Woori Finance Q2 net dips less-than-expected 46 pct

SEOUL, Aug. 10 (Yonhap) -- Woori Finance Holdings Co., South Korea's top
financial services company, said Monday its second-quarter earnings fell a
smaller-than-expected 46 percent from a year earlier on one-off gains.

Net profit came to 223.1 billion won (US$182.3 million) in the April-June period,
compared with 415.5 billion won the previous year, the group said in a regulatory
filing. Compared with three months earlier, net income grew 38 percent.
Revenue inched down 5 percent on-year to 10.6 trillion won and operating profit
fell 40 percent to 398.9 billion won, it added.
"Compared with the previous quarter, the loan-loss reserves declined and
commission income rose," an official at the group said.
Woori Bank, the group's flagship unit, booked a one-off profit of 180.8 billion
won by selling its stake in Hyundai Engineering & Construction Co. in May.
Woori Bank, South Korea's No. 2 lender, logged a net profit of 171.3 billion won
in the second quarter, down 51 percent from a year earlier.
sooyeon@yna.co.kr
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