IBK has bad Q2 with poornet interest margin

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IBK has bad Q2 with poornet interest margin

Korea’s state-run Industrial Bank of Korea said yesterday that its second-quarter earnings sank 35.7 percent from a year earlier due to a fall in its net interest margin and a decline in one-off profit.

Net income amounted to 309.2 billion won ($272.5 million) on a consolidated basis in the April-June period, compared with a profit of 480.9 billion won in the previous year, the state-run bank said in a regulatory filing.

Revenue fell 10.2 percent on-year to 3.99 trillion won in the second quarter and operating income also dropped 27 percent on-year to 467.9 billion won, it added.

Compared with three months earlier, its second-quarter net profit declined 34.3 percent.

Yonhap

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