Woori Comprehensive Financial Reports Strong Earnings, Declares Cash Dividend for the First Time in 11 Years

[Asia Economy Reporter Kim Hyo-jin] Woori Comprehensive Financial announced on the 3rd that its operating profit last year was 68.7 billion KRW, and net income was 62.9 billion KRW. This represents an increase of 27.6% and 18.0% respectively compared to the previous year. Since turning a profit in 2014, it has recorded its highest performance for six consecutive years.

Woori Comprehensive Financial also resolved to pay a cash dividend of 2.0% based on the face value. This is about 1.84% compared to the market price, and the dividend payout ratio is approximately 13.8%.

Woori Comprehensive Financial has recently expanded its business areas beyond deposit-taking and corporate finance to include investment banking (IB), securities management, and brokerage sectors.

At the end of last year, through an organizational restructuring to strengthen the bond management and investment banking divisions, it plans to further focus on highly profitable businesses by expanding synergy with Woori Bank, a key subsidiary within the Woori Financial Group.

A representative from Woori Comprehensive Financial said, “Despite COVID-19, net interest income and non-interest income increased by 44.5% and 2.9% respectively compared to the previous year due to stable asset growth and expansion of IB-related financial underwriting.” He added, “In this growth trend, the deficit has been eliminated, and regardless of the dividend level, it is meaningful that we are able to pay dividends for the first time in 11 years.”

Matters related to dividends are scheduled to be finally approved at the regular shareholders' meeting to be held in March, and detailed agenda items will be resolved at the next board meeting.

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