JONBUR Research · Initiation
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Industrial Bank of Korea · 024110 · Banks
Industrial Bank of Korea: Steady Earnings, Low Book Multiple, Shares Below 52-Week High
Industrial Bank of Korea (KOSPI: 024110) closed at ₩19,910 on 2026-10-12, with a market cap of ₩15.9T, down 4.5% over one month and up 5.0% over one year. Filed data show net income of ₩2.6T for the trailing period to H1 2026, a P/B of 0.4 and a dividend yield of 5.3%.
Written Oct 13, 2026 · Data as of Oct 12, 2026 · 0 views
This is not financial advice. The report does not recommend buying or selling anything.
Thesis
The data supports a picture of stable profits and a low valuation against book value. Net income was ₩2.7T in 2025, ₩2.6T in 2024 and ₩2.7T in 2023, so earnings have been broadly flat. ROE has edged down from 8.4% in 2023 to 7.7% in 2025 and 7.4% in the trailing period.
The data does not show why the shares trade at 0.4x book. The price is 32.6% below its 52-week high of ₩29,550 and 6.7% above the low of ₩18,660. Flat earnings and slipping ROE may be part of the picture, but the data does not confirm the cause. Investor flow, foreign ownership and short interest figures are not available.
Business overview
Industrial Bank of Korea is a KOSPI-listed bank, founded on 1961-07-25 and listed on 2003-12-24. It has 797,425,869 listed shares and a market cap of ₩15.9T. The CEO is listed as 장민영. Peers in the data are KakaoBank (market cap ₩9.5T), Kbank (₩2.1T), Jeju Bank (₩339.8B) and Pureun Savings Bank (₩150.4B). Revenue is not available in the data, so the bank's income mix cannot be assessed here.
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The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).
Report history
Source: KRX statistical information