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Industrial Bank Of Korea: Earnings Surprise, Raise TP To KRW23K


IBK reported KRW520.3bn in net income (+15.7% YoY) for 3Q18, beating the consensus estimate of KRW468.2bn by a wide margin.

Interest income (+5.7% YoY) and non-interest income (+61.9% YoY) both increased, and the credit cost ratio was contained at below 60bps, which all contributed to the earnings surprise.

Interest income climbed 2% QoQ and 5.7% YoY. NIM narrowed by 1bp QoQ but loans rose 1.8% QoQ, driving interest income higher.

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