Woori Bank posts Q3 earnings surprise

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Woori Bank posts Q3 earnings surprise

Woori Bank posted stronger-than-expected third-quarter earnings on Wednesday, backed by improved profits from loans and reduced bad debt reserves.

The bank reported 355.6 billion won ($316.6 million) in net profit, up 31.6 percent from last year and 15.9 percent from last quarter. The bank noted that profits from loan interest rose 6.5 percent in the third quarter.

Woori Bank also reduced its volume of bad debt reserves by 27.5 percent, or 254.9 billion won, compared to the same month last year.

The bank said that thanks to a strong third quarter, the accumulated 2016 net profit up to September has already exceeded the full 2015 profit.

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