Q3 2024 Woori Financial Group Inc Earnings Call Transcript
Key Points
- Woori Financial Group Inc (WF) reported a 9.1% year-on-year increase in cumulative net income for the third quarter of 2024, reaching KRW2,659.1 billion.
- The Group's return on equity (ROE) was 10.82%, indicating strong profitability.
- The cost-to-income ratio remained below 40% for the second consecutive quarter, demonstrating effective cost management.
- Noninterest income increased by 53.2% year-on-year, driven by favorable market conditions and significant profit growth from marketable securities.
- The Group's CET1 ratio is expected to be around 12%, maintaining stability despite currency fluctuations.
- Net income for Q3 2024 was KRW903.6 billion, a slight decrease compared to the previous quarter.
- The net interest margin (NIM) declined by seven basis points in Q3, reflecting margin compression due to market interest rate changes.
- Credit costs increased by 6.3% year-on-year, with a 17.1% quarter-on-quarter rise in Q3 due to high interest rates and real estate market restructuring.
- The growth of core deposits was weak, impacted by high demand for time deposits amid expected rate cuts.
- The Group faces uncertainties from geopolitical risks and potential economic slowdowns, which could impact future performance.
Good day, everyone. I am Han Hong Sung, Head of IR here at Woori Financial Group. I would like to express my sincerely gratitude to all of you for taking the time out of your busy schedule to participate in today's Woori Financial Group's earnings call.
Joining us on the call today are Mr. Lee Sung-Wook, the Group CFO; Mr. Ouk Il-Jin, the Group CDO; and Mr. Park Jang-Geun, the Group's CRO. Today's call will begin with a presentation on our business performance by the Group's CFO Mr. Lee Sung-Wook, followed by a Q&A session.
Please note that simultaneous interpretation is available for our international investors. With that, let us begin the presentation on Woori Financial Group's earnings for the third quarter of 2024.
Good afternoon. I'm Lee Sung-Wook, CFO at Woori Financial Group overseeing the Group's financial operations. Let me now walk you through our business performance for the third quarter of 2024.
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