- Supporting the industrial restructuring and aggressively increasing its appropriation fund to prepare for economic uncertainties
- Launching a new incorporated system through merging the bank and its holding company in November, 2014
On February 6, Woori Bank (President&CEO Lee, Kwang Goo www.wooribank.com) reported its annual results which showed net profit of 1.2140 trillion KRW in 2014.
It has been turned into profit-making from 2013 when it recorded minus 537.7 billion KRW as the holding company.
Although Woori Bank had the deficit of 163 billion KRW in the last quarter for the aggressive increase in its appropriation fund to prepare for economic uncertainties as well as aid to restructuring, it seemed to go into the black due to the considerable decrease in debt expense from the previous year and the refund of corporate tax about privatization worth 604.3 billion KRW.
In addition, it is expected that rationalization of changing into the bank system through the merge and stabilization of its appropriation will continuously lead the increase in its operating profit.
As of late 2014, Woori Bank’s total asset reached 291.9 trillion KRW, 9.8 trillion KRW up from the last quarter. The continuous increase in its overall core assets like loan ensures its robust growth in the future.
“In order to succeed in the upcoming privatization, we will enhance the corporal value with the 24/365 innovation project in 2015, and we are going to maximize the shareholder value through shareholder-friendly dividend policy starting from this year, the first year after Woori Bank was listed, “said an official of Woori Bank.
Meanwhile, net profits of Woori Card and Woori Investment Bank, its affiliates recorded 89.1 billion KRW and 4.5 billion KRW, respectively.
By Lee Jae-seung
