Q4 profit drops 73 percent for debt-hedging IBK

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Q4 profit drops 73 percent for debt-hedging IBK

Korea’s state-run Industrial Bank of Korea (IBK) said yesterday that its fourth-quarter earnings fell 73 percent from one year ago due largely to an increase in loan-loss provisions.

Net income reached 37 billion won ($33 million) in the October-December period, compared with the revised 136 billion won a year earlier, it said in a regulatory filing.

Revenue edged down 1 percent on-year to 3.78 trillion won, while operating profit plunged 81 percent to 32 billion won in the cited period.

The bank said the worsened bottom line was because it was required to set aside larger reserves for nonperforming debts.

The lender, which accounts for 21 percent of Korea’s lending to small and medium enterprises, allocated 798 billion won as its fourth-quarter loan loss provision.

Yonhap.

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