IBK Q2 net profit down 8.9 pct to 566.7 bln won

SEOUL– Industrial Bank of Korea on Friday reported its second-quarter net profit of 566.7 billion won (US$431.7 million), down 8.9 percent from a year earlier.

The company said in a regulatory filing that it posted 742.2 billion won in operating profit for the quarter, compared with 821.9 billion won a year ago. Sales rose 105 percent to 8.42 trillion won.

The earnings failed to meet market expectations. The average estimate of net profit by analysts stood at 576.1 billion won, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

Source: Yonhap News Agency

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