Woori Financial Group Q1 Net Profit Down 2.1% on Increased Costs

Woori Financial Group reported a 2.1 percent decline in first-quarter net profit to 603 billion won (US$407 million), missing analyst expectations of 736.2 billion won. Operating profit fell 7 percent to 808.2 billion won, while revenue rose 58.2 percent to 15.28 trillion won. Interest income increased 2.3 percent to 2.3 trillion won, and non-interest income surged 26.7 percent to 455 billion won. Its flagship Woori Bank saw net profit drop to 531 billion won from 634 billion won a year earlier.