[THE INVESTOR] Woori Bank posted a net profit of 1.31 trillion won (US$1.15 billion) in the first half of the year, an 11-year record, the bank said on July 20.
The figure, which is higher than market expectation of 1.1 trillion won, is an 18.9 percent increase from a year earlier, the bank said in a regulatory filing.
Woori Bank said the gains were backed by overseas businesses and local asset management, which together represents 43 percent of its total profit.
“The first-half bottom-line was buoyed not only by increased profits in overseas investment banking and foreign-exchange trading services but also by growing domestic demand for asset management services due to low-interest rates,” an official at the bank’s investor relations team said by phone.
Operating profit climbed 21.8 percent to 1.808 trillion won in the first half from 1.484 trillion won. Sales fell 4.2 percent to 11.480 trillion won from 11.987 trillion won during the same period.
“Capability to generate stable profits would have a very positive impact on our plan to convert to a holding company,” an official at the bank said. “After the transition to a holding company, the growth base will become more solid through diversification of profit sources,” he said.
By Park Ga-young (email@example.com)