[Woori Financial Group] 3Q Net Income Reaches KRW520 Billion
[2011.11.01]
제목없음
[Woori Financial Group] 3Q Net Income Reaches KRW520 Billion
- Realized KRW1.8149 trillion, up 47% YoY, in net income for 3 quarters in 2011 - Continued asset quality improvement and total assets reached KRW372.4 trillion
On November 1, Woori Financial Group announced that it achieved KRW520.0 billion in net income in 3Q 2011 and cumulated net income for 3 quarters this year reached KRW1.8149 trillion, up 47% compared to KRW1.234 trillion for the same period in the previous year.
Total assets as of the end of 3Q increased KRW29 trillion compared to the end of previous year to KRW372.4 trillion, remaining the largest level in the industry.
BIS ratio and basic equity capital ratio reached 14.4% (E) and 11.4% (E) for banking sector and 12.4 (E) and 9.0% (E) for the Group, respectively. Profitability has been also improved as NIM for 3Q recorded 2.56%, up 3bps over the previous quarter.
Woori Financial Group has focused on disposal and redemption of large-sized bad debts by group-wide asset cleaning project since 2Q this year. As a result, group-based substandard & below ratio and NPL coverage ratio sharply improved to 2.6% and 91.2% from 3.3% and 70.2% at the end of the previous year, respectively.
The group-wide asset-cleaning project will be continued until the end of the year to completely dispel worries about asset quality.
An official of Woori Financial Group said, “If some our targets for corporate governance matters and asset quality improvement are made, we expect undervalued our stock price to get into its stride in the near future. We will also continue to strive to secure primary competitiveness by actively practicing the OneDo campaign for group-wide management innovation and strategic cost reduction activities.”
Meanwhile, Woori Bank accomplished KRW5.4618 trillion, up KRW588.9 billion YoY, in operating revenue and KRW1.7318 trillion, KRW549.6 billion YoY, in net income for 3 quarters in 2011.
Net income for 3Q decreased KRW270.7 billion over the previous quarter to KRW494.6 billion. However, the figure was fairly fine considering that 2Q net income had included profits from the disposal of Hyundai E&C shares. The effective increase of net income resulted mainly from the decreases of allowances for debts and administrative expenses by preemptive corporate restructuring.
NIM for 3Q was 2.48%, continuing upward trend since 3Q of the previous year. Substandard & below ratio at the end of 3Q decreased 0.17%p over the previous quarter to 2.25%. Coverage ratio also reached about 100%.
An official of Woori Bank said, “We will strive to improve our asset quality by continuous asset-cleaning efforts and strict loan delinquency management. In addition, we will focus on conducting social contribution activities as well as securing business foundation through customer-orient operations.”
Meanwhile, other affiliates’ net incomes for 3 quarters this year were KRW110.2 billion for Kwangju Bank, KRW180.8 billion for Kyongnam Bank, KRW128.4 billion for Woori Investment & Securities, KRW37.5 billion for Woori F&I, and KRW32.2 billion for Woori Financial. Non-banking businesses also created profits stably.
