Seoul: Woori Financial Group on Friday reported its fourth-quarter net income of 358.6 billion won (US$244.2 million), representing a 21 percent decrease from the same period last year.

According to Yonhap News Agency, the company announced in a regulatory filing that it achieved an operating profit of 724.9 billion won for the quarter, up from 674.2 billion won a year prior. However, sales experienced a decline of 32.2 percent, falling to 10.5 trillion won.

The reported earnings did not meet market expectations. Analysts had projected an average net profit of 411.6 billion won, as determined by a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.