IBK Industrial Bank, Q1 Net Profit 659.7 Billion KRW... Up 11.4% YoY

Outstanding SME Loans 209.3 Trillion Won
Leading Innovative Finance Through Startup Support and Venture Capital Supply

[Asia Economy Reporter Song Hwajeong] IBK Industrial Bank of Korea announced on the 25th that its consolidated net profit for the first quarter of this year increased by 11.4% year-on-year to 659.7 billion KRW, and the bank's standalone net profit recorded 588.2 billion KRW.

The balance of SME loans increased by 5.4 trillion KRW (2.6%) compared to the end of the previous year, reaching 209.3 trillion KRW, and the market share in SME finance was 22.9%. The bank stated, "Efforts to support SMEs and small business owners in overcoming crises have led to a virtuous cycle of bank growth."

The non-performing loan ratio decreased by 0.24 percentage points year-on-year to 0.81%, while the loan loss expense ratio and total delinquency rate recorded 0.40% and 0.25%, respectively, indicating a stable soundness level. Following last year, sufficient loan loss provisions were accumulated in the first quarter to secure loss absorption capacity against future risks.

For general subsidiaries, net profit for the period increased by 0.4% year-on-year to 90.2 billion KRW.

An IBK official said, "This year, we will lead innovative finance by providing a foundation for small and medium venture companies to grow into global unicorn companies through fostering startups and expanding venture capital supply. Additionally, we plan to accelerate ESG (Environmental, Social, and Governance) management such as supporting the green transition of SMEs and digital transformation."

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