RETAIL BANKING | Cesar Tordesillas, Korea

Woori Finance's net up 33% in Q1

Woori Finance's first-quarter net jumped 33 percent to 668.6 billion won or US$590.8 million from 502.6 billion won last year.


The group attributed the rise the sale of Hynix to local mobile service provider SK Group in February, which also reduced the financial firm's bad debt expenses.

From the preceding quarter, net earnings surged 87.6 percent.

Revenue, however, contracted 5.1 percent on-year to 7.79 trillion won in the first three months of this year, while operating profit jumped 18.7 percent to 953.3 billion won.

As of the end of March, the group's assets reached a record high of 403 trillion won, up around 8 trillion won from three months earlier.

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