IBK Savings Bank Reports H1 Net Profit of 6.9 Billion KRW, Up 6.4 Billion KRW YoY

[Asia Economy Reporter Song Seung-seop] IBK Savings Bank announced on the 23rd that its net profit for the first half of the year reached 6.9 billion KRW, an increase of 6.4 billion KRW compared to the same period last year.

IBK Savings Bank explained that this was due to reduced loan loss expenses resulting from continuous efforts to improve asset soundness. The bank's non-performing loan (NPL) ratio for the first half of the year improved to 3.13%, compared to 4.66% in 2019 and 3.55% at the end of last year.

The return on assets (ROA), a representative profitability indicator, rose by 0.25 percentage points from the previous quarter and 0.49 percentage points from the same period last year to 0.97%. Return on equity (ROE) also increased by 2.49 percentage points and 4.64 percentage points, respectively, reaching 9.11%.

Total assets grew 9.4% year-on-year to 1.4351 trillion KRW. Loan balances increased 12.0% year-on-year to 1.3089 trillion KRW.

IBK Savings Bank plans to target mid-interest loans and policy financial products. Currently, it is increasing loans for mid- and low-credit borrowers, starting with the launch of mid-interest loan products ‘i-Fastron’ and ‘i-Bigron’. Last month, the bank established the ‘Smart Support Department,’ a division dedicated to planning and strategizing non-face-to-face financial services for low-income earners.

This content was produced with the assistance of AI translation services.