RETAIL BANKING | Cesar Tordesillas, Korea

Industrial Bank of Korea suffers poor Q2 net interest margin

Industrial Bank of Korea's second-quarter earnings went down 35.7 percent from a year earlier.

This was attributed to a fall in its net interest margin and a decline in one-off profit.

Net income amounted to 309.2 billion won or $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.

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