JB Financial, Last Year's Net Profit 586 Billion KRW... 2.5% Decrease YoY

JB Financial Group announced on the 6th that it achieved a net profit of 586 billion KRW last year, a 2.5% decrease compared to the previous year. The company explained that non-recurring factors such as proactive provision accumulation and the establishment of financial measures for the public influenced the results.

In terms of key management indicators, it stated that it is achieving profitability at the highest level in the same industry. The return on equity (ROE), which indicates corporate profitability, is 12.1%. The return on assets (ROA), an indicator of efficient asset management, is also 0.99%. The cost-to-income ratio (CIR), a management efficiency indicator, reached a record low of 38.3%, rising 1.6 percentage points from the previous year. This was influenced by increased interest income and continuous cost reduction.

By affiliate, despite the ongoing economic uncertainties such as the real estate market downturn, the company pursued a profitability-centered management strategy and achieved favorable results. Last year, Jeonbuk Bank recorded a net profit of 204.5 billion KRW, and Gwangju Bank recorded 240.7 billion KRW. JB Woori Capital recorded 187.5 billion KRW, a 5.1% increase compared to the previous year. JB Asset Management recorded a net profit of 5 billion KRW, and JB Investment recorded 3.7 billion KRW. The subsidiary, Phnom Penh Commercial Bank in Cambodia, achieved a net profit of 34.1 billion KRW, a 14.8% increase from the previous year.

On the same day, the JB Financial Group board of directors also decided on a year-end dividend of 735 KRW per common share. Including the interim dividend of 120 KRW paid last year, the dividend payout ratio is about 28%. It was also decided to cancel treasury shares worth 20 billion KRW purchased through trust contracts last year.

Kim Ki-hong, chairman of JB Financial Group, stated, “In a situation where domestic and international economic conditions and financial market uncertainties are expected to continue this year, JB Financial Group will prioritize proactive risk management based on future forecasting as its top management task and will continuously pursue profitability-centered sound management.”

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