Woori Financial Group (316140.KS): 2Q26 Review: Profit recovery on operational discipline; Neutral

研报英文原文证据摘录

Woori Financial Group (316140.KS): 2Q26 Review: Profit recovery on operational discipline; Neutral

Equity Research

24 July 2026 | 10:22PM KST

Woori Financial Group (316140.KS): 2Q26 Review: Profit recovery on

operational discipline; Neutral

Above expectations, running a tight ship to recover profitability Sinyoung Park

+82(2)3788-1778 |

Woori reported 2Q26 net profit of W1,005bn, exceeding GSe/BBG consensus sinyoung.park@gs.com

Goldman Sachs (Asia) L.L.C., Seoul

estimates by +11%/8%. Despite actuarial assumption changes and well-flagged Branch

additional provisions against JoongAng, quarterly profit recovered to W1tn

threshold. The profit recovery was driven by steady NII growth, fee income leveling

up, disciplined cost control and modest improvements in asset quality. Leveraging

the +60bp boost to its CET1 ratio from last quarter’s asset revaluation, Woori

accelerated its corporate loan growth and announced W150bn buyback program for

2H26.

Taking measured steps toward an expanded non-bank portfolio

Woori raised its non-banking profit contribution to 22.3% in 1H26 (vs. 6.9% in

1H25), aligning well with its renewed Value-Up targets of 20% for 2026E and 30%+

over the mid-to-long term. Following a W1tn capital injection to strengthen its

brokerage operations, quarterly fee income reached KRW 700bn, driven by robust

Wealth Management (WM) and Corporate Investment Banking (CIB) performance.

The group plans to reach the KRW 4tn equity threshold required to qualify for a

full-scale investment banking license by 2034, with an interim target of W3tn by next

year through organic capital generation.

Making progress on integrating Tong Yang Life as a wholly-owned subsidiary

Upon re-assessing the exercise price of appraisal rights and raising the put-back