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SEOUL, Oct. 26 (Yonhap) — Woori Financial Group Inc., a major banking holding firm, announced on Thursday that its third-quarter net profit had dropped by 1.6 percent from the same period last year, amounting to 918.2 billion won (US$675.2 million).
The company reported that its operating income for the July-September period was 1.22 trillion won, a decrease of 3.7 percent from the previous year. Revenue plunged 51.6 percent year-on-year to 9.88 trillion won.
The Q3 net profit surpassed market expectations, with the average estimate of net profit by analysts standing at 835.4 billion won according to a survey by Yonhap Infomax.
The group said the on-quarter gain in net profit was due to an increase in interest income, which totaled 6.6 trillion won in the first three quarters of the year, up from 6.34 trillion won in the same period in 2019.
Accumulated net profit in the first nine months of the year came to 2.53 trillion won, a decrease of 9.3 percent from 2.72 trillion won the year before.
The corporate logo of Woori Financial Group (PHOTO NOT FOR SALE) (Yonhap)
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