JB Financial Group Posts Q1 Net Profit of 162.8 Billion KRW, Down 6% Year-on-Year

On April 24, JB Financial Group announced that it achieved a net profit of 162.8 billion KRW in the first quarter of this year. This represents a 6% decrease compared to the same period last year.

JB Financial Group reported a return on equity (ROE) of 11.6% and a return on assets (ROA) of 0.99%, both key profitability indicators. The company expects these figures to reflect the highest level of profitability among its industry peers.

In particular, the cost-to-income ratio (CIR), an indicator of management efficiency, improved by 0.6 percentage points year-on-year to 36.7%, thanks to increased revenue and ongoing cost management efforts. The common equity tier 1 (CET1) ratio also improved by 0.07 percentage points from the end of last year, reaching 12.28%.

Jeonbuk Bank and Gwangju Bank saw a decline in net profit compared to the same period last year due to temporary factors such as additional provisioning and increased retirement allowances in the first quarter. Jeonbuk Bank recorded a net profit of 51.5 billion KRW, down 8.6%, while Gwangju Bank posted a net profit of 67.0 billion KRW, down 8.7%.

JB Woori Capital led the group's performance with a net profit of 58.5 billion KRW, up 3.5% year-on-year. JB Asset Management recorded a net profit of 2.9 billion KRW, and JB Investment achieved a net profit of 1.0 billion KRW. The group's subsidiary, Phnom Penh Commercial Bank (PPCBank) in Cambodia, posted a net profit of 10.2 billion KRW, a 44% increase compared to the previous year.

Meanwhile, on the same day, the board of directors of JB Financial Group resolved to pay a quarterly cash dividend of 160 KRW per common share as part of its policy to enhance shareholder value and return profits to shareholders. JB Financial Group plans to continue strengthening shareholder returns and securing loss-absorbing capacity based on a stable capital ratio in the future.