JB Financial Group's cumulative net profit for Q3 reaches 412.4 billion KRW... 'All-time high'

[Asia Economy Reporter Kim Hyo-jin] JB Financial Group recorded a cumulative net profit of 412.4 billion KRW for the third quarter of this year, achieving its highest-ever performance.

JB Financial Group announced on the 26th that its net profit attributable to controlling interests for the third quarter of this year was 134 billion KRW, an increase of 21.9% compared to the same period last year. The cumulative net profit attributable to controlling interests increased by 38.3% year-on-year to 412.4 billion KRW, setting a new record high.

In particular, key management indicators showed a return on equity (ROE) attributable to controlling interests of 14.1%, a return on assets (ROA) of 1.05%, maintaining profitability indicators at the highest level in the industry.

Additionally, the cost-to-income ratio (CIR), an indicator of management efficiency, recorded an all-time low of 42.3%. The common equity tier 1 ratio (provisional) rose by 0.28 percentage points from the same period last year to 10.48%, and the BIS ratio (provisional) also reached 13.36%.

Asset soundness indicators stabilized downward. The ratio of non-performing loans (NPL) decreased by 0.06 percentage points year-on-year to 0.62%, and the delinquency rate improved by 0.02 percentage points year-on-year to 0.58%. This was the result of risk management policies implemented in preparation for domestic and international economic uncertainties. The loan loss cost ratio decreased by 0.08 percentage points year-on-year to 0.33%.

The group explained that the performance growth was driven by subsidiaries focusing on profitability-centered internal management. In particular, JB Woori Capital’s cumulative net profit for the third quarter increased by 66.4% year-on-year to 142.2 billion KRW.

Jeonbuk Bank’s cumulative net profit for the third quarter rose by 31.7% year-on-year to 119.5 billion KRW. Gwangju Bank increased by 18.6% year-on-year to 163.3 billion KRW. JB Asset Management’s cumulative net profit was 5.96 billion KRW, and Cambodia Phnom Penh Commercial Bank (PPCBank) also recorded a net profit of 13.7 billion KRW.