IBK Q1 net income up 11.4% to 659.7 billion won

The Industrial Bank of Korea's head office in central Seoul / Yonhap

The Industrial Bank of Korea reported a first-quarter net profit of 659.7 billion won ($527.8 million), Monday, up 11.4 percent from the same period last year.

The company said in a regulatory filing that operating income for the January to March period rose 9 percent year-on-year to 850.6 billion won. Sales increased 5.2 percent to 6.03 trillion won.

The earnings met market expectations. The average estimate of net profit by analysts stood at 654.2 billion won, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. (Yonhap)