Korea’s Woori Financial Group logs 19% lower net income in 2023

Dividend income was 50% higher, however.

Woori Financial Group reported a net income attributable to owners of $1.89b (KRW2.51t) for the whole year of 2023, 19% lower than a year earlier.

Dividend income, however, was 50% higher at $181m (KRW240.29b) over the same period of comparison, its latest financial report showed.

Operating income was $2.6b (KRW3.51t), 20% lower than a year earlier.

Net interest income rose slightly by 0.5% to $6.59b (KRW8.74t), with the share rise in interest income offset by interest expense more than doubling.

Woori blamed the profit drop on one-time expenses, notably for money set aside to absorb potential losses from real estate project financing (PF) loans, local reports said.