Woori Financial Group Reports Largest Quarterly Earnings Since Becoming a Holding Company... 671.6 Billion Won 'Earnings Surprise'

29.7% Growth Year-on-Year, 300% Surge from Previous Quarter
Subsidiary Woori Bank Also Reports Net Profit of 589.4 Billion Won

[Asia Economy Reporter Song Seung-seop] Woori Financial Group has achieved its highest quarterly performance since its transition to a financial holding company. It is evaluated as an 'earnings surprise' with net income exceeding market expectations.

According to Woori Financial Group on the 21st, net income for the first quarter was 671.6 billion KRW. Compared to the same period last year, it increased by 29.7%, and rose more than 300% compared to the previous quarter.

The net operating income, combining interest income and non-interest income, was 1.987 trillion KRW, up 17%. Woori Financial explained that interest income reached 1.6196 trillion KRW, reflecting successful asset growth centered on corporate loans and expansion of low-cost deposits. Non-interest income realized a profit of 367.4 billion KRW through improved performance in asset management and securities divisions.

Credit quality indicators also improved. The non-performing loan (NPL) ratio improved to 0.39% compared to the end of last year, and the delinquency ratio remained at a favorable level of 0.27% during the same period. The high-quality asset ratio and NPL coverage ratio recorded 88.2% and 162.2%, respectively.

Woori Bank, a subsidiary of the holding company, also grew compared to the same period last year, posting net income of 589.4 billion KRW last quarter versus 503.6 billion KRW. In particular, the net interest margin (NIM) increased from 1.29% to 1.35%. Woori Card recorded net income of 72 billion KRW, and Woori Financial Capital posted 35 billion KRW in net income.

A Woori Financial Group official emphasized, "Through the earnings announcement, we confirmed our profit-generating capability and fundamentals," adding, "Non-bank sector profits exceeded 100 billion KRW, and the profit contributions of newly incorporated subsidiaries are becoming full-fledged."