Woori Financial Q3 net falls 16% on one-time factor
Woori Financial Group's headquarter in Seoul / Courtesy of Woori Financial Group
Woori Financial Group Inc. on Friday reported a decline in its third-quarter net profit on a one-off factor.
Its net profit reached 1.04 trillion won ($784 million) in the July-September period, down 15.7 percent from a year earlier.
The earnings exceeded market expectations. The average estimate of net profit by analysts stood at 963.4 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
In the first nine months of the year, the banking group racked up 2.66 trillion won in net profit, down 4.9 percent on-year.
Operating profit for the July-September period was 1.41 trillion won, up 43.6 percent from a year ago, and revenue also jumped 66.2 percent to 13.3 trillion won.
Interest income rose 1.7 percent on-year to 2.37 trillion won in the third quarter.
Its non-interest income, on the other hand, sank 7.6 percent on-year to 581 billion won in the July-September period, Woori said.
The financial group's flagship Woori Bank, meanwhile, reported a net profit of 1.02 trillion won in the third quarter, sharply up from a net profit of 736 billion won a year earlier.