Woori Financial Group announced on Oct. 25 that it posted cumulative net profit of 2,661.7 billion won in the first three quarters of 2022.
This figure exceeded the previous year’s annual total. Meanwhile, its third-quarter net profit came in at 899.8 billion won.
Net operating income, including interest income and non-interest income, totaled 7,263.1 billion won during the first to third quarters, up 17.5 percent from the same period of the previous year.
Its interest income continued to climb based on loan growth centered on corporate loans and active financing cost management.
Its non-interest income rose 14.9 percent year-on-year thanks to brisk trust- and lease-related commissions, and maintained a solid upward trend despite growing uncertainties in the financial market.
This is the results of the diversification of its profit-generating base due to the continuous strengthening of its non-banking portfolio.
In addition, as a result of the successful establishment of a risk management-oriented business culture, its NPL ratio reached 0.29 percent and its delinquency rate 0.22 percent, maintaining a stable level since last quarter.
Tat came in spite of concerns over the rising interest rate and an economic slowdown at home and abroad.
Its high-quality asset ratio and NPL coverage ratio sat at 89.3 percent and 223.5 percent, respectively, securing sufficient capacities to respond to future economic uncertainties.
Woori Financial Group’s SG&A expense ratio improved by 4.7 percentage points compared to the same period of the previous year to 40.5 percent thanks to preemptive cost control efforts despite concerns over inflation, further boosting the group’s management efficiency.
“Our highest-ever quarterly results in the third quarter proved once again the fundamentals of Woori Financial Group, which have grown stronger in spite of tough business conditions,” said an official of Woori Financial Group.
“Thanks to our painstaking efforts to strengthen and expand our business portfolio, Woori Financial Group’s net operating profits have grown by an average of 11.3 percent per year since the start of our holding company system. This process has empowered Woori Financial Group to grow into a general financial group with stronger profit-generating power.”
Meanwhile, Woori Financial Chairman Sohn Tae-seung also attended the earnings announcement conference call and mentioned the direction of Woori Financial Group’s business plan for the next year.
“We expect that uncertain economic conditions will continue at home and abroad in 2023 as in 2022,” Son said. “We are drawing up our business plan focusing on soundness-oriented management risk management capacity building.”
Meanwhile, consolidated net income during the first three quarters was 2,373.5 billion for Woori Bank, 179.2 billion won for Woori Card, 167.3 billion won for Woori Financial Capital, and 68.3 billion won for Woori Investment Bank.
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