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Woori Bank posts 35.8% YOY increase in Q2 net income amid asset quality improvement

WooriBank reported a 35.8% year-over-year increase in net income for the second quarter thanks to a reductionin impairment on credit loss.

Thecompany's consolidated net income attributable to controlling interests forthe quarter surged to 307.05billion won from 226.08 billion won in theprior-year quarter. Consolidated net income for the first half also rose45.2% to 750.27 billion won from 516.86 billion won in the prior-year half. EPS for the half was 2,232 won, upfrom EPS of 1,567 won for the entirety of 2015.

Netinterest income for the second quarter rose yearly to 1.246 trillion won from 1.181 trillion won. Net operating revenueincreased to 1.517trillion won from 1.475trillion won.

The company's impairment on credit loss decreased 36.1% to250.53 billion won from 391.78 billion won in the prior-year quarter. As aresult, the bank's operatingincome rose to 392.84 billionwon from 275.20billion won in the prior-year quarter.

Thebank's net interest margin, including credit card unit , was 1.85% for the quarter, downfrom 1.87% at the previousquarter, but slightlyup from 1.84% in theprior-year quarter.

The group's nonperforming loan ratiowas 1.22% as of June30, down from 1.39% at March 31 and 1.7%at June 30, 2015.

Asof June 30, the group's BIS ratio rose to 13.67% from 13.55% as of March 31 and 13.66% as of Dec. 31, 2015. Its common equity and Tier 1ratios at the end of the second quarter were 8.8%and 10.54%,respectively, compared to 8.68%and 10.43% atthe end of March.

Asof July 18,US$1 was equivalent to 1,136.95 South Korean won.