Woori Financial Group said on Oct. 26 the financial group posted 2,438.3 billion won in net profit in the Jan.-Sept. period.
The financial group saw Q3 net profit come to 899.4 billion won, a 43.9 percent jump over the previous quarter, showing the financial group’s stable income-generating capabilities.
Net operating profit came to 7,497.9 billion won in the Jan.-Sept. period, a 3.3 percent year-on-year rise over the same period last year.
Despite a continued rise in fundraising costs, caused by rising interest rates, interest revenues surged 4 percent year-on-year on the back of a strong growth of loans with a focus on companies.
Non-interest revenues amounted to 897.8 billion won. Despite declining profit in some areas, such as securities in the third quarter, they increased 3.3 percent over the previous quarter on the back of a steady growth of commission revenues.
Cost income rate came to 40.6 percent on the back of the recovery of operating profit and aggressive cost management, proving that groupwide efforts to pursue management efficiency have paid off.
Meanwhile, Woori Financial Group set its Q3 dividend at 180 won per share, the same as the second quarter, as part of efforts to return revenues to shareholders.
Woori Financial Group Chairman Yim Jong-yong ramped up ties with investors by holding overseas IR sessions over two occasion, and Chairman Yim spearheaded efforts to raise shareholder value by striking a deal to acquire a stake owned by Korea Deposit Insurance Corp.
A Woori Financial Group official said, “The announcement of the quarterly business performance has reconfirmed Woori Financial Group’s stable fundamentals despite the hard business conditions, and Woori Financial Group will stick to a policy of returning profits to shareholders based on stable profit generation capabilities while prioritizing making it substantial amid rising uncertainties of the financial market.”
In a consolidated statement of major subsidiaries for Q3 net profit, Woori Bank, Woori Card, Woori Financial Capital and Woori Investment Bank posted 2,289.8 billion won, 117.4 billion won, 109.1 billion won and 18.4 billion won, respectively.
Woori Financial Group Explores Win-Win Finance Solutions
Woori Financial Group Chairman Yim Jong-yong convened a meeting with CEOs of its all subsidiaries designed to take emergency steps to promote win-win finance on Nov. 3.
Following the emergency meeting, each subsidiary has been discussing how to explore win-win finance solutions even at weekends.
Subsidiaries, including Woori Bank, looked into the progress of the implementation of win-win finance solutions in accordance with Chairman Yim’s request for making good on a promise concerning win-win finance, made with people.
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