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Woori Bank posts strong Q3 earnings prior to privatization

[THE INVESTOR] Woori Bank reported on Oct. 19 that its net profit in the third quarter rose 15.9 percent to 355.6 billion won (US$315.95 million) from the same period last year.

Its accumulative net profit this year hiked 31.6 percent on-year to 1.16 trillion won, surpassing that of the whole year 2015.

The interest income increased while bad account cost decreased, leading to a better performance, said the bank. 

Net interest income from January to September reached 3.75 trillion won, a 6.5 percent rise on-year. Net interest margin in the same period slipped 0.01 percent point to 1.42 percent from the end of the second quarter.

Bad account cost dropped 27.5 percent to 670.8 billion won. Non-performing loan coverage ratio jumped 34.4 percent to 155.9 percent, and delinquency rate declined to 0.58 percent, down 0.24 percent point, both from the end of 2015.

The bank’s total asset grew 1.3 percent to 312.8 trillion won and its equity capital 4.1 percent to 20.5 trillion won, on a consolidated basis from the previous quarter.

The final bid to sell the 30 percent stake of the bank, a fifth attempt at privatization, will be held on Nov. 11.

By Hwang You-mee (