[Infostock Daily= Reporter An Hoe Hyun] Woori Financial Group announced on the 26th that its consolidated operating profit in the 3rd quarter of this year rose 2.37% year-on-year to 674.9 billion won. During the same period, sales fell 41.45% to 4.2787 trillion won and net profit fell 2.39% to 521.3 billion won.
Excluding non-controlling equity profits, net profit in the 3rd quarter was 479.8 billion won. It has more than doubled compared to the previous quarter. This is the result of improving the ability to cope with the financial environment and adding the results of M&A conducted after the conversion of holding companies. However, compared to the same period last year, it decreased by 1.28%.
Net operating profit, which consists of interest income and non-interest income, reached 1.7141 trillion won, up 5% from the previous quarter. Interest profit rose 0.6% QoQ to 1.4874 trillion won despite concerns over falling profitability caused by two key rate cuts in the first half. The profit structure has improved as loan growth centered on small and medium-sized companies and key low-cost deposits have continued to increase. Non-interest income reached 226.7 billion won due to increased foreign exchange and derivatives profits.
Reporter An Hoe Hyun ahh@infostock.co.kr