Woori Bank Posts Largest Annual Revenues

Bank outpaces manufacturers for the first time in annual sales in 2008, Samsung Electronics included

Woori Bank posted its largest annual sales in 2008 by issuing 74.913 trillion won in loans, outpacing Samsung Electronics whose sales amounted to 72.952 trillion won, according to Job Korea, an employment agency in Korea recently.
Job Korea analyzed the data for 1,000 companies in the country compiled by the Korea Chamber of Commerce and Industry and found that the commercial bank expanded its loans by 260.3 percent last year, eclipsing the nation’s largest electronics company, which has posted the largest annual sales for the past several years, the employment agency said.
Woori Bank’s enormous increase in its loans is owed to the economic slump that forced both individuals and business firms to turn to banks for needed cash, as is the case for other banks. The six nationwide commercial banks took their places among the list of the top 10 companies with the largest annual sales last year, Job Korea said.
Woori Financial Group’s ultimate target is to be among the top 30 financial groups in the world as was announced by Chairman Lee Pil-seung in this year’s New Year’s address. Woori Bank is the largest affiliate of the financial group.
The group will strive to make the list of best-run financial conglomerates in the world by strengthening its customer services and synergy with affiliates, solidifying its image and position.
But, the chairman said, the group believes that the economic crisis sweeping the world would continue to hamper its operation, hurting its assets’ soundness and reducing its profit margins.
In order to fight off the factors that may endanger the group’s operation this year, it has decided to make the reduction of risks its top priority in order to ensure the profitability of the operation. The group will see that all officers and staff are armed with an operational mind to make the group profitable despite the adverse financial conditions ahead this year and build a base to further launch the group’s operations after the financial crisis is over.
The group will also beef up its risk management capacity with the emergency situation office at its center to remove potential risk factors and even use preemptive measures if they are needed.
The group will also focus on finding new growth engines to ensure its successful escape from the financial crisis while at the same time strengthening its current operational capacities and expanding synergy among its affiliates.
The non-banking units and overseas operational base for the group will also be made strong through continued efforts in line with the group’s strategy to be at the forefront of the banking community in fighting off the financial crisis.
As the top financial group in the country with a history extending for 110 years, it is ready to be a bridgehead for the government’s effort to tide over the current economic crisis.
The group is confident that it will make it through the crisis with all of its affiliates, although many risks will stand in its way before it can break through the difficult times.
Crisis and opportunity make up both sides of a coin, and to achieve a great aim, one has to be ready to ride through a long strong wind and rough waves in the sea. The group is ready to do just that.
In the meantime, Woori Financial Group celebrated its eighth anniversary on April 2. Woori Financial Group was established as the first financial holding company in Korea in April 2001 in order to complete the restructuring of the domestic financial industry and build a competitive, comprehensive financial group.
However, Woori Financial Group successfully completed the normalization of management and has grown to be Korea’s leading financial group in just eight years. Today, the Group is committed to preparing for the second takeoff.
The Group is currently focusing on securing a promising business portfolio through a healthy and clean financial structure and the expansion of its non-banking businesses in order to provide customers with unrivalled, one-stop financial services. Until now, the Group has exerted itself to not only creating synergistic effects, but to securing stable profit sources. As a result, it has generated an operating income of more than 1 trillion won for four consecutive years.
Through a commemorative speech at the ceremony, Chairman Lee said, “We should take a long, hard look at ourselves about the recent slump in operating performances and secure a solid foundation for another takeoff thorough self innovation.” nw

Chairman Lee Pil-seung of the Woori Financial Group.