The following is a summary of the Woori Financial Group Inc. (WF) Q3 2024 Earnings Call Transcript:
Financial Performance:
Woori Financial Group reported a cumulative net income for Q3 2024 of KRW2.6591 trillion, up by 9.1% year-on-year.
The Group's net operating revenue grew by 6.6% year-on-year to KRW7.9927 trillion.
Cost-to-income ratio remained under 40% for the second consecutive quarter, demonstrating efficient cost management.The quarterly dividend was declared at KRW181 per share.
Business Progress:
The Group has merged Woori Investment Bank and F&I Securities, laying groundwork for entering the insurance industry.
Total loans of the bank reached KRW340 trillion, with corporate loans and household mortgages showing significant growth.
The Group is focusing on increasing core deposits and managing risk assets strategically.
Opportunities:
The Group anticipates stronger demand for asset management services as market interest rates decline.
Woori Financial Group's efforts to strengthen its non-bank businesses are projected to diversify income sources and enhance overall financial stability.
Risks:
Market uncertainties like U.S. Presidential elections and Middle Eastern geopolitical risks could impact financial market stability.
The Sluggish real economy and high interest rates have increased credit costs, pushing up the Group's credit cost ratio to 0.44%.
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
