Seoul: Industrial Bank of Korea (IBK) on Thursday reported its third-quarter net income of 751.2 billion won (US$527.9 million), marking a 6.5 percent decline from the same period last year.
According to Yonhap News Agency, IBK's operating income for the July-September period was 976.7 billion won, representing a 13.3 percent decrease from a year ago, as stated in the company's regulatory filing. During the same period, revenue dropped by 9.5 percent, totaling 5.85 trillion won.
Despite the declines, the earnings surpassed market expectations. Analysts had projected an average net profit estimate of 669 billion won, as per a survey conducted by Yonhap Infomax, the financial data branch of Yonhap News Agency.