Woori Financial Group Inc (FRA:2WGA)

Q4 2024 Woori Financial Group Inc Earnings Call Transcript

Feb 07, 2025 / 07:00AM GMT

Release Date Price: €29.8 (-0.67%)

Transcript

Key Points

Positve

Woori Financial Group Inc (WF) reported a 23.1% increase in net income for 2024, reaching KRW3,086 billion, demonstrating strong profit-generating capabilities.
The group's return on equity (ROE) increased by 1 percentage point year-over-year, indicating improved capital allocation efficiency.
Non-interest income saw a significant growth of 41.9% year-over-year, driven by core fee income and group-wide synergies.
The group's credit cost decreased by 9.4% year-over-year, reflecting effective loan loss management and provisioning strategies.
Woori Financial Group Inc (WF) announced a total dividend of KRW1,201 per share for 2024, marking a 20% increase from the previous year, highlighting a commitment to shareholder returns.

Negative

The group's net interest margin (NIM) declined by 12 basis points year-over-year, affected by rate cuts from the Bank of Korea and declining market rates.
Despite strong performance, uncertainties in Korea and abroad pose challenges, with concerns about weak domestic demand recovery and export slowdowns.
The group's CET1 ratio was impacted by a sharp increase in the USD/KRW exchange rate, causing a 40 basis point decline in Q4.
The non-banking business faced increased credit costs due to economic slowdown and real estate project finance restructuring.
The group anticipates challenges in maintaining non-interest income growth in 2025 due to increased financial condition uncertainties.

Hong Seong Han

Woori Financial Group Inc - Investor Relations Contact Officer

(inaudible) and Group CRO, Park Jang-Geun; and Compliance Officer, Chun Jae-Hwa on the call today. So let me discuss the agenda for today's call. First, on today's call, the Group CFO, Lee Sung-Wook will give a presentation on the earnings performance. And then we will move on to the Corporate Value Enhancement plan review report. Then finally, we will have a Q&A session.

Please note that the earnings call is being conducted with simultaneous interpretation for our overseas investors. Now let us start our presentation on a Woori Financial Group's earnings for the full year of 2024.

Sung;Wook Lee

Woori Financial Group Inc - Chief Financial Officer

Good afternoon. This is Lee Sung-Wook, the CFO of Woori Financial Group. And let me go over the 2024 full year performance of our business. Please turn to page 3 of the presentation material that has been disclosed on our website.

First, let me discuss our net income. In 2024, Woori Financial Group

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