Hana Financial Group and Woori Financial Group reported a combined net profit exceeding 6 trillion won for the third quarter of this year. Hana Financial achieved its highest cumulative net profit to date, while Woori Financial recorded a net profit of over 1 trillion won for the second consecutive quarter. Both companies strengthened their revenue base through increased fees and non-interest income.
According to the financial sector on October 23, Hana Financial and Woori Financial's cumulative consolidated net profits for the third quarter of this year were 3.62 trillion won and 2.66 trillion won, respectively, totaling 6.28 trillion won. This marks a 0.8% increase compared to the combined net profit of 6.23 trillion won during the same period last year. However, Woori Financial's previous year's results included one-time gains from an insurance company acquisition.
Hana Financial's net profit for the third quarter was 1.22 trillion won, a 7.9% increase from the same period last year. Its cumulative net profit reached 3.62 trillion won, up 5.6% from the previous year, setting a record high.
The improvement in performance was influenced by an increase in fee income. Cumulative fee income for the third quarter was 2.14 trillion won, a 29.8% increase year-on-year. As commission revenue grew, particularly in the wealth management (WM) and investment banking (IB) sectors, the proportion of fee income in core earnings rose to 22.3%.
On the same day, Hana Financial decided to conduct an additional share buyback and cancellation worth 250 billion won. Including the 699 billion won already completed by the third quarter, the total share buyback and cancellation for the year reached 949 billion won, a 25.8% increase from last year, marking the highest level ever.
Woori Financial recorded a net profit of 1.05 trillion won in the third quarter, achieving over 1 trillion won in net profit for two consecutive quarters. However, this represents a 15.7% decrease compared to the same period last year.
The cumulative net profit for the third quarter was 2.66 trillion won, down 4.9% from the previous year. Excluding one-time factors such as bargain purchase gains from the acquisition of Dongyang Life and ABL Life, the cumulative net profit increased by 18.7%.
Woori Financial's cumulative interest income for the third quarter rose by 4.5% year-on-year to 7.03 trillion won, while non-interest income increased by 13.9% to 1.66 trillion won. The expansion of corporate finance and the effects of integrating insurance companies contributed to the revenue growth.
Woori Bank, the main subsidiary, achieved a record net profit of 1.03 trillion won for the third quarter, a 22% increase from the previous quarter. The Woori Financial Board of Directors also approved a quarterly cash dividend of 220 won per share.
* This article has been translated by AI.
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