Woori Bank Crosses 4 Tln Won in Operating Profit, Showing Strong Growth in 2024

President Jung Jin-wan of Woori Bank. (Photos: Woori Bank)

In 2024, Woori Bank showed strong growth, surpassing 4 trillion won in operating profit and 3 trillion won in net profit.

Woori Bank’s operating profit in 2024 stood at 4,069.0 billion won, up 22.7 percent from 2023.

Its net profit also climbed by 21.2 percent to 3,047.0 billion, once again breaking through the milestone of 3 trillion won.

Operating income before provisions grew by 13.5 percent to 4,891.0 billion won in spite of tough financial business conditions.

Woori Bank’s performances were driven by both interest income and non-interest income. While its NIM shrank by 0.7 percentage points due to the impact of an interest rate cut, interest income increased by 1.7 percent to 7.566.0 billion won, as Woori Bank successfully expanded corporate loans.

As a result of Woori Bank’s multifaceted efforts to regain the title of “Korea’s leading corporate lender” in 2024, Woori Bank’s total corporate loans grew to 185,859 billion won, up more than 9 percent from 2024.

In particular, Woori Bank’s loans to large corporations grew by 15.9 percent, demonstrating the bank’s sales power, while its loans to SMEs expanded by 6.5 percent.

Woori Bank’s non-interest income grew by a whopping 58.9 percent, surpassing one trillion won, which played an important role in the growth of its profits.

Although Woori Bank performed exceptionally well last year, it left something to be desired in the soundness sector due to increasing internal and external uncertainties and the expansion of loans.

Woori Bank’s NPL ratio hit 0.23 percent in 2024, up 0.05 percent from 2023. Its delinquency rate also swelled by 0.22 percentage points from 1.22 percent to 1.44 percent over the same period.

In line with Woori Financial Group’s aggressive value-up drive, Woori Bank also demonstrated strong risk management capabilities in the area of capital adequacy.

Despite a sharp rise in the exchange rate, the bank’s Common Equity Tier 1 (CET1) ratio inched down to 13.05 percent and its BIS ratio remained at a stable level at 15.85 percent.

Providing Money in Support of Those in Need

Woori Bank announced on Feb. 3 that it implemented a plan to provide 280.1 billion won in financial support to ordinary people in 2024.

In 2024, Woori Bank initially planned to provide 275.8 billion won, but raised the amount by 4.3 billion won, providing 280.1 billion won in support for so-called win-win financing.

Woori Bank provided 183.5 billion won in interest cashback for 210,000 small businesses and self-employed people struggling with a high interest rate and inflation.

In addition, 96.6 billion won was used to give various practical support to the financially vulnerable, including student loan repayments, maternity insurance premiums and allowances for childbirth, cashback for diligent repayment of loans, and paying transportation expenses for teenagers.

Woori Bank President Jung Jin-wan poses for a photo with children at the Woori Bank headquarters' daycare center on Feb. 21.

Launch of Support Program for Families in Crisis

Woori Bank announced that it will launch the “Support Program for Families in Crisis” in February through Woori Love Fund, a social contribution fund raised by employees.

The Support Program for Families in Crisis was selected through employee voting and aims to support families in crisis, including families with the disabled and elderly people with dementia and single-parent families.

Woori Bank is planning one-on-one counseling with a professional counselor, emotional support through education and leisure and cultural activities such as going to performances and camping to expand understanding and communications among family members for the program.

Woori Love Fund has been a social contribution fund raised through employees’ voluntary contributions for more than 20 years since 2003.

It has continued to convey the warmth of Woori Bank employees to neighbors in need including support for children with childhood cancer and the underprivileged at the end of a year, and assistance for ordinary people recovering from social disasters.

The employees’ voluntary social contribution fund has been raised for a long time due to the efforts of both the bank and its employees, including raising awareness of social contribution activities among employees.