Industrial Bank posts steady 2024 profit growth, assets expand

Industrial Bank Co., Ltd. (SSE: 601166) reported steady profit growth in its preliminary 2024 annual results. Net profit attributable to shareholders reached ¥77.205 billion, a 0.12% increase compared to 2023. Profit before tax saw a slightly larger increase of 3.31%, reaching ¥87.120 billion. The bank's total assets grew by 3.47% to ¥10.51 trillion, driven by a 5.05% increase in loans to ¥5.74 trillion. Deposits also rose by 7.69% to ¥5.53 trillion. Asset quality remained stable, with the non-performing loan ratio holding steady at 1.07%. NPL balance increased slightly to ¥614.77 billion, while provision coverage decreased to 237.78%. These figures are unaudited and may be subject to change in the final annual report.