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WF - Woori Financial Group: Q1 Beats Consensus On Strong NIM And Asset Soundness
Woori Bank American Depositary Shares
Investment highlights
Woori Financial Group's (WF) 1Q19 net income came in at KRW568.6bn, beating the consensus estimate of KRW538.6bn. Stripping off a one-off caused by a change of accounting method (a KRW38bn decline in net income attributable to controlling interest), net income would have stood firmly at KRW606.6bn. Core income increased 3.4% YoY. The bank's NIM edged up by 1bp to 1.52% in 1Q19. The group NIM slipped by 1bp to 1.78% due to a decline in card NIM. Loan growth was 1.3% QoQ, which helped to protect interest income (flat QoQ, +6.4% YoY). Despite