Woori Jonggeum Reports Record High Net Profit of 47.4 Billion KRW Last Year, Up 42% YoY

[Asia Economy Reporter Kim Hyo-jin] Woori Comprehensive Financial announced on the 7th that it recorded an operating profit of 53.9 billion KRW and a net profit of 47.4 billion KRW last year.

This represents an increase of 64% and 42%, respectively, compared to the same period last year, marking the highest performance ever. The previous record net profit of 33.4 billion KRW achieved in 2018 was surpassed within one year. This was driven by a 26% increase in interest income due to the activation of loan operations and a 69% increase in non-interest income thanks to the revitalization of IB operations.

A Woori Comprehensive Financial official said, "The expansion of IB operations continues to drive strong performance," adding, "In 2020, we plan to further boost results by actively expanding new businesses such as bond management and brokerage, and venture finance, along with deposit and loan and IB operations. We also plan to continuously strengthen risk management in response to changes in the financial environment."

Since being incorporated into the Woori Financial Group in 2013, Woori Comprehensive Financial has increased its profit margin for six consecutive years. Recently, to create synergy among group companies, it established the CIB Business Division (Corporate & Investment Banking), expanding its business areas to include CIB sales, DCM (Debt Capital Market), and venture finance, while actively recruiting market specialists to strengthen its sales capabilities.

A Woori Comprehensive Financial official stated, "With continuous growth in performance, profitability indicators such as ROE (Return on Equity) and net profit per employee have improved significantly," and added, "Despite the low interest rate and low growth environment, we will maintain growth for the time being through diversification of income sources."

This content was produced with the assistance of AI translation services.