Woori Financial Group Inc. (NYSE: WF) released its first‑quarter 2026 earnings on April 24, 2026, reporting a record‑high revenue of KRW 15.28 trillion, up 45.5% year‑over‑year, while net income fell 2.1% to KRW 603.8 billion, missing analysts’ consensus of KRW 736.2 billion.
Revenue growth was driven by a 26.7% jump in non‑interest income to KRW 454.6 billion, led by a 13% rise in core fee income to KRW 576.8 billion and the inclusion of the insurance business. Corporate finance activity, especially in the advanced strategic industry sector, added further top‑line momentum, while the bank’s net interest margin continued its five‑quarter uptrend.
Net income missed expectations by KRW 132.4 billion. CFO Seong‑Min Kwak explained that the flat year‑over‑year result was “driven by solid growth from Corporate Finance, particularly from the advanced strategic industry sector and 5 consecutive quarter uptrend in the bank's NIM, interest income displayed steady growth. At the same time, record high fee income and the inclusion of the insurance business drove sizable noninterest income, which led to balanced top line growth.” The miss was largely due to a 20% year‑over‑year rise in credit costs, offset by a 10% quarter‑over‑quarter decline and a one‑off provision of KRW 138 billion.
Capital strength remained robust, with the group’s CET1 ratio reaching a record 13.6%, up 71 basis points year‑to‑date and 115 basis points from the prior year. The board also approved a quarterly cash dividend of KRW 220 per share, a tax‑exempt amount for many shareholders.
Management guided for constructive capital and return metrics but flagged near‑term cost and risk items. The outlook signals confidence in maintaining profitability through disciplined cost management while acknowledging the impact of the one‑off credit cost and ongoing market volatility.
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