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Industrial Bank of Korea posts 2.4% YOY increase in Q1 net income

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Industrial Bank of Korea posts 2.4% YOY increase in Q1 net income

IndustrialBank of Korea posted a 2.4% year-over-year increase in net incomefor the quarter ended March 31, helped in part by an increase in net interestincome during the period.

The company's first-quarter consolidated net incomeattributable to equity holders rose to 376.7 billion won from 367.8 billion wonin the prior-year quarter.

Net interest income climbed to 1.183 trillion won from 1.119trillion won, while net fee and commission income declined to 95.2 billion wonfrom 103.0 billion won.

Net operating income for the quarter fell to 1.068 trillionwon from 1.071 trillion won in the year-ago quarter.

Impairment charges and other credit provision rose to 371.5billion won from 349.6 billion won.

The bank's NPL ratio was 1.43% as of March 31, up from 1.31%at the end of 2015, but down from 1.46% at March 31, 2015.

As of March 31, the bank's BIS capital adequacy ratio was12.23%, compared to 12.51% at Dec. 31, 2015. Its common equity Tier 1 and Tier1 capital ratios for the period were 8.45% and 9.37%, respectively, compared to8.34% and 9.36%, respectively, at the end of 2015.

As of April 28, US$1was equivalent to 1,142.92 South Korean won.