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Woori Financial Group reports record-high net profit for H1

Woori Financial Group said Monday that it recorded a net profit of nearly 1.8 trillion won ($1.53 billion) for the first half of the year, marking a new high.

The figure comes as the result of combined first-quarter and second-quarter net profits this year. Its second-quarter net income increased 7.2 percent on-quarter to 610.3 billion won.

An official at the firm explained that they improved their financial structure by expanding core deposits and boosting noninterest income business centered around asset management.

In detail, the group’s commercial banking subsidiary Woori Bank reported a net profit of 1.2 billion won in the same period, while Woori Card and Woori Investment Bank each posted a net profit of 66.5 billion won and 22.2 billion won.

The announcement comes after Woori in January became Korea’s fifth financial holding entity after KB, Shinhan, Hana and NH Nonghyup.

By Jung Min-kyung (