[Edaily Reporter Kim Se-yeon ] WooriFinancialGroup(316140)’s cumulative net income for the first three quarters of this year decreased by approximately 5% compared to the same period last year. While operating profit posted a double-digit growth rate, net income—which reflects non-operating gains and losses as well as corporate income tax expenses—declined.

WooriFinancialGroup announced on the 23rd that it recorded a cumulative net income of 2.7459 trillion won for the first three quarters of this year, including a consolidated net income of 1.08 trillion won for the third quarter. This represents a 4.85% decrease compared to the same period last year (2.8858 trillion won).
On a controlling shareholders’ equity basis, cumulative net income for the first three quarters was 2.6581 trillion won, a 4.93% decrease compared to the same period last year (2.7859 trillion won). Net income attributable to controlling shareholders is calculated by excluding the portion of the Group’s total net income allocated to minority shareholders of subsidiaries; it represents the profit attributable to the financial holding company’s shareholders.
However, third-quarter performance improved compared to the previous quarter. Net income attributable to controlling shareholders in the third quarter was 1.0491 trillion won, a 4.44% increase from the previous quarter (1.0046 trillion won). Consolidated net income also rose 5.21% to 1.008 trillion won compared to the previous quarter (1.00265 trillion won).
Unlike net income, operating income showed an upward trend. Cumulative operating income for the first three quarters of this year totaled 3.5428 trillion won, a 19.46% increase from the same period last year (2.9657 trillion won). Operating income for the third quarter alone also surged 43.62% year-over-year to 1.4190 trillion won, compared to 988 billion won in the same quarter of the previous year. This figure also represents a 7.85% increase compared to the previous quarter (1.3157 trillion won).
Writing
The decline in net income despite the increase in operating profit was due to the impact of non-operating income and expenses, as well as corporate income tax expenses. Cumulative operating profit for the first three quarters of this year rose 19.46% year-over-year, but pre-tax profit—which reflects non-operating gains and losses—increased by only 0.27%. Furthermore, net income after deducting income tax expenses actually decreased by 4.85%. In other words, while profits generated from core business operations increased, they did not translate into higher net income.
Woori Bank, a key affiliate, posted a third-quarter net income of 1.0276 trillion won, marking its highest-ever quarterly performance. This represents a 22% increase from the previous quarter. Cumulative net income for the first three quarters totaled 2.4006 trillion won. Woori Bank explained that it improved profitability by expanding its portfolio of high-quality assets and managing costs and capital adequacy. In addition, the bank plans to expand investment in information security infrastructure and broaden the scope of biometric authentication to guard against customer data breaches and cyberattacks.
The cumulative net income for the third quarter at other major affiliates was as follows: Woori Card at 133.7 billion won, TONGYANG LIFE INSURANCE at 121.6 billion won, Woori Financial Capital at 114.6 billion won, Woori Investment & Securities at 28.2 billion won, and Woori Asset Management at 25.4 billion won.
WooriFinancialGroup also decided today to pay a cash dividend of 220 won per common share. The dividend yield is 0.7%, and the total dividend payout amounts to approximately 161.3 billion won. The ex-dividend date is the 10th of next month, and the dividend is scheduled to be paid on the 30th of the same month.