Seoul, South Korea – Woori Card announced on February 7th that its net profit for the year 2024 reached KRW 147 billion, a significant 32.4% increase compared to the previous year. The company also reported strong growth in operating profit and revenue.

Operating profit for the same period rose by 32.9% to KRW 186 billion, while revenue increased by 13% year-on-year to KRW 984 billion.

The delinquency rate, a key indicator of asset quality, improved to 1.44%, down 0.34%p from the previous quarter's 1.78%. This improvement comes despite an increase in provision for bad debts due to the growth in financial bond balance and preemptive provisioning for high-risk groups.

A Woori Card official commented, "The substantial increase in net profit was driven by increased interest income through the expansion of card financing and improved operating efficiency through marketing cost optimization." The official added, "This year, we will further increase the proportion of proprietary card sales to improve the cost structure, and reinvest the saved costs to strengthen marketing competitiveness."

This strong performance by Woori Card highlights the company's successful strategies in expanding its card business and improving operational efficiency. The company's focus on asset quality management is also evident in the improved delinquency rate. With plans to further enhance its cost structure and reinvest in marketing, Woori Card is poised for continued growth in the coming year.

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