JB Financial Group posts 24.7 percent YOY growth in Q3 net profit

JB Financial Group headquarters in Jeonju, North Jeolla Province / Courtesy of JB Financial Group

By Anna J. Park

JB Financial Group posted a quarterly net profit of 167 billion won ($116 million) during the third quarter of this year, up 24.7 percent compared to the same period last year.

According to the financial group's official announcement on Monday, JB Financial's cumulative net profit during the first three quarters of this year stood at 487.1 billion won, which is an all-time-high for the first three quarters. It is also an 18.1 percent year-on-year growth.

Specifically, the group's return on equity (ROE) reached 15.2 percent, while its return on assets (ROA) stood at 1.14 percent. Both figures indicated top-rated profitability in the industry. The group explains that its preventive risk management over growing uncertainties helped it maintain soundness in its financial statements.

The financial group's various affiliates all contributed to the solid profits; Jeonbuk Bank posted a net quarterly profit of 159.5 billion won, an 18.1 percent year-on-year growth, while Kwangju Bank recorded a net quarterly profit of 203.8 billion won, a 25.9 percent year-on-year growth in the third quarter. JB Woori Capital garnered a quarterly net profit of 154.4 billion won in the third quarter, an 8.6 percent year-on-year growth. JB Asset Management posted a net profit of 7.85 billion won in the third quarter, up by 31.5 percent year-on-year.

The group's Cambodian affiliate, Phnom Penh Commercial Bank (PPCBank), also posted a net profit of 22.9 billion won for the third quarter, a whopping 67.2 percent jump from the same period last year.