IBK Industrial Bank, Q3 Net Profit 796.3 Billion KRW... 30% Increase YoY

Q3 2022 SME Loan Balance 217.7 Trillion KRW, Market Share 22.8%
Support Efforts for Small and Medium Enterprises and Small Business Owners Lead to a Virtuous Cycle of Bank Growth

[Asia Economy Reporter Song Hwajeong] IBK Industrial Bank of Korea's net profit for the third quarter of this year increased by 30% compared to the same period last year. The cumulative net profit up to the third quarter exceeded 2 trillion won.

IBK Industrial Bank of Korea announced on the 26th through a disclosure that its consolidated net profit for the third quarter recorded 796.3 billion won, an increase of 30.1% compared to the same period last year. The cumulative net profit for the third quarter was 2.0227 trillion won, up 10.7% from the same period last year.

As a result of continuously supporting small and medium-sized enterprises (SMEs) and small business owners facing difficulties, the outstanding balance of SME loans increased by 13.8 trillion won (6.8%) compared to the end of last year, reaching 217.7 trillion won, and the market share recorded 22.8%.

Since the inauguration of President Yoon Jongwon in January 2020, IBK Industrial Bank of Korea set a plan to supply 1.5 trillion won of venture capital over three years, and about 2 years and 8 months later, it surpassed this goal. The bank is also leading financial support for startups that are easily excluded from private investment by discovering innovative companies and private investments.

In addition, the ratio of non-performing loans (NPL) decreased by 0.05 percentage points compared to the same period last year to 0.80%, and the total delinquency rate decreased by 0.02 percentage points compared to the same period last year to 0.27%, maintaining sound asset quality.

An IBK Industrial Bank of Korea official stated, "We will continue to prioritize support for SMEs and small business owners facing difficulties," adding, "We plan to actively respond to the demand for redefining the role of policy finance by strengthening innovative finance, continuously promoting ESG (environment, social, governance) and green finance, and leading the market in areas where private finance alone is insufficient."

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