JB Financial, H1 Net Profit of 326.1 Billion KRW... Record High
1.9% Increase Compared to the Same Period Last Year
JB Financial Group announced on the 26th that its net income attributable to controlling interests for the first half of 2023 reached 326.1 billion KRW, a 1.9% increase compared to the previous year. This represents the largest performance on a half-year basis in its history.
Net income for the second quarter also rose by 6.2% year-on-year to 162.8 billion KRW.
In key management indicators, the group recorded a controlling interest ROE of 13.8% and ROA of 1.11%, maintaining the highest profitability metrics in the same industry. The cost-to-income ratio (CIR), an indicator of management efficiency, hit a record low of 36.8%. The common equity tier 1 ratio (provisional) improved by 1.17 percentage points year-on-year to 12.34%.
Based on the improved capital ratio, JB Financial Group plans to actively pursue shareholder return policies. First, following last year, it decided to pay a semi-annual cash dividend of 120 KRW per common share this year as well. The dividend record date is June 30, with a total dividend amount of approximately 23.3 billion KRW and a dividend yield of about 1.4%.
Additionally, JB Financial Group has decided to acquire treasury shares worth 30 billion KRW through a trust contract and plans to purchase its own shares mainly in the market during the fourth quarter of this year.
Despite an expanding economic uncertainty due to persistent high inflation and a sluggish real estate market, the group’s affiliates demonstrated solid performance based on profitability-focused sound management.
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On a consolidated basis, Jeonbuk Bank recorded a net income of 102.5 billion KRW, Gwangju Bank 141.7 billion KRW, and JB Woori Capital achieved 101.8 billion KRW. In addition, JB Asset Management posted 6.7 billion KRW, JB Investment 0.3 billion KRW in net income, and the subsidiary Phnom Penh Commercial Bank (PPCBank) in Cambodia showed results similar to the previous year with 14.1 billion KRW.
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