Korean Financials Take $460 Million Provision Amid Property Woes [BNN Bloomberg (Canada)]
Woori Financial Group Inc. American Depositary Shares (each representing three (3) shares of) (WF)
US:NYSE Investor Relations:
spot.wooribank.com/pot/dream?withyou=eneng0659
Company Research
Source: BNN Bloomberg
Woori Financial Group Inc. booked a provision of 525 billion won ($396 million) in the fourth quarter after a “comprehensive examination on vulnerable areas” such as property, Vice President Sung-Wook Lee said on a call with analysts. Separately, Mirae Asset Securities logged 90 billion won of provisions, including 58 billion won related to struggling construction firm Taeyoung Engineering & Construction Co. and 30 billion won related to real estate project financing, a spokesman for the firm said. The decision to stockpile reserves comes just days after Lee Bokhyun, the Financial Supervisory Service's governor, told financial companies to recognize their losses. Project financing loans, used for everything from infrastructure to construction, could prove a risk trigger for the Korean economy, he added. Read more: Korea's Real Estate Turmoil Is Far From Over Watchdogs in Asia's fourth-biggest economy have also been worried about overseas real estate losses after a spending sp
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Sec Filings
- 4/26/24 - Form 6-K
- 4/26/24 - Form 6-K
- 4/22/24 - Form 6-K
- WF's page on the SEC website