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Woori Finance's net up 33 pct in Q1

All Headlines 17:05 May 03, 2012

SEOUL, May 3 (Yonhap) -- Woori Finance Holdings Co., South Korea's largest banking group by assets, said Thursday that its first-quarter net jumped 33 percent on-year thanks to earnings generated by the sale of Hynix Semiconductor Inc.

Net income stood at 668.6 billion won (US$590.8 million) in the January-March period, compared to 502.6 billion won tallied a year earlier, the company said in a regulatory filing. From the preceding quarter, net earnings surged 87.6 percent.

Revenue, however, contracted 5.1 percent on-year to 7.79 trillion won in the first three months of this year, while operating profit jumped 18.7 percent to 953.3 billion won.

The banking group attributed the rise in quarterly earnings to profits earned from the sale of Hynix to local mobile service provider SK Group in February. The move also reduced the financial firm's bad debt expenses.

As of the end of March, the group's assets reached a record high of 403 trillion won, up around 8 trillion won from three months earlier.

Shares of Woori Finance closed at 12,150 won on the main bourse, down 0.82 percent from Wednesday's trading session.

yonngong@yna.co.kr
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