JB Financial Group Reports a Record High in the First Half of 2018 Net Income
SEOUL, South Korea--(BUSINESS WIRE)--Jul 31, 2018--JB Financial Group (KRX:175330) reported the first half 2018 consolidated net income of KRW186.4 billion, up by 17.9% compared to the first half 2017. In terms of net income in controlling interests, the Group reported KRW138.4 billion for the first half 2018, up by 24.4% year over year, continuing its double-digit growth.
Backed by stable funding structure and efficient asset mix, each of the affiliates’ competitiveness has kept strengthening. In particular, Jeonbuk Bank’s separate net income in the first half 2018 recorded KRW56.2 billion, improving by 49.4% year over year.
Kwangju Bank also continued its strong performance during the same period, resulting in KRW90.7 billion net income, up by 7.9% year over year. JB Woori Capital, with its strong sales force and risk management skills, recorded the first half net income of KRW45.3 billion, up by 17.7% year over year. The Group’s Cambodian bank, Phnom Penh Commercial Bank, has successfully localized, generating KRW7.8 billion net income, up by 54.3% year over year.
The Group’s first half 2018 net income was historically the largest, mainly attributed by its RoRWA (Return on Risk Weighted Assets)-focused asset portfolio restructuring which led to stronger profitability and healthier asset quality. As a result, the Group’s annualized first half 2018 ROE and ROA reached 11.2% and 0.8%, respectively. The asset quality also showed sound improvement as the Group’s NPL ratio and delinquency rate recorded 0.97% and 0.89%, respectively, while the banking affiliates’ cumulative credit costs ratio hit healthy 0.33%.
Meanwhile, the highlight of the second quarter results was an improvement in capital adequacy ratio. Especially, the Group’s preliminary Common Equity Tier 1 ratio (CET1 ratio) reached 8.90%, up by 0.35%p linked quarter and 0.60%p year over year. The improvement was driven by the strong internal capital generation and risk weighted assets management. The trend also showed the Group’s commitment to deliver their 2018 capital ratio target announced at the beginning of 2018. The Group expects to successfully achieve its CET1 ratio target at the end of 2018, paving the way for the stable growth stage, supported by the strong capital base.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180731006054/en/
CONTACT: JB Financial Group
Erin Choi, 82-2-2128-2754
KEYWORD: ASIA PACIFIC SOUTH KOREA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE OTHER PROFESSIONAL SERVICES
SOURCE: JB Financial Group
Copyright Business Wire 2018.
PUB: 07/31/2018 10:02 PM/DISC: 07/31/2018 10:02 PM