April 25, 2024

• 

[THE INVESTOR] JB Financial Group outdid its performance in the second quarter, said Mirae Asset Daewoo on Aug. 2, maintaining a “buy” recommendation and raising the target price to 8,100 won (US$7.14) from 7,700 won.

Net profit for controlled interest in the period rose 15.7 percent on-year to 74.1 billion won, beating market expectations. Its net interest margin improved and appropriation fund stabilized while common equity capital ratio increased noticeably, said analyst Kang Hye-seung. 

Its decision to fully own its subsidiary Kwangju Bank last month will boost shareholder values, as despite the rise in the number of shares issued by the financial firm, entire net profit from the bank will be reflected in the group’s net profit for controlled interest, she noted.

By Hwang You-mee (glamazon@heraldcorp.com)