Woori Financial Group posts net profit of 904.6 billion won

Woori Financial Group posted a quarterly net profit of 904.6 billion won ($650.4 million), up 0.5 percent on year, according to its earnings report on Friday.

Woori Bank headquarters building in Jung District, central Seoul [WOORI FINANCIAL GROUP]

Woori Financial Group posted a quarterly net profit of 904.6 billion won ($650.4 million), up 0.5 percent on year, according to its earnings report on Friday.

The figure exceeded the analyst expectation of 864.2 billion won compiled by market tracker FnGuide.

This brings the accumulated net profit so far this year to 2.66 trillion won, up 9.1 percent from the same period last year.

On a quarterly basis, however, net profit shrank 3 percent, with net income margin falling by 0.05 percentage points to 1.67 percent on quarter. Compared to a year earlier, the net income margin declined by 0.18 percentage points.

Quarterly interest income stood at 2.22 trillion won, adding up to a cumulative interest income of 6.62 trillion won for the January-September period, up 0.2 percent on year.

Non-interest income came at 493 billion won, bringing the year’s total to 1.38 trillion won, up 53.1 percent from the same period last year.

Operating profit dipped 3.5 percent on year to 1.176 trillion won, slightly below the analyst expectation of 1.184 trillion won.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]