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(LEAD) IBK Q1 net gains 11.4 pct on increased lending

Finance 16:06 April 25, 2022

(ATTN: RECASTS throughout with more info; ADDS photo; CHANGES headline)

SEOUL, April 25 (Yonhap) -- The state-run Industrial Bank of Korea (IBK) said Monday its earnings increased more than 11 percent in the first quarter of 2022 from a year earlier on the back of lending growth.

Consolidated net profit stood at 659.7 won (US$527 million) in the January-March period, up 11.4 percent from a year earlier, the lender said in a regulatory filing.

Operating income expanded 9 percent on-year to 850.6 billion won, with revenue climbing 5.2 percent to 6.03 trillion won.

IBK's first-quarter earnings met market expectations. The median estimate of net profit stood at 654.2 billion won for the last quarter, according to a survey of analysts by Yonhap Infomax, the financial data firm of Yonhap News Agency.

The bank said its first-quarter bottom line improved as it extended more loans to help small and medium enterprises and pandemic-hit merchants overcome the fallout from the COVID-19 outbreak.

The lender's outstanding loans to smaller firms reached 209.3 trillion won as of end-March, up 2.6 percent from three month earlier.

IBK's ratio of non-performing loans amounted to 0.81 percent at the end of March, down 0.24 percentage points from a year earlier.

The bank also said the combined net profit of its subsidiaries came to 90.2 billion won in the first quarter, up 0.4 percent from the same period a year earlier.

On Monday, IBK shares ended 0.43 percent lower at 11,550 won, compared with the broader KOSPI's 1.76 percent loss.

This undated file photo shows the corporate logo of the Industrial Bank of Korea. (Yonhap)


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