JB Financial Posts Record High Net Profit of 677.5 Billion KRW Last Year

Up 15.6% Year-on-Year

JB Financial Group announced on the 6th that it recorded a net profit of 677.5 billion KRW last year. This represents a 15.6% increase compared to 2023 and marks the highest performance in its history.

In key management indicators, JB Financial explained that it continuously demonstrated top-level profitability in the same industry by recording a return on equity (ROE) of 13.0% and a return on assets (ROA) of 1.06% for controlling interests.

The cost-to-income ratio (CIR), an indicator of management efficiency, improved by 0.9 percentage points from the previous year to 37.5%, reaching the lowest level ever, thanks to continuous cost management efforts. The common equity tier 1 ratio (provisional) stood at 12.20%. JB Financial stated, “We plan to continuously expand shareholder return policies to enhance shareholder value within the minimum maintenance range of the current capital ratio.”

The group affiliates achieved favorable results based on profitability-focused sound management, according to JB Financial. Jeonbuk Bank posted a net profit of 221.2 billion KRW, up 8.2% from the previous year, while Gwangju Bank recorded 292.7 billion KRW, an increase of 21.6%. JB Woori Capital reported a net profit of 223.9 billion KRW, up 19.4% year-on-year. JB Asset Management achieved 5.5 billion KRW, and JB Investment recorded a net profit of 3.9 billion KRW. The grandchild company, Phnom Penh Commercial Bank (PPCBank) in Cambodia, posted a net profit of 38.3 billion KRW, up 12.2% from the previous year.

The board of directors of JB Financial Group decided on a year-end cash dividend of 680 KRW per common share. Considering the quarterly dividend of 315 KRW paid last year, the dividend payout ratio stands at about 28%. Among the treasury shares purchased through trust contracts last year, shares worth 20 billion KRW were canceled. Taking into account treasury share purchases and cash dividends, JB Financial’s total shareholder return ratio is 32.4%. Additionally, JB Financial announced a corporate value enhancement plan through 2025, including performance evaluations.

Kim Ki-hong, chairman of JB Financial Group, stated, “In a situation where uncertainties in the domestic and international economic conditions and financial markets are expected to continue this year, JB Financial Group plans to continuously pursue profitability-centered sound management.”

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