Woori Financial Reports 16% Decline in Q3 Net Profit

Woori Financial Group Inc. reported a significant decline in its net profit for the third quarter of 2023, attributing the drop to one-off factors affecting its financial performance. The net profit reached approximately 1.04 trillion won (around $784 million), marking a 15.7% decrease compared to the same period last year.

Despite the decline, the earnings surpassed market expectations, as analysts had predicted a net profit of around 963.4 billion won. In the first nine months of the year, Woori Financial accumulated a total net profit of 2.66 trillion won, which is a 4.9% decline year-on-year.

The operating profit for the July-September period, however, showed a positive trend, increasing by 43.6% to 1.41 trillion won. Revenue also saw a substantial rise, jumping 66.2% to 13.3 trillion won. Interest income rose slightly by 1.7% year-on-year, reaching 2.37 trillion won, while non-interest income fell by 7.6% to 581 billion won during the same period.

Woori Bank, the flagship subsidiary of Woori Financial, reported a net profit of 1.02 trillion won for the third quarter, a significant increase from 736 billion won in the previous year. This performance reflects the ongoing challenges faced by the financial sector amid fluctuating economic conditions.