JB Financial Group Reports KRW 370.4 Billion Net Profit in First Half of 2024, Up 0.08% YoY
On July 24, JB Financial Group announced that it achieved a cumulative consolidated net profit attributable to controlling interests of KRW 370.4 billion for the first half of this year. The consolidated net profit attributable to controlling interests for the second quarter was KRW 207.7 billion, marking a 5.5% increase compared to the same period last year. Both the second quarter and first half figures represent record-high net profits for the company.
In terms of key management indicators, the return on equity (ROE) attributable to controlling interests stood at 13.1%, and the return on assets (ROA) was 1.11%, maintaining top-tier profitability indicators within the industry.
In particular, the cost-to-income ratio (CIR), an indicator of management efficiency, was recorded at 35.8%. The common equity tier 1 ratio (provisional) improved by 0.13 percentage points from the previous quarter to reach 12.41%, maintaining a stable level.
The group's subsidiaries also delivered solid results. For the first half, Jeonbuk Bank contributed KRW 116.6 billion in net profit, Gwangju Bank recorded KRW 148.4 billion, and JB Woori Capital achieved KRW 131.7 billion in net profit. JB Asset Management and JB Investment posted KRW 5.2 billion and KRW 4.6 billion, respectively. The overseas grandchild company, Phnom Penh Commercial Bank (PPCBank) in Cambodia, achieved KRW 25.0 billion in net profit, a 50.4% increase compared to the same period last year.
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On this day, the board of directors of JB Financial Group resolved to pay a quarterly cash dividend of KRW 160 per common share and to repurchase and cancel KRW 30.0 billion worth of treasury shares as part of its shareholder value enhancement and shareholder return policy. The company also announced plans for additional treasury share repurchases and cancellations in the second half of the year, aiming to achieve the shareholder return ratio level announced at the beginning of the year.
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