JB Financial Group posts record earnings again in Q3 ... cumulative net profit of 595.7 billion won

[Financial News] JB Financial Group once again set a record for earnings in the third quarter, following the previous quarter. The group is improving capital efficiency by reshaping its assets around higher-profitability businesses.
On the 27th, JB Financial Group disclosed that cumulative net income attributable to controlling interests through Q3 was 595.7 billion won, up 2.9% from the same period a year earlier. Net income for Q3 alone was 210 billion won, up 0.8% year on year. Both quarterly and cumulative earnings were record highs.
The group recorded a return on equity (ROE) of 13.3% and a return on assets (ROA) of 1.08%, its key management indicators. Its cost-to-income ratio (CIR) was 35.8%, while its preliminary common equity Tier 1 (CET1) ratio stood at 12.39%.
JB Financial Group is pursuing an asset reallocation strategy to increase the share of businesses with high returns on risk-weighted assets (RORWA). By reallocating assets to expand the share of higher-profitability businesses, it has driven an improvement in earnings. As a result, cumulative risk-weighted asset (RWA) growth through Q3 was kept at 5.1%, below the 10.0% growth rate for won-denominated loans.
Third-quarter net income by subsidiary was 72.5 billion won at THE JEONBUK BANK LTD., 82.4 billion won at Gwangju Bank and 66.3 billion won at JB Woori Capital. JB Asset Management and JB Investment recorded 6.6 billion won and 2.8 billion won, respectively. Phnom Penh Commercial Bank (PPCBank), an overseas sub-subsidiary in the Kingdom of Cambodia, posted net income of 14.3 billion won.
JB Financial Group is continuing its shareholder return policy. On the same day, its board resolved to pay a quarterly cash dividend of 317 won per common share. The group has been implementing an equal quarterly dividend policy since the first quarter of this year.
A JB Financial Group official said, “Going forward, we will strengthen profitability based on stable capital ratios while continuing to expand our shareholder return policy and enhance corporate value.”
[email protected] Lee Hyun-jung Reporter