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Woori Bank's Q4 net down 29 pct on one-off costs

All News 15:55 February 08, 2017

SEOUL, Feb. 8 (Yonhap) -- Woori Bank, a South Korean lender, said Wednesday it has posted a 29-percent on-year decline in net profit for the fourth quarter due to increased one-off costs.

Net profit fell to 155.4 billion won (US$135 million) in the October-December period on a consolidated basis, compared to 219.2 billion won a year earlier, the lender said in a statement.

The net result was affected by severance payments worth 86 billion won and bonuses valued at 84 billion won in the last quarter, it said.

Still, the bank said its net profit rose 19.1 percent year-on-year to 1.26 trillion won for all of 2016 helped by increased interest earnings and decreased loan-loss provisions.

The bank said its interest income came to 5.01 trillion in 2016, up 5.4 percent from a year earlier.

Shares in Woori Bank remained unchanged at 13,600 won on the Seoul bourse. The main KOSPI index fell 0.49 percent.

Woori Bank's Q4 net down 29 pct on one-off costs - 1


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