Record-High Performance
Top Profitability in the Industry
Kim Ki-hong, Chairman of JB Financial Group, has been confirmed for reappointment. Chairman Kim expressed his determination to transform the group into a small but young and strong “Gangso Financial Group.”
JB Financial Group announced on the 27th that it held the 12th regular shareholders' meeting at its headquarters in Jeonju and confirmed Chairman Kim’s reappointment.
Under the vision of becoming a Gangso Financial Group for six years, Chairman Kim has continuously pursued “solid management” focusing on qualitative growth centered on profitability and proactive risk management. He reorganized the business portfolio to focus on profitability and laid the foundation for the group’s growth. As a result, the group recorded its highest performance every year. Net profit increased 2.8 times from 243.1 billion KRW in 2018 to 677.5 billion KRW last year.
Achievements were also made in terms of capital adequacy. The Common Equity Tier 1 (CET1) ratio was 9% in 2018 but rose to 12.21% last year.
Based on the improvement in capital ratios, Chairman Kim increased the dividend amount and total shareholder return ratio every year. The dividend per share rose 4.5 times from 180 KRW in 2018 to 995 KRW last year. The total shareholder return ratio also exceeded 40% this year. During Chairman Kim’s tenure, the stock price increased by approximately 180%.
Chairman Kim stated his ambition to further enhance the competitive profit base built so far while focusing his capabilities on discovering new core businesses.
He plans to actively pursue strategic alliances with domestic and international fintech (finance + technology) and platform companies. He will continuously seek mutually complementary and symbiotic methods, such as launching joint loan products with internet banks. He also emphasized that the group will continue to play a leading role in the domestic financial market for foreign residents, where it already holds a pioneering position, and fulfill its role as a supplier of diverse high-quality financial products.
Chairman Kim Ki-hong said, “Although the domestic and international economic conditions are uncertain, we will continue stable growth and profitability-centered solid management based on thorough risk management,” and emphasized, “We will also focus all our capabilities on the success of the Season II strategy for the re-advancement of JB Financial Group.”
Meanwhile, JB Financial Group held its regular shareholders' meeting at its headquarters in Jeonju on the 27th. The agenda items, including approval of financial statements and consolidated financial statements, amendments to the articles of incorporation, appointment of directors, appointment of outside directors as audit committee members, and approval of director remuneration limits, were submitted and resolved.
The “Approval of Financial Statements and Consolidated Financial Statements” was passed as originally proposed, and a cash dividend of 680 KRW per share was approved. In the “Appointment of Directors” agenda, Chairman Kim Ki-hong was reappointed as an inside director, and Kang Chang-hoon, former head of the funds group at Hana Bank, was newly appointed as an outside director. In the “Appointment of Outside Directors as Audit Committee Members” agenda, outside director Sung Je-hwan was reappointed, and Kim Yong-hwan, former chairman of NH Nonghyup Financial Group, was newly appointed as an outside director serving as an audit committee member.
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