April 24, 2024
Finance
Woori Bank’s net profit up 44% in Q1
[THE INVESTOR] Woori Bank said on April 19 that its first-quarter net profit shot up 43.8 percent from a year earlier.
Its net profit jumped to 637.5 billion won (US$559 million) in the January-March period on a consolidated basis, compared with 443.3 billion won a year earlier, the lender said in a statement.
The bank attributed the rise in net profit to decreased loan-loss provisions, increased non-interest income, and a cut in costs through reductions of employees and branches.
It said its interest income came to 1.26 trillion won in the first quarter, up 1.5 percent from a year earlier. Meanwhile, the bank’s non-interest income rose to 449.6 billion won from 265.2 billion won during the same period.
By Alex Lee and newswires (alexlee@heraldcorp.com)
Its net profit jumped to 637.5 billion won (US$559 million) in the January-March period on a consolidated basis, compared with 443.3 billion won a year earlier, the lender said in a statement.
The bank attributed the rise in net profit to decreased loan-loss provisions, increased non-interest income, and a cut in costs through reductions of employees and branches.
It said its interest income came to 1.26 trillion won in the first quarter, up 1.5 percent from a year earlier. Meanwhile, the bank’s non-interest income rose to 449.6 billion won from 265.2 billion won during the same period.
By Alex Lee and newswires (alexlee@heraldcorp.com)
![[Exclusive] Korean military set to ban iPhones over 'security' concerns](http://res.heraldm.com/phpwas/restmb_idxmake.php?idx=151&simg=/content/image/2024/04/23/20240423050599_0.jpg)
