Seoul, South Korea – Industrial Bank Of Korea announced its financial results for the third quarter, reporting a net income of 731.6 billion won, a 3.8 percent decline compared to the same period last year.
According to a new release by Yonhap News Agency, Industrial Bank Of Korea posted an operating profit of 968.5 billion won for the quarter. This represents a decline from the 1.04 trillion won reported a year ago. Furthermore, the bank's revenue saw a significant contraction, falling 30.6 percent to 7.71 trillion won for the quarter under review.
Despite the decline in both net income and revenue, the bank's third-quarter financial performance aligned with market expectations. The average estimate for net profit by analysts was 738.3 billion won, as reported in a survey by Yonhap Infomax, the financial data subsidiary of Yonhap News Agency.