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Biz News Korea(Eng)

IBK Q3 net income up 59% on year on loan income

Collected: 2017.10.28

Distributed: 2017.10.30

Source: Go Direct

State-invested Industrial Bank of Korea (IBK) on Friday reported a 59 percent jump in the net income of 448.1 billion won ($396 million) for the July-September period against a year ago period on increased interest and non-interest revenue.

The cumulative net profit in the nine months of the year jumped 31.4 percent to 1.248 trillion won on a consolidated basis from the same period of last year.

Shares of Industrial Bank of Korea Friday closed 1.99 percent up at 15,400 won from the previous session.

“IBK’s strong performance for the third quarter was driven by improved net interest margin, higher interest earnings from loan increases and strengthened profitability from non-interest income,” said an official at the bank. Net interest margin of IBK gained 0.02 percentage points to 1.96 percentage points from a year ago.

Its loan balance for small- and medium-sized companies rose 5.5 percent from December to reach 141.7 trillion won as of September. The bank is responsible for 22.5 percent of lending to small and mid-sized corporate category.

By Roh Seung Hwan and Lee Ha-yeon

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