Growth Despite COVID-19 Crisis... JB Financial Achieves 96.5 Billion KRW in Q1 Results

4.3% Increase Compared to Same Period Last Year
Both Jeonbuk and Gwangju Banks Show Strong Performance

Kim Ki-hong, Chairman of JB Financial Group

[Asia Economy Reporter Kim Min-young] JB Financial Group announced on the 28th that it achieved a net profit attributable to controlling interests of 96.5 billion KRW in the first quarter of this year despite the challenging conditions caused by the COVID-19 pandemic. This represents a 4.3% increase compared to the same period last year.

All major affiliates posted solid results. Jeonbuk Bank recorded a net profit of 29.6 billion KRW, up 13.8% from the same period last year. During the same period, Gwangju Bank also achieved a net profit of 46.7 billion KRW, an increase of 3.1%. JB Woori Capital posted a net profit of 25.8 billion KRW, growing 32.1% compared to the same period last year.

Profitability slightly declined. The return on equity (ROE) attributable to controlling interests was 11.1%, down 0.7 percentage points from the previous year. The group's consolidated return on assets (ROA) was recorded at 0.84%.

Asset quality improved. The Basel III Common Equity Tier 1 (CET1) ratio rose by 0.35 percentage points year-on-year to 9.65%, and the Basel III total capital ratio also improved by 0.08 percentage points to 12.95% compared to the same period last year.

Additionally, the group's delinquency ratio decreased by 0.16 percentage points year-on-year to 0.70%, and the loan loss expense ratio improved by 0.14 percentage points to 0.30% compared to the same period last year.

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