Woori Financial Group Reports Slight Decline in Q3 Net Income, Exceeds Market Expectations

SEOUL: Woori Financial Group announced a marginal decline in its third-quarter net income, recording 916.2 billion won (US$659.6 million), a 0.2 percent decrease compared to the same period last year. Despite the decrease, the earnings surpassed market forecasts. According to Yonhap News Agency, the South Korean financial services company disclosed in a regulatory filing that its operating profit for the July-September period dropped 3.5 percent year-over-year to 1.17 trillion won. In addition, the company's sales experienced a significant decline, falling 24.8 percent to 7.44 trillion won. The reported net income surpassed analysts' expectations, which had predicted an average net profit of 874.5 billion won. This estimate was based on a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.