Woori Financial Group posts W1.61tr in first-half net profit, up 3.7%

Woori Financial Group posted a net profit for the period of 1.61 trillion won ($1.1 billion) in the first half of this year, up 3.7% from a year earlier. Profit also rose sharply from the first quarter, driven by an improvement in net interest margin on the back of growth in core deposits and a strong performance from non-bank affiliates, including an insurance subsidiary.

Woori Financial Group disclosed Friday that its first-half net profit for the period reached 1.61 trillion won, a 3.7% increase from the same period last year. Second-quarter net profit came in at 1 trillion won, up 66% quarter-on-quarter.

First-half net operating revenue rose 6% year-on-year to a record 5.72 trillion won.

Interest income grew 3.2% year-on-year to 4.66 trillion won. Woori Financial said Woori Bank expanded its deposit base by focusing on core, low-cost deposits and pursued ongoing asset rebalancing, lifting the group's net interest margin (NIM) by 7 basis points from a year earlier. Corporate lending centered on productive finance also grew more than 4% from end-2025, which the group said helped drive the second-quarter earnings recovery.

Despite sharp rises in exchange rates and market interest rates, first-half non-interest income climbed 20% year-on-year to 1.06 trillion won, supported by strong performance in the bank's wealth management business and capital markets, as well as higher fee income from securities and asset management operations.

Woori Financial particularly highlighted the contribution of its non-bank affiliates to the earnings improvement. The non-bank segment accounted for about 22% of the group's total profit in the first half — more than triple the share recorded a year earlier.

"With the full consolidation effect of the insurance subsidiary now kicking in, the securities unit also expanded its business base through a 1 trillion won capital increase, pushing its net profit up 44% year-on-year," a Woori Financial official said.

Woori Financial's first-half credit loss provisions totaled 966 billion won, up 2.4% from a year earlier.

The group also announced Friday an additional share buyback and cancellation of 150 billion won in the second half, along with a second-quarter dividend of 220 won per share. The total annual share buyback and cancellation program now stands at 350 billion won, up 133% from 150 billion won last year. The quarterly dividend will be paid as a tax-exempt distribution.

"The recovery of recurring quarterly net profit to above 1 trillion won is a meaningful achievement that demonstrates the strengthened fundamentals and earnings power of Woori Financial Group," a company official said. "We will continue our unwavering efforts to enhance corporate value, including steadily expanding shareholder returns on the back of industry-leading capital strength."