The Industrial Bank of Korea (IBK) announced on Nov. 26 that it posted 2,022.7 billion won in cumulative net profit for the first three quarters of 2022.
This is an increase of 10.7 percent (196.3 billion won) compared to 1,826.4 billion won in the same period of last year.
Its net profit during the third quarter amounted to 796.3 billion won, up 30.1 percent from the same period of last year.
“Steady loan growth through support for small and medium-sized enterprises (SMEs) and small business owners led to a virtuous cycle of the IBk’s growth,” an IBK official said.
The IBK’s total loan balance in the third quarter stood at 268.6 trillion won, up 5.6 percent from the end of 2021.
Of the amount, the balance of small and medium-sized business loans reached 217.7 trillion won, up 6.8 percent from the end of 2021.
The bank’s mid-term loan market share stood at 22.8 percent as of the third quarter.
The IBK is also taking the lead in providing financial support for startups, he explained.
The bank drew up a plan to supply venture capital worth 1.5 trillion won over the next three years since Yoon Jong-won took office as head of the bank in January 2020.
It exceeded its target in about two years and eight months since the implementation of the plan. An increase in loans boosted the IBK’s profitability.
IBK’s interest income in the third quarter sat at 1,826.3 billion won, up 9.8 percent from the previous quarter.
During the same period, its net interest margin (NIM) climbed by 0.15 percentage point to 1.83 percent.
The IBK’s credit cost rate, a soundness indicator, stood at 0.44 percent on a cumulative basis in the third quarter while its current credit cost rate excluding preemptive provisions 0.24 percent.
Its substandard and below loan ratio and delinquency ratio in the third quarter recorded 0.80 percent and 0.27 percent, up 0.05 percentage points and 0.02 percentage points, respectively, from the same period of 2021.
In the meantime, the IBK announced on Oct. 4 that it will hold the IBK Card Day Event from Nov. 7 to Dec. 25.
The bank will provide cash back services when paying after My Tag in Paybooc Book Application through the event.
The IBK announces that it will hold the IBK Card Day Event from Nov. 7 to Dec. 25.
You can receive up to 18,000 won in cash back by tagging IBK Card Day Benefits, which will open every Monday at 10 a.m. in the My Tag on Paybooc Application, and then paying with your IBK card on designated days (Friday, Saturday and Sunday).
The merchants are simple payment services (Naver Pay and Coupay), online shopping malls (SSG and Market Kurly), hotel and motel reservation services (Yanolja and Good Choice) and fashion platforms (Musinsa and Zigzag).
Depending on settlement amounts, benefits will range from a minimum of 3,000 won to a maximum of 6,000 won.
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