Woori Financial Q3 net falls 16% on one-time factor

Woori Financial Group Inc. disclosed a 16% decrease in its third-quarter net profit, attributable to a one-time factor. The company's net profit for the July-September period amounted to 1.04 trillion won, a decline of 15.7% compared to the previous year. Despite this setback, Woori Financial managed to surpass market expectations. Analysts had predicted an average net profit of 963.4 billion won, according to a survey conducted by Yonhap Infomax, Yonhap News Agency's financial data firm.

For the first nine months of the year, Woori Financial's overall net profit decreased by 4.9% year-on-year, reaching 2.66 trillion won. Operating profit for the July-September quarter amounted to 1.41 trillion won, marking a significant increase of 43.6% compared to the same period last year. Revenue also experienced substantial growth, rising by 66.2% to 13.3 trillion won.

The financial group's core business, Woori Bank, reported a net profit of 1.02 trillion won during the third quarter, a sharp rise from the 736 billion won net profit in the same period a year earlier. However, non-interest income for the July-September period contracted by 7.6% year-on-year, totaling 581 billion won.