April 26, 2024

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[THE INVESTOR] JB Financial Group on Aug. 1 reported record earnings of 186.4 billion won (US$166 million) in the first half of this year, up 17.9 percent from a year ago, largely due to stable funding structure and more efficient asset management. 

Its two largest banking units continued their growth momentum. Kwangju Bank’s net income soared 7.9 percent to 90.7 billion won over the past year, while Jeonbuk Bank posted record earnings of 56.2 billion won, a whopping 49.9 percent jump on-year.

JB Woori Capital, a financial services unit, saw net income surge 17.7 percent to 45.3 billion won. Phnom Penh Commercial Bank, the Cambodian bank that the group acquired in 2016, also saw its earnings jump 54.3 percent to 7.8 billion won.

The group attributed its record earnings to better risk control that has greatly improved profitability and asset management across all affiliates.

During the cited period, its returns on equity and returns on assets reached 11.2 percent and 0.8 percent, respectively. Its capital adequacy ratio, another key indicator, also improved to reach 8.90 percent.

By Lee Ji-yoon (jylee@heraldcorp.com)