Woori Financial stock: Profit tops 1 trillion won again

Woori Financial Group reported on Friday, October 23, that third-quarter net profit exceeded 1 trillion won for a second consecutive quarter. The Korea Herald said the result was the group's second-highest quarterly profit, while earnings benefited from stronger corporate lending and lower credit costs.

The Korea Herald reported third-quarter net profit of 1.05 trillion won, up 4.4 percent from the previous quarter but down 15.7 percent from the prior-year quarter, which had benefited from acquisition-related gains. For the first nine months, net profit reached 2.66 trillion won, down 4.9 percent year over year. Excluding bargain purchase gains tied to last year's insurance acquisitions, profit rose 18.7 percent.

Loan growth offsets margin pressure

Quarterly interest income increased 1.7 percent year over year to 2.38 trillion won, supported by corporate lending. Noninterest income declined 7.6 percent to 581 billion won as securities-related gains weakened. Cumulative operating revenue rose 6.2 percent to a record 8.68 trillion won, while operating profit increased 19.5 percent to 3.54 trillion won.

Woori Bank, the group's flagship subsidiary, posted quarterly net profit of 1.03 trillion won, up 22 percent from the previous quarter. The group's return on equity improved to 9.9 percent for the first nine months, compared with 9 percent in the first half.

Dividend decision sets next marker

The board approved a third-quarter dividend of 220 won per share, 10 percent above the year-earlier payment. The decision keeps shareholder returns in focus as management seeks to improve capital efficiency and sustain the group's earnings base.