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JB Financial Group logged a quarterly net profit of 134 billion won ($114 million) in the third quarter, which is a 21.9-percent increase from the same period last year.
According to the group’s online earnings announcement on Tuesday afternoon, JB Financial posted a cumulative net profit of 412.4 billion won so far this year, which is an all-time high level. The cumulative net profit showed a year-on-year increase of 38.3 percent.
In terms of return on equity (ROE) and return on asset (ROA), the group recorded 14.1 percent and 1.05 percent, respectively, proving the industry’s top level in profitability. The group’s cost-income-ratio (CIR), which represents management efficiency, also stood at 42.3 percent, the highest ever, amidst ongoing financial uncertainties during the prolonged pandemic era.
By subsidiaries, Jeonbuk Bank posted a cumulative net profit of 119.5 billion won during the first three quarters of this year, which is a year-on-year 31.7-percent increase. Kwangju Bank logged a cumulative revenue of 163.3 billion won during the three quarters, which is an 18.6-percent jump from the same period last year.
JB Woori Capital played a significant part in stoking up the group’s profit growth, as it logged a cumulative net profit of 142.2 billion won during the first three quarters of this year. It is a whopping 66.4-percent hike from the same period last year.
While JB Asset Management contributed to creating 5.96 billion won of net profit during the first three quarters of this year, the group’s second-tier subsidiary company Phnom Penh Commercial Bank (PPCB), a public bank of Cambodia, has also posted a cumulative 13.7 billion won in net profits so far this year.
Led by Chairman & CEO Kim Ki-hong, JB Financial Group now owns a total of seven companies, including four subsidiaries ― Jeonbuk Bank, Kwangju Bank, JB Woori Capital and JB Asset Management ― and three grandchild companies ― Phnom Penh Commercial Bank (PPCBank), and JB Capital Myanmar, and JB Securities Vietnam.