Woori Financial Group posts 2.8 trillion won net profit in Q4
The Woori Financial Group headquarters in central Seoul / Courtesy of Woori Financial Group
Woori Financial Group, a major South Korean banking group, reported a 85.3 percent rise in its 2021 earnings thanks to increased interest income and strong business performance in its affiliates.
Net profit came to 2.81 trillion won ($2.3 billion) last year on a consolidated basis, compared with 1.52 trillion won registered a year earlier, according to data provided by the company.
Annual operating profit grew 75.9 percent on-year to 3.66 trillion won, while sales declined 5 percent to 27.23 trillion won.
The strong earnings came mostly from increased income from loans and non-interest income from its affiliates, the company said.
The company earned 6.99 trillion won in net interest income last year, up 16.5 percent from a year earlier. The rise is attributed to improved profitability from loan making.
Its non-interest income also jumped 65.2 percent on-year to 1.36 trillion won in 2021 on the back of increased fees from operations linked to securities, financial derivatives and forex markets.
Woori Bank, a major affiliate, reported 2021 earnings of 2.38 trillion won, up 74.1 percent from a year earlier, the data showed. (Yonhap)