JB Financial Group posts $125 million in Q3 net profit

JB Financial Group reported a 0.1 percent year-on-year jump in its third quarter net profit, posting 167.3 billion won ($125 million), the financier said Tuesday.

JB Financial Group

JB Financial Group reported a 0.1 percent year-on-year jump in its third quarter net profit, posting 167.3 billion won ($125 million), the financier said Tuesday.

“Despite uncertainties from internal and external conditions such as continued inflation and slump in real estate market, JB Financial Group’s affiliates realized a solid performance from substantial management focused on profitability,” said JB Financial Group in a release.

Its operating profit recorded 230.6 billion won which is on par from the previous year. Its interest profit rose by 8.5 percent to 448.7 billion won and noninterest profit rose by 149.6 percent to 43.4 billion won during the cited period.

Return on equity posted 13.7 percent and return on asset came to 1.11 percent, an industry top-tier level, according to the company.

Its cost-to-income ratio, a key performance metric to gauge a bank's profitability, came to an all-time low of 35.8 percent, the company said.

JB Financial Group’s flagship Jeonbuk Bank reported an accumulated159.6 billion won in net profit this year until the third quarter which is a 0.1 percent jump from the previous year. Kwangju Bank logged 215.1 billion won in net profit, posting a 5.6 percent year-on-year increase during the cited period.

The group’s accumulated net this year came to 493.4 billion won, an all-time high, posting a 1.3 percent year-on jump.

BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]