Woori Financial Group Second Quarter 2024 Earnings: Beats Expectations

Woori Financial Group (KRX:316140) Second Quarter 2024 Results

Key Financial Results

• Revenue: ₩2.95t (up 28% from 2Q 2023).
• Net income: ₩891.7b (up 51% from 2Q 2023).
• Profit margin: 30% (up from 26% in 2Q 2023). The increase in margin was driven by higher revenue.
• EPS: ₩1,207 (up from ₩814 in 2Q 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Woori Financial Group Revenues and Earnings Beat Expectations

Revenue exceeded analyst estimates by 5.4%. Earnings per share (EPS) also surpassed analyst estimates by 11%.

Looking ahead, revenue is forecast to grow 2.7% p.a. on average during the next 3 years, while revenues in the Banks industry in South Korea are expected to remain flat.

Performance of the South Korean Banks industry.

The company's shares are up 5.1% from a week ago.

Risk Analysis

It's still necessary to consider the ever-present spectre of investment risk. We've identified 2 warning signs with Woori Financial Group, and understanding them should be part of your investment process.

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