Kieun Reports 1.3942 Trillion KRW Net Profit in H1, Up 0.3% YoY
IBK Industrial Bank announced on the 29th that its consolidated net profit for the first half of the year increased by 0.3% compared to the same period last year, reaching 1.3942 trillion KRW. The bank's standalone net profit rose by 4.9% to 1.2588 trillion KRW.
The outstanding balance of loans to small and medium-sized enterprises (SMEs) increased by 7.1 trillion KRW (3.0%) compared to the end of the previous year, reaching 240.9 trillion KRW. The market share rose to 23.31%, further solidifying IBK’s position as the leading bank in SME finance, according to the bank.
As of the end of June 2024, the non-performing loan ratio increased by 0.25 percentage points from the end of the previous year to 1.30%. The loan loss expense ratio decreased by 0.22 percentage points from the end of the previous year to 0.46%.
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An IBK Industrial Bank official stated, “The business environment for SMEs is expected to remain challenging in the second half of the year,” adding, “While thoroughly managing asset quality, we will strive to lead the role of a growth ladder for companies by discovering and nurturing capable enterprises.”
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