Woori Financial Group Inc. (WF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon. I am Han Hong-sung, head of IR at Woorie Financial Group. Thank you to everyone for taking the time to participate in today's earnings call for Woorie Financial Group. On today's call, we have the group CFO, Kwak Sung-min, group CSO, Lee Jung-soo, group CDO, Oh Gil-jin, and the group CRO, Park Jang-geun. We will begin with the group CFO, Kwak Sung Min, presenting on the earnings, followed by a Q&A session. Please also note that we're providing simultaneous interpretation during the call for the benefit of overseas investors. With that said, let us start the presentation on the first quarter 2026 earnings for Woorie Financial Group. Good afternoon. This is Kwak Sung Min, the CFO of Uri Financial Group. Allow me to present on the earnings results for Uri Financial Group for the first quarter of 2026. And please turn to page two of the material, which is available on our website. The group's Q1 2026 net income was 603.8 billion won, coming in flat year over year. Driven by solid growth from corporate finance, particularly from the advanced strategic industry sector and five consecutive quarter uptrends in the bank's NIM, interest income displayed steady growth. At the same time, record high fee income and the inclusion of insurance business growth sizable, not interest income, which led to balanced top-line growth. However, due to ERP at the bank's beginning of the year and one-off provisioning related to the local subsidiaries of the global divisions, and FX loss and downsize gained from securities following sharp rise in the FX rate and the market interest rate during the quarter, that income somewhat underperformed market expectations. With such factors excluded, group's running basis income was around 900 billion KRW, and as the impact on bottom line...