Woori Financial Group Reports Q1 Net Profit of 884.2 Billion KRW, Up 32.5% Year-on-Year

[Asia Economy Reporter Song Seung-seop] Woori Financial Group posted a net profit of 884.2 billion KRW for the quarter, marking its highest quarterly performance, driven by the inclusion of subsidiaries and improvements in its revenue structure. This represents a 32.5% increase compared to the same period last year.

According to the disclosure by Woori Financial Group on the 22nd, net operating income reached 2.3712 trillion KRW, up 19.3% from the same period last year. Interest income was reported at 1.9877 trillion KRW, supported by asset growth centered on corporate loans and an increase in core low-cost deposits.

Non-interest income rose 4.4% during the same period to 383.5 billion KRW. This increase was driven by higher fee income and gains in foreign exchange and derivatives from Woori Bank, the group's core affiliate. The contribution from the non-banking sector expanded to around 20%.

By subsidiary, Woori Bank led the performance with 761.5 billion KRW in profit. Woori Card posted 85.5 billion KRW, and Woori Financial Capital recorded 49.1 billion KRW in earnings.

The ratio of selling and administrative expenses improved by 5.0 percentage points from 46.2% to 41.2%.

The asset quality indicator, the ratio of non-performing loans, was managed at a stable level of 0.28%.

Meanwhile, Chairman Sohn Tae-seung plans to resume overseas investor relations (IR) activities this month in Singapore and next month in the Americas.

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