(LEAD) IBK’s third-quarter net profit soars 30% on higher interest income

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SEOUL, Oct. 26 (Yonhap) — The state-run Industrial Bank of Korea (IBK) on Wednesday said its third-quarter net profit jumped 30.1 percent from a year ago. year, thanks to an increase in interest income.

Its net profit was 796.3 billion won ($558.2 million) on a consolidated basis in the July-September period, compared with a profit of 612.1 billion won a year earlier. the lender said in a regulatory filing.

Operating profit rose 33.7 percent to 1.09 trillion won, with revenue up 82.3 percent to 11.5 trillion won, during the cited period.

Earnings exceeded market expectations. Analysts’ average net profit estimate was 722.1 billion won, according to a survey by Yonhap Infomax, the financial data company of Yonhap News Agency.

In the first three quarters of the year, IBK’s net profit rose 10.7% to 2.02 trillion won. Operating profit rose 11% to 2.68 trillion won, with revenue up 60.7% to 26 trillion won.

IBK, which specializes in supporting small and medium-sized enterprises (SMEs), attributed its increased margin to higher interest income.

IBK’s non-performing loan ratio stood at 0.8% at the end of September, down 0.05 percentage points from a year earlier.

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