iM Financial Group said on the 28th that it posted a net profit of 154.5 billion won in the first quarter.
The iM Financial Group side said that, in line with its conversion to a commercial bank and the government's stance on productive finance, it aggressively grew loan assets from the start of the year, improving the group's overall profit-generating capacity. Specifically, compared with the same period a year earlier, interest income rose 4.6% and non-interest income increased 8.3%.
Flagship affiliate iM Bank recorded first-quarter net profit of 120.6 billion won, down 3.6% from a year earlier. However, total assets rose 5.5% to 88.0478 trillion won. It posted an arrears ratio of 0.86% and a substandard-or-below loan ratio of 0.83%, which reflect the bank's soundness.
Nonbank affiliates iM Securities, iM Life, and iM Capital each posted net profit of 21.7 billion won, 16.5 billion won, and 19.3 billion won.
Executive Vice President Cheon Byung-kyu, group chief financial officer, said, "With 290 billion won in capital secured for a capital reduction dividends through the shareholders' meeting resolution on the 28th, we can expect a tangible increase in dividend income this year," adding, "We will continue to review and execute various measures to enhance shareholder value, including expanding share buybacks and cancellations."