Woori Comprehensive Financial, 1Q Net Profit 17 Billion KRW... 27.3% Increase YoY

Operating Profit of 22 Billion KRW, Up 51.3% YoY... Achieving Highest Q1 Performance
Focus on Strengthening Sales Capabilities with Establishment of Dedicated PF Department and Branch Credit Teams

[Asia Economy Reporter Kwangho Lee] Woori General Finance, a subsidiary of Woori Financial Group, announced on the 21st that it recorded an operating profit of 22 billion KRW and a net profit of 17 billion KRW in the first quarter of this year. These results represent increases of 51.3% and 27.3%, respectively, compared to the same period last year.

A representative from Woori General Finance explained, "Since the capital increase in November last year, we have been steadily expanding assets such as corporate loans," adding, "Corporate finance (IB) fees have increased due to deal underwriting related to real estate project financing (PF), resulting in net interest income and non-interest income rising by 67.9% and 63.2%, respectively, compared to the same period last year."

They continued, "Under strengthened risk management, the ratio of non-performing loans classified as fixed or below at the end of March was 0.76%, maintaining sound asset quality."

Woori General Finance has recently established an additional dedicated department for real estate project financing and is focusing on strengthening its sales capabilities by expanding branch loan operations. In this regard, they have hired nine market specialists just this year.

In the deposit sector, they launched a co-branded credit card with Woori Card and are preparing to release 'The Dream Installment Savings 3,' an upgraded version of the non-face-to-face exclusive product 'The Dream Installment Savings 1 and 2,' which was successfully sold last year.

A representative from Woori General Finance stated, "Since turning a profit in 2014, we have recorded record-high results every year, and having achieved the highest performance in the first quarter this year as well, we will actively pursue sales efforts to achieve good results by the end of the year." They emphasized, "Last week, dividends were paid, and recently, the CEO personally held meetings with securities firm officials. We will continue proactive investor relations (IR) activities and strive to ensure that both performance and stock prices rise together in the future."

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