Top 5 Financial Groups Post Record Q1 Net Profit of 6.2 Trillion Won

South Korea's top five financial holding companies achieved their highest-ever quarterly performance, recording a combined net profit of 6.1976 trillion won in the first quarter.

Woori Financial's net profit for the first quarter fell 2.1% year-on-year to 603.8 billion won, attributed to provisioning for overseas subsidiaries.

The five major financial groups saw their first-quarter interest income increase by 5.3% year-on-year to 13.3817 trillion won, and non-interest income grew by 24.2% to 4.7809 trillion won. The significant surge in non-interest income was driven by the strong performance of securities affiliates amid a booming stock market, leading to increased transaction and investment-related fees.

A combination of rising interest rates and a buoyant stock market simultaneously boosted both interest and non-interest income, propelling the top five financial groups to their record-breaking first-quarter results.