Gwangju Bank Achieves Record High Net Profit in 3Q This Year

[Asia Economy Honam Reporting Headquarters Reporter Park Jin-hyung] Gwangju Bank (President Song Jong-wook) achieved a cumulative net profit of 163.3 billion KRW in the third quarter of this year.

This represents an 18.6% increase compared to the cumulative net profit of 137.7 billion KRW in the third quarter of the previous year, marking the highest performance ever.

Total operating profit reached 459.9 billion KRW (430.8 billion KRW in the same period last year).

The ratio of non-performing loans and delinquency rates stood at 0.34% and 0.36%, respectively, maintaining the highest level of asset soundness in the banking sector.

The BIS capital adequacy ratio was 16.87%, and the common equity tier 1 capital ratio was 15.38%, indicating that all related ratios are being managed stably.

It is explained that despite the difficult situation caused by the prolonged COVID-19 pandemic, the good results were thanks to the leadership of President Song Jong-wook.

Based on his usual emphasis on coexistence with the region and walking together with local residents, the bank pursued customer base strengthening and solid qualitative growth through regional community-based management that realizes ‘pursuit of value beyond profit,’ inclusive finance practices, and customer-centered field management.

On the 13th, at the fourth quarter management strategy meeting, Gwangju Bank reaffirmed its commitment to internal management with key final strategies to achieve the annual goals, including ▲expanding financial support for small business owners and middle-to-low income groups ▲qualitative growth and proactive risk management ▲strengthening digital competitiveness.

President Song Jong-wook of Gwangju Bank said, “Although rapid changes in the management environment such as the prolonged COVID-19 pandemic, strengthened loan regulations, and aggressive moves by big tech companies are concerning, during the remaining period of the fourth quarter, we will prepare proactive response strategies such as expanding support for small business owners, strengthening soundness management, and securing digital competitiveness, and achieve a successful end to 2021 by continuously innovating and adapting to structural changes in the financial market and changes in customers.”

He especially stated, “While faithfully fulfilling the role of regional financial development as the representative bank of Gwangju and Jeonnam through regional community-based management and inclusive finance practices, we will further accelerate digital innovation to respond to the intensified competitive environment caused by fintech and big tech companies entering the financial industry, and grow into a sustainable 100-year bank.”