Seoul: Industrial Bank of Korea (IBK) announced on Thursday a significant rise in its second-quarter net profit, reaching 694.4 billion won (US$508.3 million), which marks an increase of 13.9 percent compared to the same period last year.
According to Yonhap News Agency, IBK's regulatory filing revealed that the bank's operating profit for the quarter amounted to 927.4 billion won, up from 827.6 billion won in the previous year. Additionally, the company's revenue saw a substantial growth of 21.9 percent, totaling 10.24 trillion won.
The reported earnings surpassed market forecasts, as analysts had predicted a net profit average of 677.8 billion won, based on a survey conducted by Yonhap Infomax, a financial data unit of Yonhap News Agency.