Woori Financial Group reported on 7 February 2025 a consolidated net profit of KRW 3.086 trillion for 2024, up 23.1% from the previous year and back above KRW 3 trillion. The result was the group's second-highest annual profit, behind 2022. Fourth-quarter net profit was KRW 426.1 billion.
Its main subsidiary, Woori Bank, posted net profit of KRW 3.039 trillion, up 21.3%, entering the KRW 3 trillion range for the first time.
EARNINGS DRIVERS
Net interest income rose 1.6% to KRW 8.886 trillion, while non-interest income increased 41.9% to KRW 1.554 trillion. Fee income grew 21.3%, and corporate lending increased by 9% during the year. Credit costs totalled KRW 1.716 trillion. Return on equity improved by 1 percentage point to 9.3%. The group's non-performing loan ratio stood at 0.57%, with NPL coverage of 153.0%, while Woori Bank's NPL ratio was 0.23%.
BUYBACK PROGRAMME EXPANDED
The board set a fourth-quarter dividend of KRW 660 per share, bringing the annual dividend to a record KRW 1,200, a 20% increase on the KRW 1,000 paid for 2023. The group also announced a KRW 150 billion share buyback and cancellation, 10% larger than the previous year's programme, and plans to introduce non-taxable dividends funded by transferring capital reserves, which it expects to lift the after-tax dividend yield for individual shareholders by more than 18%.
The common equity tier 1 ratio stood at 12.08%, up 13 basis points from the previous quarter, and the group is targeting a ratio of 12.5% by year-end. Its BIS capital ratio was 15.64%.