Woori Financial Group nets 800 billion Won in 2004

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Woori Financial Group nets 800 billion Won in 2004

 

February 4, 2005


Woori Financial Group, the state-run financial holding company, posted an estimated net profit of 800 billion won ($772 million) for the 2004 fiscal year, up from 56 billion won registered in the previous year, the head of the group told reporters January 12.

Woori Bank, the group's flagship and the country's second biggest lender, netted more than 1 trillion won in 2004, while its two sister regional banks are believed to have recorded net profits of between 100 billion and 200 billion won, said Chairman Hwang Young-key, unveiling the business performance of the group. Hwang said Woori will continue bolstering its non-banking businesses in areas such as securities, credit cards, and insurance to further raise profits.

As part of the group's efforts to bolster its securities and investment arms, Woori Securities Co. will soon merge with LG Investment & Securities, which it purchased late last year. Commenting on its traditional banking business, Hwang said the lender will further boost lending services to small- and medium-sized firms, as well as setting up larger loan loss reserves.

Woori Financial Group was established in April 2001, incorporating several bailout banks and other institutions. Along with its three banking subsidiaries, the group has five separate units under its wing.

 

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