iM Financial Reports 2956 Billion Won Net Profit for H1... 4.4% Less Than Last Year

iM Financial Group reported a net profit of 2956 billion won for the first half of 2023, down 4.4% year-over-year. While total operating income rose 4.4% driven by corporate loan growth at iM Bank and asset expansion at iM Capital, net profit declined due to changes in education tax rates and higher provision accruals. iM Bank's net profit fell 4.2% to 2457 billion won, while iM Capital generated 395 billion won from 13.9% higher operating assets. iM Securities contributed 449 billion won from increased fee income, and iM Life saw a 31.9% rise to 182 billion won. The group's common equity ratio reached 12.27%, up 0.13% from the prior year, with total asset return at 0.57% and return on equity at 9.43%.