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Woori Bank’s net profit surges 33% in 2018

Woori Bank, a major South Korean commercial lender, said Monday its net profit for 2018 soared 33.34 percent from a year earlier on the back of growth in interest income.

Net profit came to 2.04 trillion won ($1.81 billion) in 2018 on a consolidated basis, up from 1.51 trillion won a year earlier, the lender said in a regulatory filing.

Its operating profit jumped 27.22 percent on-year to 2.74 trillion won, a record high, the bank said, while noting that its yearly sales fell 16.05 percent to 19.92 trillion won.


Its net interest margin, a measurement of profitability, stood at 1.99 percent as of the end of last year, up 0.03 percentage point on-year, the bank said.

The performance was mainly attributable to the surge in its interest income, which went up 8.2 percent on-year to 5.65 trillion won. In particular, the increase in loans for small business entities advanced 6.5 percent, according to the lender.

From its global business sector, the bank also saw a 19.7 percent surge in net profit to 200 billion won. (Yonhap)