IBK Industrial Bank, 3Q Cumulative Net Profit of 2.2 Trillion Won... 'Record High'

IBK Industrial Bank of Korea surpassed 2 trillion won in net profit for the first three quarters of this year, driven by an increase in loans to small and medium-sized enterprises (SMEs). This marks the highest performance in its history.

IBK Industrial Bank of Korea announced on the 1st that its cumulative net profit on a consolidated basis for the first three quarters of this year reached 2.1977 trillion won, up 3.6% compared to the same period last year, and on a separate basis, it recorded 1.9946 trillion won, up 5.6%.

An IBK Industrial Bank official explained, "The reason for achieving solid results despite challenging conditions such as declining market interest rates is due to loan asset growth through expanded support for SMEs and small business owners, as well as efforts to improve cost efficiency."

Despite intensified competition in the SME loan market, the balance of SME loans in the third quarter increased by 9.8 trillion won (4.2%) compared to the end of the previous year, reaching 243.6 trillion won, and the market share rose by 0.08 percentage points to 23.32% compared to the end of the previous year.

The non-performing loan ratio increased by 0.26 percentage points from the end of the previous year to 1.31%, but the loan loss cost ratio decreased by 0.21 percentage points to 0.47% compared to the end of the previous year, thanks to efforts to reduce loan loss costs through meticulous asset quality management.

An IBK Industrial Bank official stated, "We will continue to make steady efforts so that IBK Industrial Bank's solid growth can lead to the growth of SMEs."