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

Woori Financial Group Inc. revealed a decline in its net profit for the third quarter due to a one-time factor. The company's net profit amounted to 1.04 trillion won ($784 million) in the July-September period, a 15.7 percent decrease from the previous year. Despite the drop, earnings surpassed market predictions, with analysts' average estimate for net profit standing at 963.4 billion won, according to Yonhap Infomax.

For the first nine months of the year, the banking group achieved a net profit of 2.66 trillion won, down 4.9 percent year-over-year. Operating profit for the July-September period stood at 1.41 trillion won, up 43.6 percent compared to the same period last year, while revenue increased by 66.2 percent to 13.3 trillion won. Interest income grew by 1.7 percent year-over-year to 2.37 trillion won during the third quarter.

However, non-interest income dropped by 7.6 percent year-over-year to 581 billion won in the July-September period, as reported by Woori Financial Group. The company's flagship bank, Woori Bank, reported a net profit of 1.02 trillion won in the third quarter, a significant increase from 736 billion won in the same period last year.