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Finance

IBK Industrial Bank Q3 net profit 771.2 billion won, up 2.7 percent year on year

IBK Industrial Bank of Korea said its third-quarter net profit rose 2.7 percent from a year earlier to 771.2 billion won, supported by improved interest income driven by solid growth in interest-earning assets. Its net profit for January to September fell 2.0 percent to 2.21 trillion won. Asset quality indicators weakened, with both the ratio of substandard or below loans and the delinquency ratio rising by the end of the third quarter.

AI & Enterprise

Musk says SpaceX raised $40 billion in debt to buy GPUs, warns neocloud shakeout

SpaceX has completed $40 billion in debt financing to buy graphics processing units for AI data centers, Elon Musk said. Musk said funding is becoming harder to secure, and he expects restructuring in the neocloud sector to accelerate. He said companies without substantial revenue outside AI data centers have effectively lost access to debt markets, and predicted consolidation and closures among more than 200 neocloud firms.

Finance

IBK Industrial Bank of Korea launches first KOFR-linked loan, offers 500 billion won support for SMEs

IBK Industrial Bank of Korea will provide 500 billion won in financial support for small and medium-sized enterprises facing temporary funding difficulties. It will apply the Korea Overnight Financing Repo Rate (KOFR) as the benchmark rate for loans for the first time among South Korean banks, widening borrowers’ interest-rate options. The bank will launch the KOFR short-term liquidity support loan on Oct. 26 and offer up to a 0.3 percentage-point rate cut for regional SMEs.