Seoul: Woori Financial Group Inc. announced a net profit of 653.5 billion won (US$454.8 million) for the first quarter, marking a 22.1 percent decrease from the previous year.
According to Yonhap News Agency, the company's operating income for the January-March period was 867.8 billion won, representing a 24.6 percent decline from the same period last year. Additionally, revenue dropped 24.8 percent to 9.65 trillion won.
The reported earnings did not meet market expectations. Analysts had estimated an average net profit of 717.9 billion won, based on a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.