IBK Industrial Bank, 3Q Net Profit 731.6 Billion KRW... 3.7% Decrease YoY

IBK Industrial Bank announced on the 27th that its consolidated net profit for the third quarter decreased by 3.76% year-on-year to 731.6 billion KRW. However, the cumulative net profit for the first three quarters increased by 10.3% to 2.122 trillion KRW.

The outstanding balance of loans to small and medium-sized enterprises (SMEs) recorded 231.7 trillion KRW, up 5.0% (11 trillion KRW) compared to the end of the previous year. IBK stated, "This is the result of continuous support for SMEs and small business owners who are facing difficulties due to increased domestic and international uncertainties."

Additionally, as of the end of the third quarter, the loan loss cost ratio remained stable at 0.67%, while the ratio of non-performing loans and the delinquency rate were recorded at 1.01% and 0.64%, respectively.

An IBK official said, “We are making every effort to manage soundness in preparation for the worsening business conditions of our SME clients due to the recent prolonged low growth and high interest rates,” adding, “At the same time, we are implementing the 'SME Revalue-Up Program' to help SMEs with potential that are temporarily facing difficulties to rebound, thereby expanding the bank’s mid- to long-term growth foundation and contributing to revitalizing the national economy.”

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