IBK Industrial Bank Posts 2.2 Trillion Won Cumulative Net Profit in Q3, Up 2.8% Year-on-Year

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IBK Industrial Bank announced on the 30th that its cumulative consolidated net profit for the third quarter of this year reached 2.2597 trillion won, up 2.8% from the same period last year, while its standalone net profit increased by 0.1% to 1.9973 trillion won.

The bank explained that its performance improved through thorough cost management and an increase in non-interest income, despite a decrease in loan margins due to declining market interest rates.

However, consolidated net profit for the third quarter was 751.1 billion won, down 6.53% from the same period last year.

The balance of loans to small and medium-sized enterprises in the third quarter stood at 260.3 trillion won, an increase of 13.1 trillion won compared to the end of last year.

The ratios of substandard and below loans and delinquency rose slightly year-on-year to 1.35% and 1.00%, respectively. However, thanks to meticulous asset quality management, the credit loss ratio improved by 0.04 percentage points (4 basis points) from the end of last year to 0.44%.

A representative of IBK Industrial Bank stated, "Active support for small and medium-sized enterprises has continued the virtuous cycle of IBK's profit structure, where such support leads to the bank's growth." The representative added, "We will continue to address the financial difficulties faced by small business owners during the economic downturn, as well as discover new growth engines and foster advanced industries."

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