JB Financial Posts Record Third-Quarter Net Income of 210 Billion Won

Nine-month net income also hit a "record high" at 595.7 billion won

JB Financial Group posted record-high results for the third quarter, following another record in the second quarter.

JB Financial Holdings said in a regulatory filing on October 27 that its net income attributable to controlling shareholders for the third quarter of this year rose 0.8% from the same quarter last year to 210 billion won. Net income for the first nine months of the year also increased 2.9% year over year to 595.7 billion won. Both figures were record highs for the third quarter and the year-to-date period.

Jeonbuk Bank, a banking subsidiary, posted third-quarter net income of 72.5 billion won, up 17.4% from the same quarter last year. Its net income for the first nine months of the year was 167 billion won, down 6.4% from a year earlier. Kwangju Bank's third-quarter net income fell 3.3% year over year to 82.4 billion won, while its net income for the first nine months declined 1.9% to 229.1 billion won.

JB Woori Capital posted third-quarter net income of 66.3 billion won, down 17.0% from the same quarter last year. However, its net income for the first nine months of the year rose 14.9% year over year to 243.1 billion won.

JB Asset Management posted a net profit of 6.6 billion won in the third quarter, compared with a net loss of 940 million won in the same quarter last year. JB Investment's third-quarter net income rose 87.3% year over year to 2.84 billion won, while its net income for the first nine months increased 32.2% to 8.11 billion won. Phnom Penh Commercial Bank (PPCBank), an overseas sub-subsidiary, posted net income of 14.3 billion won.

Asset quality indicators also remained solid. JB Financial's return on equity (ROE) attributable to controlling shareholders and consolidated return on assets (ROA) stood at 13.3% and 1.08%, respectively, and the company is expected to sustain profitability among the highest in the industry. Its cost-to-income ratio (CIR) and provisional common equity tier 1 (CET1) ratio also stood at 35.8% and 12.39%, respectively, remaining under stable management.

JB Financial said it is improving the group's asset efficiency through an asset rebalancing strategy that increases the share of businesses with high returns on risk-weighted assets (RoRWA). For the first nine months of this year, the group kept growth in risk-weighted assets (RWA) to 5.1%, below the 10.0% growth in won-denominated loans.

Meanwhile, the board of JB Financial Holdings approved a quarterly dividend of 317 won per common share.

A JB Financial Holdings official said, "We will continue to strengthen profitability on the basis of stable capital ratios while steadily expanding our shareholder return policy to enhance corporate value."

This content was produced with the assistance of AI translation services.