SEOUL, Woori Financial Group Inc. said Tuesday its net profit dropped 19.9 percent on year to 2.51 trillion won (US$1.89 billion) in 2023. Operating profit also fell 20.72 percent on year to 3.51 trillion won last year, while revenue declined 0.92 percent to 42.03 trillion won over the cited period. The group attributed the sharp drop in profit to what it called one-time expenses, which included 1.88 trillion won set aside in reserves to absorb potential losses amid growing concerns over real estate project financing (PF) loans. PF loans have become a risk factor for the financial sector after the country's 16th-largest builder, Taeyoung Engineering and Construction Co., filed for a debt-restructuring program late last year. Woori Financial Group said its nonperforming loan (NPL) coverage ratio stood at a record high of 229.2 percent, with that of flagship Woori Bank also reaching an all-time high of 318.4 percent as of end-2023. Source: Yonhap News Agency