iM Financial Group Reports 122.5 Billion KRW Net Profit in Q3, Up 19.3% Year-on-Year

Cumulative Net Profit Reaches 431.7 Billion KRW

iM Financial Group announced that it achieved a net profit of 122.5 billion KRW in the third quarter of this year. This figure represents a 19.3% increase compared to the same period last year. Based on controlling shareholder equity, this year's net profit stands at 431.7 billion KRW, marking a 70.9% increase year-on-year.

iM Financial explained, "As a result of proactively setting aside provisions for PF-related loan losses at its securities subsidiary last year and strengthening risk management across all affiliates, this year’s loan loss provisions have significantly decreased."

By affiliate, the flagship subsidiary iM Bank continued its stable record of maximum performance, recording a cumulative net profit of 366.6 billion KRW, a 7% increase from the same period last year. However, third-quarter net profit was 110.2 billion KRW, a 16.8% decrease year-on-year. Interest income turned to an upward trend thanks to loan growth management focused on high-quality credit and active profit management, while non-interest income also performed well amid a favorable financial market environment. The loan loss cost ratio improved by 0.15 percentage points year-on-year, reaching 0.5%.

iM Securities, which had recorded five consecutive quarters of losses up to the fourth quarter of last year, posted a quarterly profit of 12.8 billion KRW in the third quarter, following profits in the first and second quarters, bringing its cumulative net profit to 66.9 billion KRW. iM Life and iM Capital recorded cumulative net profits of 19.2 billion KRW and 47 billion KRW, respectively. In particular, iM Capital contributed to the group’s strong performance with results that improved by 42.4% compared to the same period last year.

iM Financial Group disclosed the implementation status of its corporate value enhancement plan, announced in October last year, via a public filing. As part of its value-up efforts to enhance corporate and shareholder value, the company completed ahead of schedule the 20 billion KRW share buyback program announced at the end of July this year and plans to retire all repurchased shares within the year. iM Financial Group will buy back a total of 60 billion KRW worth of its own shares this year and retire a total of 80 billion KRW worth of treasury shares, including 20 billion KRW purchased in 2023.

A representative of iM Financial Group stated, "As our performance improves significantly and we faithfully implement our value-up program, market trust is being restored and our stock price is showing a positive trend. Going forward, we will continue to grow our assets through productive finance, strengthen synergy among affiliates, and steadily enhance corporate value to ensure the smooth execution of our value-up initiatives."

This content was produced with the assistance of AI translation services.