Q2 2024 Woori Financial Group Inc Earnings Call Transcript
Key Points
- Woori Financial Group Inc (WF) recorded a net income of KRW1.7554 trillion in the first half of 2024, up 14.1% compared to the same period last year.
- The Group's ROE rose to 10.8% due to improved profit generation and stable cost management.
- Net operating revenue in the first half of 2024 increased by 5.1% year-on-year, reaching KRW5.28 trillion.
- The CI ratio fell below 40% for the first time since the establishment of the holding company, indicating effective cost optimization.
- The Group's CET1 ratio improved by 9 basis points from the previous quarter, reaching 12.04%, driven by solid profit generation and proactive risk-weighted asset management.
- Credit cost for the first half of 2024 was KRW775.7 billion, with a quarterly increase of 11.6% from the previous quarter.
- The bank's NIM for Q2 was 1.47%, down 3 basis points from the previous quarter.
- The Group's NPL ratio slightly increased to 0.56%, reflecting a rise in delinquency of non-bank subsidiaries.
- Despite efforts to manage costs, the Group's SG&A expense increased slightly by 2.1% from the previous year.
- The decline in market interest rates and intensified competition in corporate loans squeezed lending margins.
Good afternoon, ladies and gentlemen. I am Han Hong Sung, Head of IR here at Woori Financial Group. I would like to sincerely thank all of you for taking the time to participate in Woori Financial Group's earnings conference call despite your busy schedules.
On today's call, we have Group CFO, Lee Sung-Wook; Group CEO, [Il Jin] and Group CRO, Park Jang-Geun. Today's earnings announcement will be conducted in the following sequence. First, a presentation of the Group's financial performance by Mr. Lee Sung-Wook, our Group CFO, followed by a presentation on key measures to enhance corporate value announced today. And lastly, we will proceed with the Q&A session.
We would also like to inform our international investors that simultaneous interpretation service will be available for your convenience. Let's now start with Woori Financial Group's business results for the first half of 2024.
Good afternoon. I am Lee Sung-Wook, CFO of Woori
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
