SEOUL—Woori Financial Group Inc. reported a 9.8 percent decline in net profit for the first quarter of 2024, citing a decrease in interest income and losses from equity ties with its major affiliates, including Woori Bank.
According to Yonhap News Agency, the net profit for the quarter was 824 billion won (US$599 million), down from the previous year. The operating profit fell 8.21 percent to 1.15 trillion won, although total revenue saw a slight increase of 2.36 percent to 12.85 trillion won.
Interest income decreased by 0.9 percent to 2.19 trillion won, while non-interest income rose by 5.7 percent to 351 billion won. The group’s net interest margin slightly improved by 0.02 percentage points to 1.7 percent. Specifically, Woori Bank experienced an 8.4 percent decrease in net profit, amounting to 789 billion won. The financial group also allocated 75 billion won in reserves for compensation related to the sales of equity-linked securities products that track Hong Kong's H Index, which is comparatively lower than its competitors.