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Biz News Korea(Eng)

Korea’s Woori Bank’s net income up 16% on year in Q3

Collected: 2016.10.20

Distributed: 2016.10.24

Source: Go Direct

South Korea’s state-owned Woori Bank posted a net profit of 355.6 billion won ($316 million) on a consolidated basis in the third quarter ending September this year, up 15.9 percent from the same period last year thanks to increased interest income and cut in bad loan costs.

Woori Bank announced in a regulatory filing Wednesday that its net income in the first three quarters of this year rose 31.6 percent on year to 1.106 trillion won, exceeding last year’s full-year net profit.

The robust performance was driven by increased net interest income, up 6.5 percent on year to 3.74 trillion won from the January to September period, although its cumulative net interest margin (NIM) fell slightly from 1.43 percent in the second quarter to 1.42 percent.

The bad loan cost declined 27.5 percent to 670.8 billion won. Non-performing loan (NPL) ratio also slipped 0.42 percentage point from the end of last year to 1.05 percent and default rate dropped 0.24 percentage point to 0.58 percent over the same period.

As the NPL coverage ratio increased 34.4 percentage points from the end of 2015 to 155.9 percent, it would be able to better handle unexpected risks in the future.

"We will put our utmost efforts to complete privatization successfully by improving our corporate value," an official from the bank said.

The government stake of 30 percent in the country’s fourth largest bank is being offered for sale in splinters of 4 percent to 8 percent.

Woori Bank shares closed Wednesday at 12,550 won, up 5.02 percent or 600 won from the previous session.

By Park Joon-hyung

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