Woori Financial Group-Q2 earnings

Woori Financial Group's Q2 net profit down over 32 pct on-year

SEOUL, July 27 (Yonhap) -- Major South Korean financial holding firm Woori Financial Group Inc. said Thursday its net profit sank 32.3 percent in the second quarter from a year earlier.

Net profit for the three months ended in June dropped to 625 billion won (US$489 million) from 923 billion won during the same period of last year, the financial group said in a statement.

Woori Financial said its interest income rose 3.7 percent on-year in the second quarter to 2.19 trillion won thanks to an increase in corporate loans but its non-interest income shrank 30.3 percent on-year to 279 billion won due to market volatility.

The group also reported the amount of provisions to cover risky loans jumped 68 percent in the second quarter from a year ago.

Flagship Woori Bank registered a net profit of 610 billion won, down 29.2 percent from the previous quarter.

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