JB Financial Group announced on the 24th that it recorded a net profit of 162.8 billion won (controlling interest) in the first quarter of this year. This is a decrease of 6.0% compared to the same period last year.
The major profitability indicators showed a return on equity (ROE) of 11.6% and a return on assets (ROA) of 0.99%. The common equity ratio (preliminary) also improved by 0.07 percentage points from the end of last year to 12.28%, which JB Financial Group explained is being managed at a stable level.
The first quarter net profits of Jeonbuk Bank and Gwangju Bank were 51.5 billion won and 67 billion won, respectively, marking decreases of 8.6% and 8.7% compared to the same period last year. Temporary factors such as additional provisions for bad debts and increased retirement benefits impacted the results.
Additionally, JB Woori Capital reported a net profit of 58.5 billion won, JB Asset Management recorded 2.9 billion won, and JB Investment generated 1 billion won in net profit. Its subsidiary, PPCBank, the commercial bank in Phnom Penh, Cambodia, achieved results that marked a 44% increase compared to the same period last year, reaching 10.2 billion won.
On the same day, the JB Financial Group board decided to distribute a quarterly cash dividend of 160 won per common share as part of its shareholder value enhancement and shareholder return policy. JB Financial Group noted, "In the future, we plan to strengthen shareholder returns to enhance shareholder value while ensuring loss absorption capacity based on stable capital ratios."