Gwangju Bank Achieves Cumulative Q3 Net Profit of 137.7 Billion Won

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Bank (President Song Jong-wook) announced on the 29th that it achieved a cumulative net profit of 137.7 billion KRW for the third quarter of 2020 (separate basis).

Excluding the one-time additional provision related to COVID-19 amounting to 14.2 billion KRW (after-tax profit effect of 10.8 billion KRW), the net profit was 148.5 billion KRW, representing a 6.3% increase compared to the net profit of 139.7 billion KRW in the same period last year.

Gwangju Bank maintained excellent asset soundness at the highest level in the banking sector, with a NIM (Net Interest Margin) of 2.24%, a non-performing loan ratio of 0.41%, and a delinquency ratio of 0.37%, achieving favorable results despite the COVID-19 crisis.

These achievements are seen as the result of solid qualitative growth pursued through close management in the Gwangju and Jeonnam regions and customer-centered field management, based on President Song Jong-wook’s usual emphasis on “pursuing value beyond profit.”

In addition, in efforts to revitalize the regional economy through the virtuous cycle of local funds, Gwangju Bank successfully retained the first treasury account of Gwangju Metropolitan City and two treasury accounts of Jeonnam Province, and recaptured two treasury accounts of Suncheon City after six years, achieving consecutive good results.

In the fiercely contested local treasury account competition against commercial banks, Gwangju Bank appears to have received high scores across evaluation categories such as contribution to the regional economy and community, treasury account management capability, and user convenience.

President Song Jong-wook of Gwangju Bank stated, “As the representative bank of Gwangju and Jeonnam, we will do our best to fulfill the corporate social responsibility of coexisting with the region by practicing inclusive finance based on continuous customer-centered and regionally close management. Depending on the results of the local government treasury account selection, we will focus public funds on businesses and local residents through a dense sales network to contribute to the development of the regional economy and repay the infinite trust and support given by the local people.”

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