SEOUL– State-run Industrial Bank of Korea (IBK) said Wednesday its third-quarter net income jumped 30.1 percent from a year ago, thanks to an increase in interest income.
Its net profit came to 796.3 billion won (US$558.2 million) on a consolidated basis in the July-September period, up from a profit of 612.1 billion won a year earlier, the lender said in a regulatory filing.
Operating profit grew 33.7 percent to 1.09 trillion won, with revenue rising 82.3 percent to 11.5 trillion won, during the cited period.
The earnings beat market expectations. The average estimate of net profit by analysts stood at 722.1 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
In the first three quarters of the year, IBK’s net profit increased 10.7 percent to 2.02 trillion won. Operating profit swelled 11 percent to 2.68 trillion won, with revenue surging 60.7 percent to 26 trillion won.
IBK, which specializes in supporting small and medium enterprises (SMEs), attributed its increased margin to a rise in interest income.
IBK’s ratio of non-performing loans amounted to 0.8 percent at the end of September, down 0.05 percentage point from a year earlier.
Source: Yonhap News Agency