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Woori Financial Group. (Photo = Yonhap News) |
[Alpha Biz= Reporter Kim Jisun] Woori Financial Group announced on the 26th that its net profit in the first quarter of this year was KRW 824.5 billion, down 9.8% from a year earlier.
Net operating profit, which combines interest income and non-interest income, stood at 2.5488 trillion won, similar to the same period a year earlier (2.55 trillion won).
Interest income fell 0.9% to KRW 2.1982 trillion, but non-interest income rose 5.7% to KRW 350.6 billion.
Woori Bank's net profit fell 8.4 percent to 789.7 billion won in the first quarter. Woori Card decreased by 36.6% to 28.8 billion won and Woori Financial Capital by 15.4% to 33 billion won, respectively, while Woori General Finance increased by 62.5% to 12.6 billion won.
The ratio of fixed loans overdue for more than three months was 0.44%, up 0.09% point (p) from a year ago. The ratio of bank fixed-rate loans also rose 0.01%p to 0.20%.
The delinquency rate by sector was 0.28% for banks and 1.46% for cards, respectively.
The cost of bad debts in the first quarter was 368 billion won, up 40.5% from a year earlier. The cost ratio of bad debts also rose 0.09%p to 0.40%. Sales management costs were reduced by 0.5% to 1.32 trillion won.
Net interest margin (NIM) in the first quarter was 1.74% for the group and 1.50% for banks, up 0.02%p and 0.03%p from the end of last year.
The Hong Kong H Index Equity Linked Securities (ELS), which was reflected in Woori Financial's first-quarter earnings, was 7.5 billion won.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
