Seoul — Woori Financial Group Inc. announced a decline in its net income for the first quarter, totaling 839.5 billion won (US$610.4 million), which marks an 11.3 percent decrease from the previous year. This financial update was provided in a regulatory filing on Friday.
According to Yonhap News Agency, operating profit for the January-March period also fell by 8.2 percent year-over-year to 1.14 trillion won, while sales experienced a slight increase of 2.4 percent, reaching 12.85 trillion won. Despite the declines in profit, the earnings reported surpassed market expectations. Analysts surveyed by Yonhap Infomax, a financial data firm affiliated with Yonhap News Agency, had projected a lower average net profit of 808.3 billion won.