Woori Financial Group's headquarters in central Seoul (Woori Financial Group)
Woori Financial Group announced Friday its cumulative net profit stood at 2.65 trillion won ($1.9 billion), marking a 9.1 percent surge from the same period last year. The figure surpasses last year’s yearly earnings of 2.5 trillion won.
The financial service provider posted 903 billion won net income in the third quarter, marking a 0.6 percent increase year-on-year. The figure is slightly higher than the market estimate of around 890 billion won.
Cumulatively, the year-to-date net profit reached 2.65 trillion won, up 9.1 percent from the previous year. It even surpassed the annual performance of 2.51 trillion won from last year.
With the figure, the group is likely to achieve its goal of a yearly net profit of 3 trillion won. Last year, Woori was the only one among the top financial firms here to post less than 3 trillion won in earnings.
The cumulative interest income stood at 6.61 trillion won, marking a 0.2 percent increase on-year and non-interest income was 1.37 trillion won, surging by 53.2 percent from the same period last year.
"With the efforts to diversify the source of profits, profits from banking and non-banking sectors increased evenly," Woori Financial Group explained.
Meanwhile, the board settled for a 180 won dividend paid per share for the third quarter.
"Responding to global uncertainties such as geopolitical risks and the US presidential election, Woori Financial Group is to satisfy higher market expectations by continuing to post robust earnings until the year-end," an official from Woori Financial Group said.
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