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IBK's Q2 earnings jump 20.9 pct

All Headlines 15:17 August 05, 2011

SEOUL, Aug. 5 (Yonhap) -- The state-run Industrial Bank of Korea (IBK) said Friday its second-quarter net profit climbed 20.9 percent from a year earlier.

Net profit reached 480.9 billion won (US$451 million) in the April-June period, compared with 397.8 billion won in the previous year, the group said in a regulatory filing.

The bottom line was stronger than the market consensus of 468.3 billion won in a poll of analysts by Yonhap Infomax, the financial news arm of Yonhap News Agency.

However, revenue slumped 22.7 percent on-year to 4.5 trillion won, while operating profit gained 27.2 percent to 643.6 billion won.

In the first half of the year, net income reached 993.1 billion won, compared with 860.4 billion won in profit a year earlier, it added.

Shares of IBK closed at 17,050 won, down 2.57 percent from Thursday's close. The results were announced after the stock market closed.


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