Industrial Bank of Korea (024110)
Industrial Bank of Korea (024110) is the state-controlled policy bank that dominates Korean small-business lending with a ₩264.2 trillion SME loan book and a 24.4% market share. In ETFpedia it is the yield anchor of the Korea Financials & Holdings High Dividend concept: its majority owner is the government that collects the dividend, and from July 2026 it pays quarterly.
| Ticker | 024110 |
|---|---|
| Exchange | KOSPI |
| Sector | Financials · Banks (SME Policy Bank) |
| Country | South Korea |
| Held by ETF | DAISHIN343 금융&지주고배당 ETF (0189Z0) |
| Wikidata | Q483855 |
| Last updated | 2026-06-10 |
Next event:First quarterly dividend record date · then H1 2026 반기보고서, confirmed · IBK set July 31, 2026 as the record date for its first-ever quarterly dividend (roughly 30% of annual DPS); the H1 2026 report is due around August 14, 2026. (source)
Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-04-24)
IBK posted consolidated net profit of ₩753.4 billion, down 7.5% year over year against a record base and currency swings, while interest income rose 3.8% to about ₩1.85 trillion on lower funding costs. The SME loan book grew to ₩264.2 trillion and the bank announced its first quarterly dividend with a July 31 record date.
| Net income (consolidated) | ₩753.4bn-7.5%YoY |
|---|---|
| Net income (bank only) | ₩666.3bn-12.4%YoY |
| Interest income | ₩1,850.8bn+3.8%YoY |
| SME loan balance | ₩264.2T+0.9% YTDYoY · 24.4% share of Korea's SME lending market |
| NPL ratio / credit cost ratio | 1.28% / 0.43% · Credit cost ratio down 4bp from end-2025 |
Recent & upcoming events
- · Quarterly dividend framework cleared.IBK moved to adopt quarterly dividends from 2026 after the Financial Services Commission approved the required changes to its articles of incorporation, a first for the state-controlled lender. (source)
- · Q1 2026 results: ₩753.4 billion net profit, first quarterly dividend announced.Consolidated net profit fell 7.5% against a record base and FX swings while interest income rebounded 3.8%; the bank confirmed a July 31 record date for its first quarterly dividend. (source)
- · Named holding in the newly listed DAISHIN343 금융&지주고배당 ETF.Daishin Asset Management's monthly-distribution ETF (0189Z0), tracking the KRX-Akros Financial & Holdings High Dividend Index, listed on KRX with IBK among its featured financial holdings. (source)
Quarterly figures are from IBK's company-distributed Q1 2026 earnings release (Newswire) and Korean press coverage of the disclosure; IBK has no US listing, so primary detail sits in DART filings and ibk.co.kr IR pages.
Figures are as of 2026-06-10 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does Industrial Bank of Korea do?
IBK is not an ordinary commercial bank. It was established under its own special act, the Industrial Bank of Korea Act, with a statutory mandate to finance small and medium-sized enterprises, and the Korean state remains its controlling shareholder. The mandate shows in the balance sheet: SME loans of ₩264.2 trillion at the end of Q1 2026, up ₩2.4 trillion from end-2025, and a 24.4% share of the entire Korean SME lending market (IBK). Alongside lending it runs the “productive finance” programs the government uses to channel support to smaller firms, which the bank framed around its Q1 release:
“Through the IBK-style ‘Productive Finance 30-300 Project,’ we will continue to support small and medium-sized enterprises struggling with rising exchange rates and oil prices.” (translated)
— Industrial Bank of Korea, Q1 2026 earnings coverage (Financial News, Apr 24, 2026)
Why is IBK a Korea financials high-dividend name?
Because its dividend has a structurally aligned owner. The government holds the majority of IBK, so the payout is not just shareholder-friendly policy but fiscal revenue, which has kept IBK paying through credit cycles for decades while many private peers cut. Its value-up plan formalizes the link, tying the payout ratio to capital bands with a ceiling around 35% of bank-only profit at the current capital level (The Bell). The 2026 upgrade is cadence: after the Financial Services Commission approved the articles change, IBK adopted quarterly dividends for the first time, with July 31, 2026 as the first record date and roughly 30% of the annual dividend expected at the interim (The Bell; Financial News). Brokerages note the stock trades near the bottom of its valuation range even after the sector re-rating, which is what keeps the yield high (Financial News).
What did IBK report most recently?
In Q1 2026 (quarter ended March 31, 2026), consolidated net profit was ₩753.4 billion, down 7.5% year over year, with bank-only profit of ₩666.3 billion (-12.4%); the decline reflects a record prior-year base and currency swings rather than a credit problem (IBK). The core engine improved: interest income rose 3.8% to about ₩1.85 trillion as funding costs fell, securities valuation gains increased, the NPL ratio held at 1.28%, and the credit cost ratio improved 4 basis points to 0.43% (IBK; Financial News).
What are the risks for IBK?
- Policy mandate versus shareholders. IBK exists to support SMEs; in stress the government can prioritize relief lending and capital preservation over payouts, and the same majority owner that likes dividends can also dilute through new share issuance.
- SME credit cycle. A small-business downturn hits IBK first and hardest; the 1.28% NPL ratio is higher than commercial-bank peers by the nature of the book (IBK).
- Capital headroom. IBK’s CET1 ratio runs below the big private holding groups, which caps how far the payout ratio can climb within its value-up bands (The Bell).
- Rate sensitivity. Falling rates compress lending margins on a book that reprices with policy support programs.
Related securities, concepts & terms
- Korea Financials & Holdings High Dividendparent
- Shinhan Financial Group (055550)sibling
- Woori Financial Group (316140)sibling
- Corporate Value-up Program (기업 밸류업 프로그램)related
Related indices & ETFs
- DAISHIN343 금융&지주고배당 ETF (0189Z0) · Daishin Asset ManagementKorea-listed ETF (June 9, 2026) tracking the KRX-Akros index behind this concept; 0.24% total fee with monthly distributions.
- KRX-Akros Financial & Holdings High Dividend Index (KFHHD) · KRX-AkrosThe KRX-Akros index that frames this concept and the benchmark the DAISHIN343 ETF tracks.
These references describe index-tracking relationships as a matter of fact and are not a recommendation to buy any product. Akros, as the index provider, may receive licensing fees from product sponsors. Review the product's prospectus before investing.
Frequently asked questions about Industrial Bank of Korea
What does Industrial Bank of Korea do?
IBK is a state-controlled policy bank created under its own special act to finance small and medium-sized enterprises. Its SME loan book stood at ₩264.2 trillion at the end of Q1 2026, up ₩2.4 trillion from end-2025, and it holds a 24.4% share of Korea's SME lending market, making it the country's dominant small-business lender (IBK).
What did IBK report in Q1 2026?
Consolidated net profit of ₩753.4 billion, down 7.5% year over year, and bank-only profit of ₩666.3 billion (-12.4%), against a record prior-year base and currency swings. Interest income rebounded 3.8% to about ₩1.85 trillion on lower funding costs, the NPL ratio held at 1.28%, and the credit cost ratio improved 4 basis points to 0.43% (IBK; Financial News).
When does IBK pay its first quarterly dividend?
IBK set July 31, 2026 as the record date for its first-ever quarterly dividend, after the Financial Services Commission approved the articles-of-incorporation change enabling it. The interim payout is expected at roughly 30% of the annual dividend per share (Financial News; The Bell).
When does IBK report its next earnings?
Korean issuers do not pre-announce earnings dates. IBK customarily releases first-half results in late July, and the regulatory H1 2026 반기보고서 (semi-annual report) is due around August 14, 2026 under Korea's 45-day deadline; both dates are estimated. The bank last released Q1 2026 results on April 24, 2026 (IBK).
Why is a policy bank in a high-dividend concept?
Because IBK's controlling shareholder is the Korean government, and the government collects the dividend. That alignment has kept IBK paying through cycles for decades, and its value-up plan ties the payout ratio to capital bands, with a ceiling around 35% of bank-only profit at current capital levels (The Bell). The 2026 shift to quarterly dividends spreads that income across the year (Financial News).
Sources & references
- IBK기업은행, 2026년 1분기 경영 실적 발표 (보도자료) · Industrial Bank of Korea (via Newswire), 2026-04-24
- IBK기업은행, 1분기 순익 7534억‥7월 말 분기배당 예고 · Financial News (파이낸셜뉴스), 2026-04-24
- [배당정책 리뷰] 기업은행, 분기배당 이르면 올해부터 · The Bell, 2026-03-10
- [밸류업 플랜 성과 점검] 순항 중인 기업은행, CET1비율 제고는 숙제 · The Bell, 2025-12-11
- IBK기업은행 (corporate site) · Industrial Bank of Korea
- 대신자산운용, 'DAISHIN343 금융&지주고배당 ETF' 신규 상장 · Newspim, 2026-06-09