Industrial Bank of Korea (024110.KS), a state-owned South Korean lender, on Thursday reported a rise in net income for the full year.
For the full year, the company reported a net income of KRW 2.718 trillion, higher than the KRW 2.654 trillion registered for the previous year. This improved net profit reflects investments in innovative firms, foreign exchange stability, and increased non-interest income.
Operating income moved up to KRW 3.655 trillion as against the prior year's KRW 3.594 trillion.
Non-interest income surged to KRW 816.1 billion from KRW 242.1 billion a year ago. Interest income, however, slipped to KRW 7.749 trillion from the previous year's KRW 7.891 trillion.
Total loans increased to KRW 315.623 trillion from KRW 300.584 trillion a year ago. Total deposits were KRW374.878 trillion, higher than the KRW357.311 trillion last year.
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