Gwangju Bank Achieves Net Profit of 160.2 Billion Won in 2020
[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Bank (President Song Jong-wook) announced on the 9th that its annual net profit for 2020 (separate basis) was 160.2 billion KRW (173.3 billion KRW in 2019).
When reflecting costs related to year-end honorary retirement, the result was 172.7 billion KRW, similar to the previous year.
Operating profit was 211.9 billion KRW (232.4 billion KRW in 2019), and considering the year-end honorary retirement costs and an additional provision of 22 billion KRW for preemptive COVID-19 risk management, the performance was comparable to the previous year, demonstrating solid foundational strength.
Moreover, despite the economic downturn caused by the COVID-19 pandemic, proactive soundness management maintained a non-performing loan ratio of 0.43% and a delinquency ratio of 0.39%, sustaining asset soundness at the highest level among domestic banks.
The BIS capital adequacy ratio stood at 17.60%, and the common equity tier 1 capital ratio was 15.47%, indicating a favorable level of capital adequacy.
Song Jong-wook, President of Gwangju Bank, said, “I am grateful to the local residents and customers who have consistently supported us in becoming the representative bank of Gwangju and Jeonnam. We will continue to pursue management that seeks ‘value beyond profit,’ based on customer value and social responsibility, leading to excellent business performance with a sense of mission as the region’s representative bank.”
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He added, “Especially in 2021, a year with the heavy task of emerging from the tunnel amid the COVID-19 crisis, we will boldly implement change and innovation. As difficulties in the regional economy are expected, we will actively lead inclusive finance practices and social contribution activities by supporting local small and medium-sized enterprises and small business owners and deepening win-win relationships with the region.”
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