Woori Financial Group Inc. reported its bottom line more than tripled from the previous quarter in the quarter ended September as it bulked up under holding structure.

The company in a regulatory filing on Monday said its consolidated net income for the third quarter jumped to 479.8 billion won ($424.8 million) from 142.3 billion won in the previous quarter. Operating income surged 69 percent to 674.9 billion won over the same period, while revenue rose 23.5 percent to 4.3 trillion won.

Its stock was mostly flat on Monday and closed down 0.98 percent at 9,130 won.

Its main unit Woori Bank contributed 480.7 billion won in the third-quarter consolidated net income, Woori Card 27.8 billion won and Woori Investment Bank 18.7 billion won.

The finance conglomerate attributed its brisk third-quarter performance to its efforts to enhance profit structure and better manage financial health, as well as successful M&As to become a comprehensive financial service provider since it turned into a holding entity earlier this year.

Net income from operation gained 5.0 percent to 1.7 trillion won compared to the three months earlier.

Interest income added 0.6 percent quarter over quarter to 1.5 trillion won, despite concerns for fall in profitability due to two cuts in benchmark interest rate made through June. The company said loan sales to small and medium-sized enterprises grew while low-cost savings rose to bolster income.

Non-interest income reached 226.7 billion won for the third quarter on growth in profits from foreign exchange and derivative related asset management operations.

Its non-performing loan (NPL) ratio stood at 0.4 percent and delinquency ratio 0.32 percent, placing the company on top among the country’s financial firms with sound financial condition. NPL coverage ratio was 152.7 percent, about the same as the previous quarter. BIS capital adequacy ratio improved to 14 percent from 11 percent at the end of June, thanks to the early adoption of new Basel III rules.

Its project to bring Aju Capital under its wing also went smoothly. On Friday, its board members approved the plan to take over full ownership of Aju Capital and its fully-owned subsidiary Aju Savings Bank from private equity fund manager Well to Sea Investment.

In a small hiccup, Woori Financial Group reported five of its 25 senior executives were tested positive for Covid-19. The infected officials include Woori Bank’s deputy CEO. Woori Financial Group Chairman Sohn Tae-seung and Woori Bank CEO Kwon Kwang-seok were tested negative.

Bank operations are normal.

By Moon Il-ho, and Cho Jeehyun

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