Woori Investment & Securities has reported improved performance in the first half of the year, driven by growth in non-interest income, particularly in its investment banking (IB) sector.
The company announced on July 24 that its net profit for the first half of the year reached 24.7 billion won, a 47.1% increase compared to the same period last year. Operating profit also rose to 29.4 billion won, marking a 93.3% increase.
First-half net operating revenue was 146.2 billion won, up 58.7% from the previous year. Net interest income increased by 17.0% to 62.3 billion won, while non-interest income surged by 110.0% to 83.9 billion won.
As a result, the proportion of non-interest income in net operating revenue grew from 43% in the first half of last year to 58% in the same period this year. The company explained that this shift towards a non-interest-based revenue structure has gained momentum following a capital increase.
Notably, commission income from the IB sector rose to 49.1 billion won, a 206.0% increase compared to the same period last year. Its share of non-interest income also expanded from 40% to 58%. The company attributed this growth to securing large deals based on its capital increase.
Woori Investment & Securities has also continued to invest in future growth. Selling and administrative expenses increased by 46.8% to 90.9 billion won due to the establishment of its own ledger IT system and the hiring of specialized personnel.
Additionally, provisions for bad debts rose to 25.9 billion won, a 62.5% increase from the same period last year, driven by asset growth from expanded operations and proactive risk management.
The company stated, "Despite the increase in investment and risk management costs, profitability improved based on strengthened core competitiveness and expanded non-interest income."
* This article has been translated by AI.
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