JB Financial Posts Record High Net Profit of 363.5 Billion KRW in Previous Year, Up 6.3% YoY

[Asia Economy Reporter Kim Hyo-jin] JB Financial Group recorded the largest-ever net profit last year.

According to the financial sector on the 9th, JB Financial Group's net profit last year was 363.5 billion KRW, a 6.3% increase from 341.9 billion KRW in 2019, marking the highest level ever recorded.

Both profitability and soundness improved. The return on equity (ROE) was 10.1%, and the return on assets (ROA) was 0.77%. It is unusual for a financial group with a bank to have an ROE exceeding 10%. The capital adequacy ratio (BIS) based on the Bank for International Settlements increased by 0.06 percentage points from the previous year to 13.22%.

The asset soundness indicator, the ratio of non-performing loans, fell by 0.21 percentage points from the end of the previous year to 0.67%, and the delinquency rate decreased by 0.09 percentage points to 0.57% compared to the end of the previous year.

Group affiliates also posted favorable results. Jeonbuk Bank recorded a net profit of 124.1 billion KRW, up 13.4% from the previous year. Gwangju Bank's net profit was 160.2 billion KRW, down 13.1 billion KRW from 173.3 billion KRW the previous year.

JB Woori Capital led JB Financial's strong performance, posting a net profit of 103.2 billion KRW, a 26% increase from the previous year.

Kim Ki-hong, Chairman of JB Financial, said, “Despite uncertainties, we will continue our growth trend based on thorough risk management and sound management.”

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