Seoul: Woori Financial Group announced a second-quarter net profit of 939 billion won (US$681.3 million), marking a 2.3 percent decrease from the same period last year. The financial group's regulatory filing highlighted that its operating profit for the quarter was 1.1 trillion won, down from 1.25 trillion won in the previous year. Despite the decline in net income, sales experienced a significant increase, rising 24.7 percent to reach 13.57 trillion won.
According to Yonhap News Agency, the company's earnings surpassed market expectations. Analysts had projected an average net profit of 827.5 billion won, based on a survey conducted by Yonhap Infomax, the financial data firm associated with Yonhap News Agency. The higher-than-expected results reflect positively on the financial group's performance amidst challenging economic conditions.