Industrial Bank Of Korea on Monday reported its first-quarter net profit of 784.5 billion won (US$569.7 million), up 8.5 percent from a year earlier.

The company said in a regulatory filing that it posted 1.02 trillion won in operating profit for the quarter, compared with 915.6 billion won a year ago. Sales fell 0.4 percent to 9 trillion won.

The earnings exceeded market expectations. The average estimate of net profit by analysts stood at 713.9 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

Source: Yonhap News Agency