Woori Bank reported a 19.9% year-over-year increase in net income for the year ended Dec. 31, 2017, thanks in part to a jump in noninterest income.
The bank's consolidated net income attributable to controlling interests rose to 1.512 trillion won, or 2,237 won per share, from 1.261 trillion won, or 1,866 won per share.
Interest income increased to 5.221 trillion won from 5.019 trillion won. Meanwhile, noninterest income jumped to 1.252 trillion won from 867 billion won in 2016.
Impairments on credit losses for 2017 fell to 785 billion won from 834 billion won for 2016.
Operating income climbed to 2.157 trillion won from 1.574 trillion won.
For the quarter ended Dec. 31, 2017, the bank's consolidated net income clocked in at 134 billion won.
The group's net interest margin for the fourth quarter of 2017 stood at 1.94%, down from 1.99% in the previous quarter but up from 1.82% in the year-ago quarter.
The group's consolidated nonperforming loan ratio at the end of 2017 declined to 0.85% from 0.99% at the end of 2016. The bank's NPL ratio for the period fell to 0.83% from 0.98% a year ago.
The BIS ratio at the end of December 2017 rose to 15.6% from 15.3% at the end of December 2016. The bank's Tier 1 and common equity ratios clocked in at 13.2% and 11.2%, respectively, compared to 12.7% and 10.5% a year ago.
As of Feb. 7, US$1 was equivalent to 1,082.23 South Korean won.
