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(LEAD) Woori Financial Group-Q3 earnings

(LEAD) Woori Financial Group Q3 net jumps 16 pct on higher interest income

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By Chung Joo-won

SEOUL, Oct. 25 (Yonhap) -- Major South Korean financial holding firm Woori Financial Group Inc. said Tuesday its third-quarter net profit jumped 15.6 percent on-year largely due to higher interest income.

Net income came to 899.8 billion won (US$626.6 million) in the July-September period, compared with 778.2 billion won from a year earlier, the financial group said in a regulatory filing.

Operating profit swelled 16.38 percent to 1.27 trillion won, and sales soared 135.4 percent to 20.4 trillion won.

In the first three quarters, Woori Financial Group's net profit jumped 21.1 percent from a year ago to 2.66 trillion won.

Woori Financial Group attributed the robust third-quarter profit to a rise in interest income, buoyed by stable risk management and the central bank's aggressive rate hikes.

The Bank of Korea has hiked its key policy rate by a combined 2.5 percentage points since August last year to keep inflation in check and is widely expected to deliver another rate increase before the end of this year.

Among the group's subsidiaries, flagship Woori Bank saw its net profit swell 19.47 percent on-year to 2.37 trillion won in the first three quarters this year, Woori Financial said in a regulatory filing.

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