JB Financial, Last Year's Net Profit 362.1 Billion KRW... Record High (Comprehensive)

Kim Ki-hong, Chairman of JB Financial Group

[Asia Economy Reporter Kim Min-young] JB Financial Group announced on the 12th through its earnings report that it recorded a net profit of 362.1 billion KRW last year. This represents a 12.8% increase from 321 billion KRW the previous year. It is the highest ever based on recurring net income.

Net income attributable to controlling interests also surged 41.6% to 341.9 billion KRW from 241.5 billion KRW the previous year. Operating profit increased by 16.4% to 484.9 billion KRW compared to the previous year.

JB Financial explained the profit growth as a result of an expanded revenue base due to the stable growth of group affiliates.

The core subsidiary, Jeonbuk Bank, led the growth by recording a net profit of 124.1 billion KRW, up 8.9% from the previous year. Gwangju Bank also earned 172.7 billion KRW, a 12.5% increase from the previous year.

Another major affiliate, JB Woori Capital, posted a solid performance with a profit of 81.7 billion KRW.

The group’s profitability indicators were also strong. The return on equity (ROE) attributable to controlling interests was 10.2%, and the group consolidated return on assets (ROA) was 0.77%.

Additionally, the common equity tier 1 capital ratio rose by 0.65 percentage points from the previous year to 9.67%, reaching a stable level. JB Financial stated, “We expect to be able to devise various strategies to strengthen non-bank sectors.” The Basel Committee on Banking Supervision (BIS) ratio (provisional) also improved by 0.43 percentage points from the previous year to 13.16%.

Furthermore, asset quality indicators improved, with the ratio of non-performing loans (NPL) to total loans decreasing by 0.04 percentage points from the end of the previous year to 0.88%, and the delinquency ratio improving by 0.16 percentage points to 0.66% compared to the previous year.

Kim Ki-hong, Chairman of JB Financial, stated, “Based on JB Financial’s differentiated strategy, we will improve our management structure to establish a stable growth foundation, build a highly effective risk management system, and create a sustainable profit base to become a ‘small but highly profitable strong financial group.’” On the same day, JB Financial decided on a cash dividend of 300 KRW per common share.

This content was produced with the assistance of AI translation services.