IBK Industrial Bank Reports Q1 Net Profit of 814.2 Billion Won, Up 3.8% Year-on-Year

IBK Industrial Bank Reports First Quarter Earnings
Net Profit Rises 3.8% Amid Support for SMEs
Asset Quality Maintained Despite Economic Downturn

IBK Industrial Bank announced on April 25 that its consolidated net profit for the first quarter reached 814.2 billion won, a 3.8% increase compared to the same period last year.

The bank explained that its performance improved as a result of actively supporting small and medium-sized enterprises (SMEs) that have been facing difficulties, despite worsening conditions in the banking industry such as declining market interest rates. In the first quarter alone, IBK Industrial Bank increased SME loans by more than 6.4 trillion won, expanding its market share to 24.18%.

The company stated that, despite the economic downturn, it maintained its ratio of substandard and below loans at 1.34%, the same level as at the end of the previous year, through meticulous asset quality management. In addition, thanks to preemptively accumulated additional loan loss provisions, its credit cost ratio slightly decreased to 0.36% compared to the same period last year.

An IBK Industrial Bank official said, "We will strive to once again continue IBK's growth formula, in which overcoming crises leads to a virtuous cycle of growth, by faithfully fulfilling our role as a policy financial institution in response to uncertain domestic and global conditions."