Woori Card Q3 Net Profit at 30 Billion Won, Down 46.4% Year-on-Year..."Increase in SG&A Expenses"

"Strengthening Risk Management Capabilities"

Woori Card's net profit for the third quarter dropped by more than 40% year-on-year. The decline is believed to be due to increased management expenses.

On October 29, Woori Card announced that its net profit for the third quarter was 30 billion won. This represents a 46.4% decrease compared to the same period last year (56 billion won).

During the same period, operating profit was 37 billion won, down 50% from 74 billion won in the previous year. Net operating revenue was 244 billion won, a 4.7% decrease from 256 billion won in the same period last year.

The decline in Woori Card's performance is attributed to increased expenses. Selling and administrative expenses for the third quarter rose to 80 billion won, a 12.7% increase from 71 billion won in the previous year.

On a cumulative basis for the third quarter, the figure was 106 billion won, down 24.1% from 140 billion won in the same period last year.

Operating profit was 152 billion won, a 15.6% decrease from 180 billion won in the previous year.

Operating revenue was 2.132 trillion won, a 0.8% increase from 2.115 trillion won in the same period last year.

Credit loss expenses amounted to 383 billion won, an 11% increase compared to 345 billion won in the previous year.

A Woori Card official stated, "The increase in credit loss expenses and one-off selling and administrative expenses such as IT work expenses affected the decline in net profit," adding, "We will strengthen risk management and capabilities by expanding our portfolio centered on high-quality credit sales assets."

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