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(LEAD) IBK's Q1 net dips on virus fallout, low rates

All News 16:20 April 27, 2020

(ATTN: CHANGES slug; RECASTS headline, lead; UPDATES with additional details, minor changes throughout)

SEOUL, April 27 (Yonhap) -- The state-run Industrial Bank of Korea (IBK) said Monday its net profit dropped from a year earlier in the first quarter due largely to difficulties caused by the new coronavirus outbreak and low interest rates.

The bank's net profit came to 500.5 billion won (US$408.2 million) in the three months that ended March 31, down 10.2 percent from the same period last year, the bank said in a regulatory filing.

Its revenue jumped 60.6 percent on-year to 7.93 trillion won, but its operating profit dropped 11.2 percent to 661.3 billion won over the cited period.

The bank partly attributed the drop in profit to reduced profitability caused by record low interest rates.

The Bank of Korea slashed its key rate to a record low of 0.75 percent in its first emergency rate cut in more than a decade last month.

As of end-March, loans extended by the IBK to local SMEs came to 166.5 trillion won, accounting for 22.5 percent of all loans extended to such companies here.

(LEAD) IBK's Q1 net dips on virus fallout, low rates - 1


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