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Woori Bank is seeking financial innovation to boost its profits under the leadership of its CEO Lee Kwang-goo, who took office a year ago.
The bank set up a financial technology department and adopted a financial engineering tool that uses information communication and technology for the first time in the financial industry.
It also created an asset management system using the Internet of Things and launched its mobile-only system Wibee Bank.
As a result of such efforts, Woori Bank’s performance in the third quarter surprised the market, posting a net profit of 323 billion won ($272 million). Furthermore, its overall net profits recorded 840 billion won, an increase of 40.43 percent compared to the previous year.
The feat is considered even more significant in that the profit was solely from the bank -- Woori’s nonbanking affiliates were sold off to other companies last year.
Additionally, with the prolonged low growth and low interest in Korea, Woori Bank sought to increase their competitiveness by expanding in Southeast Asia.
The bank has entered 18 countries as of October, where it plans to continue its business through mergers and focusing on microfinance, savings and installment finance.
Woori Bank has also carried out cooperative projects and partnerships with other financial companies such as Kiwoom Asset Management, Samsung Securities and Hyundai Capital.
By Sang Youn-joo (sangyj@heraldcorp.com)
