Woori Turns to Profit as Margins Improve, Loan Provisions Wane
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Woori Finance Holdings Co., the owner of South Korea’s second-largest bank, turned to a profit as provision expenses fell, loan margins widened and it booked a gain from selling Hyundai Engineering & Construction Co. shares.
Seoul-based Woori Finance posted a second-quarter profit of 791.3 billion won ($752 million), compared with a restated loss of 338.5 billion won a year earlier, it said in a regulatory filing today.