest Income               4,063       478              389   4,929   3,493       431              374      4,299
 Interest on due from Banks      3          14               0     17       8          13               1        23
 Interest on Securities        955        114              111   1,181    843        107              108      1,058
 Interest on Loans            3,070       341              277   3,687   2,615       306              265      3,186
 Other Interest Income          34           9               1     44      27           4               1        32
Interest Expense              2,146       281              226   2,653   1,994       258              217      2,470
 Interest on Deposits         1,603       204              176   1,983   1,503       187              164      1,854
 Interest on Borrowings        170          35              32    238     244          41              35       320
 Interest on Debentures        256          15              10    281     176          19              13       208
 Other Interest Expense         118        26                8     152      70        12                5         87
Net Interest Income           1,916       197              163   2,276   1,499       172              157      1,829



                                       2003 3Q Quarterly                          2003 2Q Quarterly
(Won in billions)             Woori   Kyongnam        Kwangju    Banks   Woori   Kyongnam        Kwangju       Banks
Interest Income               1,300       169              130   1,600   1,448       160              133      1,740
 Interest on due from Banks      1           5               0      6       1           5               0         6
 Interest on Securities        255          40              37    332     373          39              40       452
 Interest on Loans            1,034       119               92   1,245   1,059       113               93      1,265
 Other Interest Income          11           5               1     16      14           3               0        17
Interest Expense               712          99              75    886     720          92              76       889
 Interest on Deposits          538          68              57    663     533          68              59       660
 Interest on Borrowings         53          11              12     77      59          12              11        83
 Interest on Debentures         79           5               3     88      88           4               3        96
 Other Interest Expense         41          15               3     59      39           8               3        49
Net Interest Income            588          70              55    713     728          67              56       851




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Banking Subsidiaries - Non Interest Income


                                         2003 3Q                                   2002 3Q
(Won in billions)           Woori   Kyongnam        Kwangju   Banks   Woori   Kyongnam        Kwangju      Banks
Commission Income            338          18             14    370     246          14             11       271
Trust Income                  76           2              1     79      97           3              1       101
Gains on Securities           57           5              6     67      43           4              6        53
Other Non-interest Income    145          24             11    179     160          26             15       202
Total                        615          49             32    696     546          48             34       628



                                     2003 3Q Quarterly                         2003 2Q Quarterly
(Won in billions)           Woori   Kyongnam        Kwangju   Banks   Woori   Kyongnam        Kwangju      Banks
Commission Income            114           6              6    125     112           6              5       122
Trust Income                  20           1              0     21      31           1              0        32
Gains on Securities           30           2              2     34      34           2              2        38
Other Non-interest Income     50           8              2     60      49           8              3        60
Total                        215          16             10    241     227          16             10       253




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Banking Subsidiaries - NIM and Spread / Deposit Breakdown

>>> NIM and Spread

                                                                                                2003 3Q                                                      2002 3Q
                                                                 Woori        Kyongnam              Kwangju        Banks                Woori     Kyongnam      Kwangju         Banks
Net Interest Margin                                                3.19 %              2.77 %             2.89 %     3.12 %              3.06 %        2.88 %          3.27 %     3.06 %
Interest Spread*                                                   3.32 %              3.93 %             3.42 %     3.38 %              3.71 %        4.08 %          4.31 %     3.80 %
   Interest Rate Earned on Loans*                                  7.02 %              7.65 %             7.30 %     7.10 %              7.72 %        8.15 %          8.44 %     7.82 %
   Interest Rate Paid on Deposits*                                 3.70 %              3.72 %             3.88 %     3.72 %              4.01 %        4.07 %          4.12 %     4.03 %
Interest Spread Excluding Credit Card*                             3.32 %              3.73 %             3.37 %     3.36 %              3.56 %        3.76 %          4.05 %     3.62 %


                                                                                          2003 3Q Quarterly                                             2003 2Q Quarterly
                                                                 Woori        Kyongnam              Kwangju        Banks                Woori     Kyongnam      Kwangju         Banks
Net Interest Margin                                                2.81 %              2.80 %             2.78 %     2.81 %              3.60 %        2.84 %          2.95 %     3.48 %
Interest Spread*                                                   3.17 %              4.17 %             3.27 %     3.26 %              3.61 %        3.93 %          3.45 %     3.63 %
   Interest Rate Earned on Loans*                                  6.70 %              7.70 %             6.94 %     6.80 %              7.29 %        7.64 %          7.34 %     7.33 %
   Interest Rate Paid on Deposits*                                 3.53 %              3.53 %             3.67 %     3.54 %              3.68 %        3.71 %          3.89 %     3.70 %
Interest Spread Excluding Credit Card*                             3.17 %              3.99 %             3.26 %     3.25 %              3.61 %        3.76 %          3.44 %     3.61 %
* Won based figures



>>> Deposit Breakdown

                                                                                                2003 3Q                                                      2003 2Q
(Won in billions)                                                Woori        Kyongnam              Kwangju        Banks                Woori     Kyongnam      Kwangju         Banks
Core Deposits 1                                                25,235               2,753               1,864      29,852     37.7%    27,301        2,809         1,867        31,978   39.3%
Savings 2                                                      35,308               5,092               4,499      44,899     56.7%    36,417        4,925         4,541        45,883   56.4%
Marketable Deposits 3                                           3,458                  409               579        4,447      5.6%     2,528          467             466       3,462     4.3%
Total                                                          64,001               8,254               6,942      79,197     100.0%   66,246        8,202         6,875        81,323 100.0%


                                                                                                2003 1Q                                                      2002 YE
(Won in billions)                                                Woori        Kyongnam              Kwangju        Banks                Woori     Kyongnam      Kwangju         Banks
Core Deposits 1                                                27,004               2,546               1,869      31,419     40.7%    24,988        2,693         2,102        29,782   40.8%
Savings 2                                                      33,824               4,758               4,679      43,262     56.0%    32,946        4,256         3,867        41,069   56.3%
Marketable Deposits 3                                           1,746                  515               260        2,520      3.3%     1,307          449             309       2,064     2.8%
Total                                                          62,574               7,820               6,807      77,201     100.0%   59,241        7,397         6,277        72,915 100.0%
1. Core deposits include demand deposits, MMDA and corporate MMDA 2. savings 3. CD + R P + bank notes

* Based on Won denominated deposits




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Banking Subsidiaries - Loan Breakdown

>>> Loan Composition

(Won in billions, %)                          2002 1Q                    2002 2Q                   2002 3Q          2002 YE    2003 1Q    2003 2Q    2003 3Q    YTD Increase(%)

Loans in Won and FC

Corporate                                      32,643                     32,969                     35,124         38,121     41,333     42,381     44,134              15.8%

   SME                                         22,572                     24,501                     26,910         29,231     31,944     33,951     35,704              22.1%

   Large Corporate                             10,072                       8,468                     8,215          8,889      9,389      8,430      8,430              -5.2%

Household                                      17,782                     21,604                     23,932         25,631     26,378     27,715     28,924              12.8%

Public and Others                                1,387                      1,369                     1,270          1,249      1,426        966        905             -27.6%
   Total                                       51,813                     55,942                     60,327         65,002     69,137     71,062     73,964              13.8%




(%)                                           2002 1Q                    2002 2Q                   2002 3Q          2002 YE    2003 1Q    2003 2Q    2003 3Q

Loans in Won and FC

Corporate                                         63.0 %                     58.9 %                    58.2 %         58.6 %     59.8 %     59.6 %     59.7 %

   SME                                            43.6 %                     43.8 %                    44.6 %         45.0 %     46.2 %     47.8 %     48.3 %

   Large Corporate                                19.4 %                     15.1 %                    13.6 %         13.7 %     13.6 %     11.9 %     11.4 %

Household                                         34.3 %                     38.6 %                    39.7 %         39.4 %     38.2 %     39.0 %     39.1 %

Public and Others                                   2.7 %                      2.4 %                     2.1 %         1.9 %      2.1 %      1.4 %      1.2 %
   Total                                         100.0 %                    100.0 %                   100.0 %        100.0 %    100.0 %    100.0 %    100.0 %
* Won denominated loans were classified following BOK's loan/deposit interest rate survey classification criteria

* Corporate and household overdraft accounts together with policy loans excluded from Won denominated loans

* Foreign currency loan position includes (offshore) FC loans and FC bills bought




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Banking Subsidiaries - Large Corporate / SME Loan Composition

>>> Large Corporate Loan Composition (Won Currency Only)

Interest Rate Type                                    Loan Type                                 Collateral Type
(Won in billions, %)               2003 3Q   %        (Won in billions, %)   2003 3Q   %        (Won in billions, %)          2003 3Q         %

   Total                            4,552    100.0%     Total                 4,552    100.0%     Total                        2,040         100.0%

   Prime Rate                         930    20.4%      Secured               2,040    44.8%      Movables & Real Estate       1,725          84.5%

   Market Rate                        760    16.7%      Unsecured             2,450    53.8%      Deposits                       142              6.9%

   Deposit Rate                        29     0.6%      Guaranteed               61     1.3%      Marketable Securities          144              7.0%

   Fixed Rate                         678    14.9%                                                Others                          30              1.5%
   Policy Loan Rate                 2,155    47.3%




>>> SME Loan Composition (Won Currency Only)

Interest Rate Type                                    Loan Type                                 Collateral Type
(Won in billions, %)               2003 3Q   %        (Won in billions, %)   2003 3Q   %        (Won in billions, %)          2003 3Q         %

   Total                           34,764    100.0%     Total                34,764    100.0%     Total                       21,321         100.0%

   Prime Rate                       2,708     7.8%      Secured              21,321    61.3%      Movables & Real Estate      19,091          89.5%

   Market Rate                     19,641    56.5%      Unsecured             9,153    26.3%      Deposits                     1,581              7.4%
   Deposit Rate                       400     1.2%      Guaranteed            4,290    12.3%      Marketable Securities           78              0.4%

   Fixed Rate                       5,339    15.4%                                                Others                         572              2.7%
   Policy Loan Rate                 6,677    19.2%




* Bank account won currency base

* Loan Type : FSS reported basis




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Banking Subsidiaries - Household / Public Loan Composition (Won Currency Only)

>>> Household Loan Composition

Interest Rate Type                                                                   Loan Type                                 Collateral Type
(Won in billions, %)                       2003 3Q                  %                (Won in billions, %)   2003 3Q   %        (Won in billions, %)       2003 3Q      %

   Total                                    29,015                 100.0%                Total              29,015    100.0%     Total                    18,602       100.0%

   Prime Rate                                 3,947                 13.6%                Secured            18,602    64.1%      Movables & Real Estate   17,136       92.1%

   Market Rate                              20,896                  72.0%                Unsecured           9,210    31.7%      Deposits                  1,269        6.8%

   Deposit Rate                                 963                   3.3%               Guaranteed          1,203     4.1%      Marketable Securities       133        0.7%

   Fixed Rate                                 3,118                 10.7%                                                        Others                       65        0.3%
   Policy loan Rate                               91                     0%


>>> Public & Others Loan Composition

Interest Rate Type                                                                   Loan Type                                 Collateral Type
(Won in billions, %)                       2003 3Q                  %                (Won in billions, %)   2003 3Q   %        (Won in billions, %)       2003 3Q      %

   Total                                      1,047                100.0%                Total               1,047    100.0%     Total                       398       100.0%

   Prime Rate                                     88                  8.4%               Secured               398    38.0%      Movables & Real Estate      375       94.3%

   Market Rate                                  611                 58.3%                Unsecured             644    61.5%      Deposits                     21        5.3%

   Deposit Rate                                     2                 0.1%               Guaranteed              6     0.5%      Marketable Securities         0        0.0%

   Fixed Rate                                   207                 19.8%                                                        Others                        2        0.4%
   Policy Loan Rate                             141                 13.4%




* Interest Rate Type : Bank of Korea standard (excluding corporate and household overdraft, policy loans)

* Loan Type : FSS reported basis




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                                          Point           Wbn




Banking Subsidiaries - Asset Quality & Loan Loss Reserve


Banking Subsidiaries Combined
                                      Large Corporate                            SME                       Household                    Credit Card                   Total
(Won in billions, %)             Amount           L.L.R            %    Amount    L.L.R      %    Amount       L.L.R      %    Amount        L.L.R      %    Amount     L.L.R      %
Normal                            4,050            33             0.8   33,358     169      0.5   28,329        213      0.8     182            2      1.0   65,919      416      0.6
Precautionary                       339            47            13.8     723       15      2.1     373          30      8.0      23            3     14.3    1,458       95      6.5
Substandard                          80            45            56.8     436       88     20.3     176          35     20.0       0            0     20.0     691       169     24.4
Doubtful                             20            17            85.6      63       31     50.0     108          60     55.1      16           10     61.5     207       118     56.9
Estimated Loss                       61            61           100.0     183      183    100.0      29          29     99.9       5            5     99.3     277       277    100.0
Total Credits                     4,549           202             4.4   34,762     486      1.4   29,015        366      1.3     226           20      8.7   68,552    1,074      1.6
Below Precautionary                 499                                  1,404                      686                           44                          2,633
Below Substandard                   160                                   681                       313                           21                          1,175


Key Ratio

LLR/NPL                                                         126.2                      71.4                        117.0                          94.4                       91.4
LLR/Below Precautionary                                          40.5                      34.6                         53.4                          44.5                       40.8
LLR/Total Credits                                                 4.4                       1.4                          1.3                           8.7                        1.6




Woori Bank
                                      Large Corporate                            SME                       Household                    Credit Card                   Total

(Won in billions, %)             Amount           L.L.R            %    Amount    L.L.R      %    Amount       L.L.R      %    Amount        L.L.R      %    Amount     L.L.R      %
Normal                            3,765            29             0.8   26,481     134      0.5   25,464        191      0.8      2.3          0.0     0.0   55,712      354      0.6
Precautionary                       294            42            14.3     502       10      2.0     249          20      8.0      1.0          0.1     9.7    1,047       72      6.9
Substandard                          70            43            61.3     315       63     20.0     151          30     20.0      0.0          0.0     0.0     536       136     25.4
Doubtful                             19            16            85.8      53       26     50.0      91          50     55.1      1.9          1.2    63.7     165        94     57.2
Estimated Loss                       61            61           100.0     162      162    100.0      25          25     99.9      0.7          0.7    95.4     248       248    100.0
Total Credits                     4,209           191             4.5   27,512     395      1.4   25,981        317      1.2       6            2     33.8   57,708      905      1.6
Below Precautionary                 444                                  1,031                      517                            4                          1,996
Below Substandard                   150                                   529                       267                            3                           949


Key Ratio

LLR/NPL                                                         127.3                      74.7                        118.4                          76.4                       95.4
LLR/Below Precautionary                                          42.9                      38.3                         61.3                          54.9                       45.3
LLR/Total Credits                                                 4.5                       1.4                          1.2                          33.8                        1.6



* Large Corporate, SME, Household - Bank account won currency position only




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Banking Subsidiaries - Asset Quality & Loan Loss Reserve



Kyongnam Bank
                                      Large Corporate                         SME                        Household                    Credit Card                    Total
(Won in billions, %)             Amount       L.L.R          %     Amount      L.L.R       %    Amount       L.L.R      %    Amount        L.L.R       %    Amount     L.L.R        %
Normal                              134          1          0.5     3,848        19       0.5    1,451         11      0.7     159            2       1.0    5,593       32        0.6
Precautionary                        28          1          4.5       132           3     2.5      52           4      8.0      21            3      14.7     232        12        5.1
Substandard                           7          1        20.9         62        12      20.0      12           2     20.0       -             -       -       80        16       20.1
Doubtful                              0          0        72.1          5           3    50.0       6           4     55.0      13            8      61.4      25        14       57.5
Estimated Loss                        -           -          -         16        16     100.0       3           3    100.0       1            1     100.0      21        21      100.0
Total Credits                       170          4          2.1     4,064        54       1.3    1,524         24      1.6     193           14       7.1    5,951       95        1.6
Below Precautionary                  35                               215                          73                           35                            358
Below Substandard                     7                                84                          21                           14                            126


Key Ratio

LLR/NPL                                                   50.5                           64.5                        113.6                           98.8                         75.7
LLR/Below Precautionary                                   10.3                           25.1                         32.6                           39.4                         26.5
LLR/Total Credits                                           2.1                           1.3                          1.6                            7.1                          1.6




Kwangju
                                      Large Corporate                         SME                        Household                    Credit Card                    Total
(Won in billions, %)             Amount       L.L.R          %     Amount      L.L.R       %    Amount       L.L.R      %    Amount        L.L.R       %    Amount     L.L.R        %
Normal                              151          3          2.3    3028.5       15.1      0.5    1,413         11      0.8      21            0       1.0    4,614       29        0.6
Precautionary                        16          3        19.0        89.1       1.8      2.0      71           6      8.0       1            0      12.0     178        11        6.0
Substandard                           3          1        32.7        58.9      13.0     22.0      13           3     20.0       0            0      20.4      75        17       22.1
Doubtful                              -           -          -         5.0       2.5     50.0      11           6     55.0       2            1      60.0      18        10       54.1
Estimated Loss                        -           -          -         4.6       4.6    100.0       1           1    100.0       3            3     100.0       8            8   100.0
Total Credits                       170          7          4.4     3,186        37       1.2    1,510         26      1.7      27            4      14.6    4,893       74        1.5
Below Precautionary                  19                               158                          96                            6                            279
Below Substandard                     3                                68                          25                            4                            101


Key Ratio

LLR/NPL                                                  252.3                           54.0                        103.8                           91.1                         73.8
LLR/Below Precautionary                                   38.8                           23.5                         26.9                           69.2                         26.7
LLR/Total Credits                                           4.4                           1.2                          1.7                           14.6                          1.5




* Large Corporate, SME, Household - Bank account won currency position only




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                                                      Point             Wbn




 Banking Subsidiaries - Delinquency



Delinquency



                                                  Total Delinquency                                   Large Corporate                     SME                        Household

(Won in billions, %)                        Amount       Total Credit          %            Amount      Total Credit     %    Amount   Total Credit    %    Amount   Total Credit        %

Banking Total

Over 1 Month                                   371            82,127          0.5                 -          4,607      0.0     228        34,794     0.7     112        29,146         0.4

Less than 1 Month                             1,337           82,127          1.6                7           4,607      0.2     728        34,794     2.1     432        29,146         1.5

Total                                         1,708           82,127          2.1                7           4,607      0.2     956        34,794     2.7     544        29,146         1.9



Woori Bank

Over 1 Month                                   322            70,503          0.5                 -          4,268      0.0     198        27,543     0.7      99        26,109         0.4

Less than 1 Month                             1,080           70,503          1.5                7           4,268      0.2     557        27,543     2.0     369        26,109         1.4

Total                                         1,402           70,503          2.0                7           4,268      0.2     756        27,543     2.7     468        26,109         1.8



Kyongnam Bank

Over 1 Month                                     26            6,412          0.4                 -            170      0.0      14         4,064     0.4       5         1,527         0.3

Less than 1 Month                              137             6,412          2.1                0             170      0.2      89         4,064     2.2      30         1,527         2.0

Total                                          163             6,412          2.5                0             170      0.2     103         4,064     2.5      35         1,527         2.3



Kwangju Bank

Over 1 Month                                     23            5,213          0.4                 -            170      0.0      15         3,187     0.5       7         1,510         0.5

Less than 1 Month                              120             5,213          2.3                0             170      0.1      82         3,187     2.6      33         1,510         2.2

Total                                          143             5,213          2.7                0             170      0.1      97         3,187     3.1      41         1,510         2.7



* Total Delinquency: Based on FSS report criteria (Non-performing loans derived basis + indemnification of guarantees
   Large Corporate, SME, Household: Bank account won currency position and Trust account




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Non-banking Subsidiaries - Woori Card
                                                                      Quarterly
                                     2003 3Q    2002 3Q
(Won in billions)                                          2003 3Q                2003 2Q
  Commission Income                     320        446         72                    114
    Credit Sales                        138        200         31                     44
     Cash Advance                       118        202         16                     47
     Card Loan                           64         44         24                     22
  Others                                   1         2           0                      0
  Interest Income                       442        189        150                    165
  Operating Income                      763        637        222                    279
  Commission Expense                    180        128         59                     61
  Interest Expense                      173        127         52                     58
  Other Expense                            1         3          (0)                     0
  Net Operating Income                  409        379        112                    159
  G&A Expenses                           45         26         13                     20
  Non Operating Income                   30         (77)         0                     (8)
  Income before provisioning            333        276         99                    131
  Loan Loss Provision                  1163        241        521                    448
  Net Income                            (890)       35        (480)                  (380)



  Total Assets (Avg Balance)           5,821      4,127      5,579                  5,880
    Credit Sales                       2,142      1,451      1,915                  2,160
    Cash Advance                       3,083      2,267      2,923                  3,165
   Card Loan                            597        410        741                    555
  Cardholders (000s)                   5,330      5,297      5,330                  5,448
  Transaction volume                  22,315     24,348      6,268                  7,852
  - Lump sum                           5,188      4,482      1,833                  1,713
  - Installment                        2,369      3,436       675                    821
  - Cash Advance                      14,757     16,430      3,760                  5,318
  Credit Card Assets (End Balance)     5,036      5,510      5,036                  5,580
    Credit Sales                       1,645      2,124      1,645                  1,895
    Cash Advance                       2,450      2,893      2,450                  3,023
    Card Loan                            942        494        942                    662




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Non-banking Subsidiaries - Credit Card Asset

1. Delinquency Ratio for Credit Card Segment (Card loans included, balance basis)


                                                                               2002                                                         2003
(Won in billions)                                       1Q                   2Q                    3Q             4Q      1Q      2Q      Jul.      Aug.    Sep.      Oct.
  Total Assets                                     3,872                 4,795                 5,510            5,785   5,686   5,580   5,458      5,318   5,036    4,959
  Total Delinquency                                   361                   528                  431             655     584     756    1,124      1,507   1,335    1,317
  (%)                                                  9.3                 11.0                   7.8            11.3    10.3    13.6    20.6       28.3    26.5     26.6
  Within 1 month                                      263                   316                  153             298     239     414     401        360     279      139
  (%)                                                  6.8                   6.6                  2.8             5.1     4.2     7.4     7.3        6.8     5.5      2.8
  Over 1 month                                          98                  212                  278             357     345     342     724       1,147   1,055    1,178
                                                         0                     0                    0              0       6       6      13         22      21       24
           1-3 month                                    45                  141                  118             205     158     163     394        760     417      260
           (%)                                         1.2                  2.9                   2.1              4      2.8     2.9     7.2       14.3     8.3      5.2
           3-6 month                                    41                   61                  139             123     149     158     219        210     510      720
           (%)                                         1.1                  1.3                   2.5             2.1     2.6     2.8     4.0        3.9    10.1     14.5
           Over 6 month                                12                     9                   21              29      38      21     111        177     128      199
           (%)                                         0.3                  0.2                   0.4             0.5     0.7     0.4     2.0        3.3     2.5      4.0
* Managed assets basis



2. Cash Advance Substitution, Restructuring, and Charge-off


                                                                               2002                                                         2003
(Won in billions)                                       1Q                   2Q                    3Q             4Q      1Q      2Q      Jul.      Aug.    Sep.      Oct.
Cash advance substitution                                0                     8                 281             464     747    1041    1003        931     766      708
(%)                                                    0.0                  0.2                   5.1             8.0    13.1    18.7    18.4       17.5    15.2     14.3
Net                                                      0                    8                  281             333     675     944     696        339      99         6
(%)                                                    0.0                  0.2                   5.1             5.8    11.9    16.9    12.8        6.4     2.0      0.1
Restructuring                                            3                     3                   17            264     320     508     544        630     760      807
(%)                                                    0.1                  0.1                   0.3             4.6     5.6     9.1    10.0       11.8    15.1     16.3
Net                                                      3                    3                   15             252     293     464     467        533     717      754
(%)                                                    0.1                  0.1                   0.3             4.4     5.2     8.3     8.6       10.0    14.2     15.2
Charge-off                                               4                  21                    42              76      34     107        0          0    263         0
(%)                                                    0.1                  0.4                   0.8             1.3     0.6     1.9     0.0        0.0     5.2      0.0
* Net amount excludes amounts already reflected in over 1 month delinquency figures for each respective item

* The amounts for CA substitution and restructuring are balance based while charge-offs are incremental based




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Non-banking Subsidiaries - Credit Card Asset

3. Adjusted Delinquency Ratio (Balance basis)


                                                                         2002                                                                     2003
                                                        1Q              2Q               3Q               4Q               1Q        2Q         Jul.         Aug.    Sep.         Oct.
  Over 1 month (A)                                   2.5%            4.4%              5.0%             6.2%             6.1%      6.1%       13.3%        21.6%    21.0%       23.8%
  CA substitution (B)                                0.0%            0.2%              5.1%             5.8%            11.9%     16.9%       12.8%         6.4%     2.0%        0.1%
  Restructuring (C)                                  0.1%            0.1%              0.3%             4.4%             5.2%      8.3%        8.6%        10.0%    14.2%       15.2%
  Charge-off (D)                                     0.1%            0.4%             0.8%             1.3%              0.6%      1.9%        0.0%         0.0%     5.2%        0.0%
       (A)+(B)+(C)+(D)                               2.7%            5.1%            11.2%            17.6%             23.7%     33.3%       34.7%        38.0%    42.4%       39.1%
* Charge-off was derived on an incremental basis



4. Credit Card Asset Quality and Reserves


                                              2002 3Q                           2002 4Q                              2003 1Q               2003 2Q                    2003 3Q              2003 Oct.
(Won in billions)                                              Reserves                             Reserves                    Reserves                 Reserves           Reserves              Reserves
  Total                                            5,510              182            5,785              238             5,686       260       5,580          558    5,036        810     4,959         994
  Normal                                           5,158               52            5,289               51             5,003        50       4,593          150    3,014         30     2,879          29
   Precautionary                                      171              12              312                65             451         54        496            65    1,121        135      881          106
   Substandard                                           0               0                 0                0              0          0          0             0       0            0       0            0
   Doubtful                                           159              95              153                92             194        117        382           234     652         396      857          517
   Estimated Loss                                      23              23               31                31              39         39        109           109     249         249      342          342
* Managed asset Basis



5. Normal Collection Rate and Card Limit


                                                                         2002                                                                    2003
(Won in thousands)                                      1Q              2Q               3Q               4Q               1Q        2Q         Jul.         Aug.    Sep.         Oct.
   Normal Settlement Ratio1)                       71.3%           70.6%             68.4%            64.0%             71.6%     72.5%       72.6%        73.9%    75.3%       76.4%
   Average Card Limit                              4,281           4,642             5,090            3,812             3,685     3,200       3,178        3,112    3,108       3,083
   Avg. New Card Limit                             3,174           3,769             1,310            1,559             1,587     1,653       1,505        1,539    1,509       1,496
1) Normal Settlement Ratio : Based on main settlement dates (5th, 12th, 23rd, 27th or each month)

- Woori Credit card started the operation, since Feb. '2002'
- The NPLs which occurred before Feb. 2002 were reflected on Woori Bank's F/S through the collection,and write off

- There is no reaging except for CA substitution and restructuring, which were mentioned above




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Non-banking Subsidiaries - Woori Securities

                                                                  Quarterly
                                        2003 3Q      2002 3Q
(Won in billions)                                              2003 3Q             2003 2Q

Operating Revenue                             122       172        37                  49

 Commission                                   47         63        15                  19

 Interest Revenue                             17         21         5                   6

 Others                                       54         88        17                  24

Operating Expense                             118       137        36                  43

Operating Income                                3        35         2                   6

  Non Operating Income                        (17)       (0)       (4)                  2

  Corporate Tax                                (2)       10        (0)                  4

Net Income                                    (11)       25        (2)                  4



Avg. Total Asset                              595       605       567                 665

Avg. Shareholders’ Equity                     371       391       365                 362

ROAA                                      -2.6%        5.4%      -1.1%                2.5%

ROAE                                      -4.1%        8.4%      -1.7%                4.6%




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Non-banking Subsidiaries - Woori Investment Trust

                                                                 Quarterly
                                        2003 3Q     2002 3Q
(Won in billions)                                             2003 3Q             2003 2Q

Operating Revenue                            5           8         2                   2

 Income from inv't trust ops.                4           7         1                   1

 Others                                      1           1         1                   1

Operating Expense                            4           7         1                   1

 G&A Expenses                                4           4         1                   1

 Others                                      0           3         0                   0

Operating Income                             2           1         0                   0

  Non Operating Income                       0           0         0                   0

Pre Tax Income                               2           1         0                   0

  Corporate Tax                              1           0         0                   0

Net Income                                   1           1         0                   0



Avg. Total Asset                            40          40        35                  42

Avg. Shareholders’ Equity                   36          38        35                  35

ROAA                                      4.2%        3.2%      0.5%                 3.2%

ROAE                                      4.6%        3.4%      0.5%                 3.8%




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                                               Point       Wbn




Asset Quality Trend

2003 3Q
                                                   Woori                   Kyongnam               Kwangju              Bank Total              Woori Card           Woori Securities          Woori SPCs                  Total1

(Won in billions, %)                        Amount         Weight        Amount       Weight   Amount       Weight   Amount         Weight   Amount     Weight      Amount        Weight     Amount       Weight      Amount       Weight

Normal                                      68,523                94.9    6,158         94.1    4,988         94.3   79,669           94.8     845           37.7       14          30.4          0             0.0   80,528         93.1

Precautionary                                1,910                 2.6     251           3.8     196           3.7    2,356            2.8     775           34.5       10          21.0          0             0.0    3,141          3.6

Substandard                                  1,170                 1.6      87           1.3      79           1.5    1,336            1.6       4            0.2        0             0.9        1             0.5    1,341          1.6

Doubtful                                      268                  0.4      25           0.4      18           0.3     310             0.4     414           18.4        5          10.8       138          99.5        867           1.0

Estimated Loss                                332                  0.5      21           0.3       8           0.2     361             0.4     207            9.2       17          36.9          0             0.0     585           0.7

Total Credits                               72,202               100.0    6,542        100.0    5,289        100.0   84,032          100.0    2,244         100.0       46         100.0       139         100.0      86,461        100.0

Below Precautionary                          3,679                 5.1     384           5.9     300           5.7    4,363            5.2    1,399          62.3       32          69.6       139         100.0       5,933          6.9

Below Substandard                            1,770                 2.5     133           2.0     105           2.0    2,007            2.4     624           27.8       22          48.6       139         100.0       2,793          3.2

Loan Loss Reserve                            1,519                         100                    84                  1,703                    560                      21                     122                     2,407



Key Ratio

LLR/NPL                                                           85.9                  75.4                  79.9                    84.9                   89.8                   94.6                    87.7                     86.2

LLR/Below Precautionary                                           41.3                  26.1                  27.9                    39.0                   40.0                   66.0                    87.7                     40.6

LLR/Total Credits                                                  2.1                   1.5                   1.6                     2.0                   25.0                   46.0                    87.7                      2.8


2003 2Q                                                                                                                                                                                                         21
                                                   Woori                   Kyongnam               Kwangju              Bank Total              Woori Card              Woori IB              Woori Securities          Woori SPCs               Total1

(Won in billions, %)                        Amount         Weight        Amount       Weight   Amount       Weight   Amount         Weight   Amount     Weight      Amount        Weight     Amount       Weight      Amount       Weight   Amount       Weight

Normal                                      66,510                95.2    6,112         94.8    4,851         94.5   77,473           95.1    1,473          68.2     779           76.2         11         23.9          0           0.0   79,737         94.0

Precautionary                                1,627                 2.3     196           3.0     180           3.5    2,003            2.5     455           21.0     130           12.7         10         20.8          0           0.0    2,597          3.1

Substandard                                  1,155                 1.7      86           1.3      71           1.4    1,312            1.6       6            0.3        4             0.4        3             7.0       0           0.0    1,325          1.6

Doubtful                                      270                  0.4      29           0.4      23           0.5     321             0.4     196            9.1     109           10.6          5         11.4        159         100.0     791           0.9

Estimated Loss                                300                  0.4      26           0.4       7           0.1     332             0.4      29            1.3        1             0.1       17         36.8          0           0.0     379           0.4

Total Credits                               69,862               100.0    6,449        100.0    5,131        100.0   81,442          100.0    2,159         100.0    1,023         100.0         46        100.0        159         100.0   84,829        100.0

Below Precautionary                          3,351                 4.8     337           5.2     280           5.5    3,968            4.9     686           31.8     244           23.8         35         76.1        159         100.0    5,092          6.0

Below Substandard                            1,724                 2.5     141           2.2     101           2.0    1,965            2.4     231           10.7     114           11.1         25         55.3        159         100.0    2,495          2.9

Loan Loss Reserve                            1,491                         105                    82                  1,677                    270                      80                       22                     133                  2,181



Key Ratio

LLR/NPL                                                           86.5                  74.4                  81.6                    85.3                  116.5                   69.9                    85.7                     83.4                  87.4

LLR/Below Precautionary                                           44.5                  31.0                  29.3                    42.3                   39.3                   32.6                    62.2                     83.4                  42.8

LLR/Total Credits                                                  2.1                   1.6                   1.6                     2.1                   12.5                      7.8                  47.4                     83.4                   2.6




*1. Figures derived on an aggregate basis




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Asset Quality Trend

2003 1Q
                                                Woori              Kyongnam              Kwangju              Bank Total             Woori Card              Woori IB            Woori Securities          Woori SPCs               Total1

(Won in billions, %)                        Amount      Weight   Amount   Weight      Amount       Weight   Amount     Weight      Amount     Weight      Amount        Weight   Amount       Weight      Amount    Weight      Amount       Weight

Normal                                      64,520        93.6    5,842        94.4    4,698         94.5   75,060          93.7    2,344          84.0    1,025          83.8        3             7.9       0           0.0   78,431         93.0

Precautionary                                2,607         3.8     216          3.5     168           3.4    2,990           3.7     339           12.2     138           11.3       10         26.4          0           0.0    3,478          4.1

Substandard                                  1,012         1.5      86          1.4      70           1.4    1,167           1.5       6            0.2       3            0.2        3             8.2       0           0.0    1,179          1.4

Doubtful                                      429          0.6      29          0.5      25           0.5     483            0.6      90            3.2      57            4.6        5         12.1        174         100.0     808           1.0

Estimated Loss                                338          0.5      18          0.3      10           0.2     366            0.5      10            0.4       1            0.1       18         45.4          0           0.0     394           0.5

Total Credits                               68,905       100.0    6,190       100.0    4,971        100.0   80,066         100.0    2,789         100.0    1,223         100.0       39        100.0        174         100.0   84,290        100.0

Below Precautionary                          4,386         6.4     348          5.6     273           5.5    5,006           6.3     445           16.0     198           16.2       36         92.1        174         100.0    5,859          7.0

Below Substandard                            1,779         2.6     132          2.1     105           2.1    2,016           2.5     106            3.8      60            4.9       26         65.6        174         100.0    2,381          2.8

Loan Loss Reserve                            1,683                  96                   92                  1,871                   135                     49                      22                     141                  2,218



Key Ratio

LLR/NPL                                                   94.6                 72.8                  87.5                   92.8                  127.1                   81.0                  85.9                     81.2                  93.1

LLR/Below Precautionary                                   38.4                 27.7                  33.6                   37.4                   30.3                   24.5                  61.3                     81.2                  37.8

LLR/Total Credits                                          2.4                  1.6                   1.8                    2.3                    4.8                    4.0                  56.4                     81.2                   2.6


2002 YE
                                                Woori              Kyongnam              Kwangju              Bank Total             Woori Card              Woori IB            Woori Securities          Woori SPCs               Total1

(Won in billions, %)                        Amount      Weight   Amount   Weight      Amount       Weight   Amount     Weight      Amount     Weight      Amount        Weight   Amount       Weight      Amount    Weight      Amount       Weight

Normal                                      60,578        94.0    5,701        95.3    4,638         95.0   70,918          94.2    2,265          79.5    1,132          85.5        4         10.7         32           4.1   74,351         92.6

Precautionary                                2,447         3.8     162          2.7     138           2.8    2,747           3.6     439           15.4     132           10.0       11         26.1          0           0.0    3,328          4.1

Substandard                                   681          1.1      79          1.3      78           1.6     839            1.1       6            0.2       3            0.2        4         10.4          0           0.0     851           1.1

Doubtful                                      496          0.8      24          0.4      11           0.2     530            0.7     114            4.0      56            4.2        7         17.1        741          95.9    1,449          1.8

Estimated Loss                                245          0.4      16          0.3      16           0.3     277            0.4      24            0.8       1            0.1       14         35.7          0           0.0     316           0.4

Total Credits                               64,448       100.0    5,982       100.0    4,881        100.0   75,311         100.0    2,847         100.0    1,324         100.0       40        100.0        773         100.0   80,295        100.0

Below Precautionary                          3,869         6.0     281          4.7     243           5.0    4,393           5.8     582           20.5     192           14.5       36         89.3        741          95.9    5,944          7.4

Below Substandard                            1,422         2.2     119          2.0     105           2.1    1,646           2.2     144            5.1      60            4.5       26         63.3        741          95.9    2,616          3.3

Loan Loss Reserve                            1,566                  93                   92                  1,751                   181                     49                      21                     631                  2,632



Key Ratio

LLR/NPL                                                  110.1                 78.2                  87.7                  106.4                  125.5                   81.4                  80.8                     85.2                 100.6

LLR/Below Precautionary                                   40.5                 33.2                  37.8                   39.9                   31.0                   25.3                  57.2                     85.2                  44.3

LLR/Total Credits                                          2.4                  1.6                   1.9                    2.3                    6.3                    3.7                  51.1                     81.7                   3.3




*1. Figures derived on an aggregate basis




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Asset Quality Trend

2002 3Q
                                                 Woori                  Kyongnam               Kwangju              Bank Total              Woori Card               Woori IB            Woori Securities           Woori SPCs                Total1

(Won in billions, %)                        Amount           Weight   Amount       Weight   Amount       Weight   Amount         Weight   Amount         Weight   Amount        Weight   Amount        Weight      Amount        Weight   Amount       Weight

Normal                                      57,168             92.5    5,450         95.0    4,389         94.4   67,006           92.8    3,706           93.1     384           21.8        5             10.2       0            0.0   71,101         89.8

Precautionary                                3,127              5.1     152           2.7     164           3.5    3,443            4.8     133             3.3     878           49.8       11             23.0       0            0.0    4,464          5.6

Substandard                                   707               1.1      83           1.4      73           1.6     863             1.2       7             0.2      48            2.7        4              9.1       0            0.0     921           1.2

Doubtful                                      485               0.8      19           0.3      15           0.3     519             0.7     117             2.9     446           25.3        9             20.0    1,198         100.0    2,290          2.9

Estimated Loss                                337               0.5      30           0.5      10           0.2     376             0.5      19             0.5       7            0.4       17             37.6       0            0.0     420           0.5

Total Credits                               61,823            100.0    5,734        100.0    4,651        100.0   72,208          100.0    3,982          100.0    1,763         100.0       46         100.0       1,198         100.0   79,197        100.0

Below Precautionary                          4,656              7.5     284           5.0     262           5.6    5,202            7.2     276             6.9    1,379          78.2       41             89.8    1,198         100.0    8,096         10.2

Below Substandard                            1,528              2.5     132           2.3      98           2.1    1,758            2.4     143             3.6     501           28.4       31             66.7    1,198         100.0    3,631          4.6

Loan Loss Reserve                            1,597                      100                    90                  1,788                    140                     415                      22                      966                   3,330



Key Ratio

LLR/NPL                                                       104.5                  76.2                  91.8                   101.7                    97.4                   82.8                      73.0                   80.6                  91.7

LLR/Below Precautionary                                        34.3                  35.3                  34.4                    34.4                    50.6                   30.1                      54.2                   80.6                  41.1

LLR/Total Credits                                               2.6                   1.7                   1.9                     2.5                     3.5                   23.5                      48.7                   80.6                   4.2


2002 2Q
                                                 Woori                  Kyongnam               Kwangju              Bank Total              Woori Card               Woori IB             Woori SPCs                   Total1

(Won in billions, %)                        Amount           Weight   Amount       Weight   Amount       Weight   Amount         Weight   Amount         Weight   Amount        Weight   Amount        Weight      Amount        Weight

Normal                                      51,822             92.4    5,122         95.3    4,139         94.4   61,083           92.8    3,076           99.1     481           24.5        0              0.0   64,639         88.5

Precautionary                                2,968              5.3     139           2.6     153           3.5    3,260            5.0       0             0.0     892           45.5        0              0.0    4,152          5.7

Substandard                                   527               0.9      82           1.5      82           1.9     691             1.0       4             0.1     105            5.3        0              0.0     800           1.1

Doubtful                                      463               0.8      14           0.3       9           0.2     486             0.7       0             0.0     444           22.6    2,111         100.0       3,041          4.2

Estimated Loss                                298               0.5      21           0.4       3           0.1     322             0.5      24             0.8      40            2.0        0              0.0     386           0.5

Total Credits                               56,078            100.0    5,377        100.0    4,386        100.0   65,841          100.0    3,105          100.0    1,961         100.0    2,111         100.0      73,017        100.0

Below Precautionary                          4,256              7.6     255           4.7     247           5.6    4,758            7.2      29             0.9    1,480          75.5    2,111         100.0       8,378         11.5

Below Substandard                            1,289              2.3     117           2.2      93           2.1    1,499            2.3      29             0.9     589           30.0    2,111         100.0       4,226          5.8

Loan Loss Reserve                            1,477                       87                    81                  1,645                     76                     471                    428                      2,619



Key Ratio

LLR/NPL                                                       114.7                  74.2                  86.4                   109.7                   266.4                   79.9                      20.3                   62.0

LLR/Below Precautionary                                        34.7                  33.9                  32.7                    34.6                   264.6                   31.8                      20.3                   31.3

LLR/Total Credits                                               2.6                   1.6                   1.8                     2.5                     2.5                   24.0                      20.3                    3.6



*1. Figures derived on an aggregate basis

* Woori Securities included in group figures since 2002 3Q




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Top 30 Exposures

(As of September 30, 2003)                                                                                                                                                       (Won in billions)
                            Name                                    Normal       Precautionary   Sub-standard   Doubtful   Estimated Loss   Total Credit   Marketable Sec   Exposure % of Total

KDIC                                                                         0               0             0           0               0               0           7,536      7,536        46.8%
Kookmin Bank                                                                 0               0             0           0               0               0             826        826         5.1%
Samsung Electronics                                                      745                 0             0           0               0             745              31        776         4.8%
KDB                                                                          0               0             0           0               0               0             521        521         3.2%
     1
Hynix                                                                        0               0            30          74               0             105             403        508         3.2%
LG Electronics                                                           441                 0             0           0               0             441              10        451         2.8%
Samsung Card                                                             120                 0             0           0               0             120             259        379         2.4%
LG Corp.                                                                 354                 1             0           0               0             355               0        355         2.2%
Shinhan Bank                                                                 0               0             0           0               0               0             338        338         2.1%
Hyosung                                                                  328                 0             0           0               0             328               0        328         2.0%
            1
SK Networks                                                                  0               1           300           0               0             301               0        301         1.9%
Korea First Bank                                                             0               0             0           0               0               0             293        293         1.8%
National Federation of Fisheries Cooperatives                            249                 0             0           0               0             249               0        249         1.5%
Chohung Bank                                                                 0               0             0           0               0               0             231        231         1.4%
CIS                                                                      228                 0             0           0               0             228               0        228         1.4%
Sun Capital                                                              226                 0             0           0               0             226               0        226         1.4%
LG Capital                                                                   0               0             0           0               0               0             221        221         1.4%
Inchun Int'l Airport                                                         0               0             0           0               0               0             211        211         1.3%
KAMCO                                                                        0               0             0           0               0               0             210        210         1.3%
Hyundai Merchant & Marine                                                    3            204              0           0               0             207               0        207         1.3%
Daehan Oil Chemical                                                      206                 0             0           0               0             206               0        206         1.3%
Samsung Capital                                                          100                 0             0           0               0             100             100        200         1.2%
CJ                                                                       189                 0             0           0               0             189               0        189         1.2%
NCV Industry                                                             183                 0             0           0               0             183               0        183         1.1%
Hanwha                                                                   169                 0             0           0               0             169              10        179         1.1%
Hankook Tire                                                             173                 0             0           0               0             173               0        173         1.1%
Kumho Tire                                                               170                 0             0           0               0             170               0        170         1.1%
Industrial Bank of Korea                                                     0               0             0           0               0               0             148        148         0.9%
Dongyang Cement                                                          134                 0             0           0               0             134               0        134         0.8%
New Airport Highway                                                      133                 0             0           0               0             133               0        133         0.8%
Total                                                                  4,149              206            330          74               0           4,758          11,348     16,106        100%

* Exposure, excluding 'unconfirmed acceptances & guarantees' and trust account
1. Including overseas subsidiaries' exposures




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Top 20 NPLs

(As of September 30, 2003)                                                                                                                                                (Won in billions)
                                                                                  Sub-                        Estimated                                                      Coverage
             Name                         Normal            Precautionary                      Doubtful                   Total Credit   NPL        Reserves   Collateral
                                                                                standard                        Loss                                                            Ratio
                   1
SK Networks                                            0                    1        300                  0           0           301      300           180             7            62%
        1
Hynix                                                  0                    0          30            74               0           105      105            94           51           138%

Hanyang                                              20                     0              0              0          57            77          57         57           20           100%

Ssangyong1                                           10                     0          57                 0           0            67          57         28           10             57%

Hanil Textile                                          1                    0          56                 0           0            57          56         25          460           848%

Hyundai Corp.                                          2                   36          50                 0           0            88          50         31           19             57%
                         1
Daerim Fisheries                                       3                    0          40                 0           0            43          40         18           16             80%

Samyang Food                                           0                    0          36                 0           0            37          36          7           10             47%

Saehan Media                                           1                    0          36                 0           0            37          36          7             0            19%

SGS Contech                                            5                    0              0              0          25            29          25         25             5          100%

LSF Hanvit                                             0                    0              0         15               0            15          15         14             0            95%

Kohap                                                  0                    0              1              0          13            14          14         14             1          101%

Kumjung Corp.                                          0                    0          13                 0           0            13          13          3           11           107%

Kumjung Ind.                                           0                    0          13                 0           0            13          13          3           11           109%

Woobang                                                0                    0          11                 0           0            11          11          2           13           137%

Kukje Trading Corp                                     0                    0              0         10               0            11          10         10             0            94%

Kwangju Newspaper                                      0                    2              9              0           0            10           9          3             2            50%

Gaia                                                   0                    0              5              2           0              8          8          2             9          149%

Ssangyong Cement                                       1                    0              7              0           0              8          7          3             6          105%

Dooray Metech                                          0                    0              0              0           7              7          7          7             2          133%

Total                                                44                    39        663            102             102           950      867           532          653           125%



* Collateral includes notes discounted foreign notes bought based on LCs
   Total credits, excluding 'unconfirmed acceptances & guarantees'
1. Including overseas subsidiaries exposures




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              Top 20 Precautionary Loans

n billions)   (As of September 30, 2003)                                                                                                                                                    (Won in billions)
                                                                                                                                     Estimated                                                    Coverage
                                   Name                                Normal            Precautionary Sub-standard   Doubtful                       Total Credit   Reserves       Collateral
                                                                                                                                       Loss                                                            Ratio
              Hyundai Merchant & Marine                                             3            204             0               0               0           207           39               7           22%

              Daewoo Electronics                                                    9             77             0               0               0             85          15               9           27%

              KP Chemical                                                           8             64             0               0               0             73          10              10           27%

              Daewoo Construction                                                   0             56             0               0               0             56              6            2           13%

              Hanaro Telecom                                                       23             48             0               0               0             70              1           28           41%

              Shindongbang                                                          9             47             0               0               0             56              7           39           82%

              Daewoo International                                                 53             42             0               0               0             95              2           53           58%

              Hyundai Corp.                                                         2             36            50               0               0             88          31              19           57%

              Republic of Indonesia                                                 0             30             0               0               0             30              5            0           15%

              Hyundai Construction                                                  0             25             0               0               0             25              1            0            5%

              Ssangyong Information                                                 0             25             0               0               0             25              4            0           19%

              Central City                                                          0             20             0               0               0             20              3           28         155%

              Kumho Petrochemical                                                  74             20             0               0               0             94          13            108          128%

              Seoul Guarantee Insurance                                             5             16             0               0               0             22              0            0            2%

              Central Tourism & Dev.                                                0             16             0               0               0             16              2           22         155%

              Kukje Machinery                                                       0             15             0               0               0             15              0            0            2%

              Pan Ocean Shipping                                                    0             13             0               0               0             13              0            1            6%

              Hwankum Ind.                                                          0             13             0               0               0             13              9            9         141%

              KDB Capital                                                           0             11             0               0               0             11              0            8           76%

              Kwanghwa Heungsan                                                     0             11             0               0               0             11              8            8         152%

              Total                                                               185            790            50               0               0         1,025          157            351            50%



              * Collateral includes notes discounted foreign notes bought based on LCs
                Total credits, excluding 'unconfirmed acceptances & guarantees'




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Companies of Selected Groups

(As of September 30, 2003)
                                                       Loan                 Acceptances &                                             Investment Securities
                                                                                                     Total                                                                  Stock                         Impaired
                                                                             Guarantees                                                                                             T/E       Provision              Coverage Ratio
                                                                                                    Credits                                                                  CB                             Loss
(Won in billions)                            Secured       Unsecured         Outstanding                              Par Value         Impaired Loss       Present Value

Hyundai
 Hynix1                                             51               44                     10            105                     2                     2               0     402    509            94           2            137%
 Hyundai Merchant Marine5                             7            200                        -           207                     -                     -               -       -    207            39           -             22%
 Hyundai Corp.                                      19               39                     30              88                    -                     -               -      39    127            31           -             57%
 Hyundai Construction                                 -              25                       -             25                    7                     1               6     105    137             2           1              9%
 Hyundai Oilbank                                    16                 -                      -             16                    -                     -               -       -     16             0           -            101%

Ssangyong
 Ssangyong Co2                                      10               57                       0             67                    -                     -               -      28     96            28           -             57%
 Ssangyong Cement                                     1               7                       -               8                   -                     -               -       -         8          3           -             42%

Daewoo
 Daewoo Motors                                     107                0                       -           107                     -                     -               -       -    107             1           -            100%
 Daewoo Int'l                                       53               20                     22              95                    -                     -               -       3     97             2           -             58%

Kumho
 Kumho Industry                                     51                5                       -             56                    -                     -               -       -     56             7           -            104%
 Kumho Petrochemical                                74               20                       -             94                    -                     -               -       -     94            13           -               1
 Asiana Airline3                                      -              48                       -             48                    -                     -               -       -     48             9           -               0

SK
 SK Telecom                                           -               5                       -               5                   6                     -               6      11     22             0           -              0%
 SK Corp.                                             -                -                      -               -              62                         -              62       -     62              -          -              0%
 SK Global4                                           7            292                        2           301                     -                     -               -       -    301           180           -             62%
 SKC                                                  -                -                      -               -                   -                     -               -       -         -           -          -              0%


1-4. Including overseas subsidiaries exposures
5. Including KRW 190.4 billion of ship financing, guaranteed by Hyundai Heavy Industries under BBCHP ship financing

* Collateral includes notes discounted foreign notes bought based on LCs
  Total credits, excluding 'unconfirmed acceptances & guarantees'




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NPL / ABS Status

>>> ABS Balance


(As of September 30, 2003)                                                                                                                                           (Won in billions)

                                                                                     Outstanding Issuance Value
                                                                                                                                     Book Price of
    Subsidiaries             Issue Date             Initial OPB     Current OPB                                           Reserves                                             Cash
                                                                                                                                      Sub. ABS           Impairment
                                                                                      Senior        Sub.          Total
                                                                                                                                                               Loss
    Woori Bank               2000-10-30                      738                          -            63          63           -                    -          63                 0
                             2000-11-20                      465                          -            73          73           -                    -          73                  -
                             2001-03-16                      567             -            -              -           -          -                    -           -                  -
                             2001-04-10                      481                          -            58          58           -                    -          58                  -
                             2001-07-06                      595           101            -             9            9          -                    -           9                  -
                             2001-06-08                      426             -            -              -           -          -                    -           -                  -
                             2001-10-18                      493                          -              -           -          -                    -           -
                             2001-12-06                      890           295            -            93          93           -               24              69                 3
       Total                                                4,655          396            -          296          296           -               24            272                  3


(As of September 30, 2003)                                                                (Won in billions)
                                                    Assets

                                                                                  Debt-Equity  Assets
                                     Normal      Precautionary            NPLs
                                                                                       Swap Written-off

                396                                           59           128          177            31


* Based on remaining balance after settelment of accounts




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KAMCO

>>> Loan with Exercisable Put-back Option

1. Expected loss rate for non-collaterized loan estimated to be 78.7%

2. Woori has provisioned 100% for estimated loss and interest on put-back option


(As of September 30, 2003)
                                                                             Loan Value
                                                                              Non-Collateral Loan
                                               Collected     Collateral      Total       Estimated                          Estimated     Interest on Put
                    Book Value Sales Price     Amount         Value         Amount         Value           Loan Value         Loss             Back             Total Provision
(Won in billions)                  (1)            (2)           (3)                         (4)          (2)+(3)+(4)=(5)    (1)-(5)=(6)
Woori Bank                418            342            87            159        172              37                283             59                 44                  103

Kwangju Bank                  4           1              0             0           4                 1                  1             0                     1                1

Kyongnam Bank                23          14              1             2          20                 4                  7             7                     3               10

Woori Card                    5           3              0             0           5                 1                  1             2                     1                3

Sum                       449            360            88            161        200              43                292             68                 49                  117


>>> Low possibility to exercise put-back option

(As of September 30, 2003)

                                                                             Loan Value
                                                                              Non-Collateral Loan
                                               Collected     Collateral      Total       Estimated                           Estimated    Interest on Put
                    Book Value Sales Price     Amount         Value         Amount         Value           Loan Value          Loss            Back             Total Provision
(Won in billions)                  (1)            (2)           (3)                         (4)          (2)+(3)+(4)=(5)    (1)-(5)=(6)

Woori Bank                   31          31             27            13           4                 2               42            (11)                     0                0




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Woori Financial Group IR Officer Lists


     Department                                    Job Scope                       Name and Position        Tel                 E-mail


Financial Planning   Management Projection

                     Budgeting
                                                                                    Jung Won Cha
                     Dividend Policy and Optimal Capital Structure                                     822-2125-2140   jungwon.cha@woorifg.com
                                                                                      (Director)
                     Financial Performance Analysis

                     NPL Resolution including Lehman JV


Risk Management      Risk Management Policy

                     Asset Quality Monitoring
                                                                                   Hyung Duck Ahn
                                                                                                       822-2125-2150   hyungduk.ahn@woorifg.com
                                                                                      (Director)
                     Financial Risk Management and Monitoring

                     Top exposures


Accounting           Financial Accounting and Managerial Accounting
                                                                                    Hee Bong Kim
                     Tax Related                                                    (Senior Deputy     822-2125-2160   heebong.kim@woorifg.com
                                                                                       Director)
                     Auditing


Treasury and IR      IR for Domestic/International Investors and All Disclosures

                     Privatization Plan
                                                                                    Young Sun Kim
                                                                                                       822-2125-2110   youngsun.kim@woorifg.com
                                                                                      (Director)
                     Funding Plan and Execution

                     Other non financial related

IR Officer           IR for international investors
                                                                                      Joon Seok
                     Investor Information Services                                                     822-2125-2133      jseok@woorifg.com
                                                                                   (Senior Manager)
                     Shareholder Monitoring




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