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South Korea’s banking giant, Woori Financial Group Inc. (KRX:316140), reported a 1.6% dip in its Q3 net profit year-on-year, totaling KRW 918.2 billion ($675.2 million), down from the previous year’s KRW 933.3 billion. The company’s Q3 operating income also experienced a decrease of 3.7%, standing at KRW 1.22 trillion. Despite these downturns, the company managed to outperform market expectations, which had forecasted an average net profit of only KRW 835.4 billion.
Notably, Woori Financial’s Q3 net profit saw a significant increase of 37.6% from Q2’s net profit of KRW 667.2 billion, attributed to increased interest income in the first three quarters. The interest income amounted to KRW 6.6 trillion compared to last year’s KRW 6.34 trillion over the same period.
However, the company also reported a drastic fall of 51.6% in revenue on-year to KRW 9.88 trillion. Additionally, the accumulated net profit for the first three quarters showed a decline of 9.3% from last year, standing at KRW 2.53 trillion.
Despite lower figures compared to last year and a substantial drop in revenue, Woori Financial managed to exceed market predictions with its Q3 performance, largely due to increased interest income.
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