Bo-eun leads the digital content team. She has covered foreign affairs, North Korea, tech, economy and gender issues at The Korea Times. She did a short stint at the South China Morning Post in Hong Kong, where she obtained a new perspective on news production and life. Small sources of joy for her are lounging in the sun, having a good latte and swimming.
JB shines among provincial banking groups' earnings
By Kim Bo-eun
By Kim Bo-eun
JB Financial Group had record earnings in the first three quarters of the year, standing out among provincial banking groups.
On a consolidated basis, JB logged 294.2 billion won in net profit ― up 39.5 percent from the same period a year earlier. This is the most net income for the first three quarters since its holdings group was launched in 2013.
JB's net profit for the third quarter alone stood at 90.1 billion won, representing 24.1 percent year-on-year growth.
BNK Financial Group recorded 529.2 billion won in net profit for the first three quarters, down 1.9 percent from a year ago. DGB Financial Group's net profit was 272.1 billion won, a 2.3 percent fall from the same period last year.
JB's acquisition of Kwangju Bank boosted the group's earnings. Its flagship Jeonbuk Bank's net profit for the third quarter grew 9.6 percent to 95.7 billion. JB Woori Capital's net profit was up 4.4 percent year-on-year to 65.9 billion won.
The group's performance was also driven by measures to slim the holding company's organization, according to the group. It reduced the number of its departments from 14 to 10 and cut 30 percent of its employees.
“The solid performance came as the group's subsidiaries generated more profits,” a JB official said. “Also, our efforts to slim down our organization helped save costs.”
BNK group's Busan and Kyongnam banks saw their net profit for this year through the third quarter fall by 4.61 percent and 4.21 percent to 355.9 billion won and 162.6 billion won, respectively.
BNK group blamed the fall on increased costs following a change in accounting for sales management fees.
DGB group's Daegu Bank's net profit decreased 15.9 percent to 236.5 billion won.
JB's return on assets (ROA) was 0.88 percent and return on equity (ROE) 11.8 percent ― the highest among the three financial groups. BNK's ROA stood at 0.73 percent and ROE 8.92 percent. DGB's ROA was 0.64 percent and ROE 9.09 percent.