Woori Financial Group Q3 Net Profit 899.4 Billion KRW... 43.9% Increase from Previous Quarter

Accumulated 2.4383 trillion in Q3... 8.4% decrease from last year
Interest income up 4% YoY due to corporate loan growth
Accumulated provisions double last year's level

Woori Financial Group's net profit for the third quarter (July to September) of this year was recorded at 899.4 billion KRW, an increase of more than 40% compared to the previous quarter. However, cumulative net profit decreased compared to last year due to proactive provisioning for loan losses.

On the 26th, Woori Financial announced its third-quarter earnings, stating, "The third-quarter net profit was 899.4 billion KRW, a 43.9% increase from the previous quarter (625.2 billion KRW), maintaining stable profit-generating capability." The cumulative net profit for the first three quarters was 2.4383 trillion KRW, down 8.4% from 2.6617 trillion KRW in the same period last year. A Woori Financial official explained, "The cumulative net profit decreased due to proactive provisioning in the second quarter of this year."

Net operating income (the sum of interest income and non-interest income) for the first three quarters was 7.4979 trillion KRW, a 3.3% increase from 7.2615 trillion KRW a year ago. Interest income rose 4% to 6.6 trillion KRW from 6.3476 trillion KRW a year earlier, while non-interest income decreased by 1.8% to 897.8 billion KRW from 913.9 billion KRW in the same period last year. Woori Bank stated that despite increased funding costs due to rising market interest rates, solid loan growth centered on corporate loans continued.

Loan loss expenses in the third quarter were 260.8 billion KRW, a 53.1% decrease from the second quarter. On a cumulative basis for the first three quarters, loan loss expenses amounted to 1.0786 trillion KRW, about twice as much as last year's 622 billion KRW.

Key asset quality indicators showed that the non-performing loan (NPL) ratio was 0.41% for the group and 0.22% for the bank, rising by 0.1 percentage points and 0.03 percentage points respectively compared to the end of last year. The NPL coverage ratio was 180% for the group and 239% for the bank due to provisioning. The delinquency rate was 0.31% for the bank and 1.36% for the card business.

The third-quarter dividend was confirmed at 180 KRW per share, the same as the second quarter.

A Woori Financial official said, "This earnings announcement reconfirmed stable fundamentals despite a challenging business environment. Although uncertainty in the financial market is increasing, Woori Financial Group will focus on strengthening its internal capabilities and actively pursue shareholder return policies based on stable profit-generating ability."

Looking at subsidiaries, Woori Bank posted a consolidated net profit of 2.2898 trillion KRW in the third quarter, down 3.5% from 2.3735 trillion KRW in the same period last year. Other subsidiaries recorded net profits of 117.4 billion KRW for Woori Card, 109.1 billion KRW for Woori Financial Capital, and 18.4 billion KRW for Woori Comprehensive Financial.

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