À̹ÌÁö È®´ë Korea¡¯s JB Financial Group Co. reported best-ever annual results in 2018 with its net income jumping more than 20 percent for the third year in a row as its lending affiliates based across Jeolla Province delivered solid performance.
JB Financial Group said in a regulatory filing said its net income surged 21.4 percent to a record high of 321.0 billion won ($285.3 million) in 2018 from the previous year on a consolidated basis.
It operating income also jumped 19.8 percent on year to 416.8 billion won over the cited period while revenue rose 7.1 percent to 2.5 trillion won.
Shares of JB Financial Group closed Thursday 0.65 percent lower at 6,130 won.
À̹ÌÁö È®´ë The financial group attributed its stellar performance to expanded synergy of its lending arms.
Its flagship lender Jeonbuk Bank recorded 100.5 billion won in net income for full 2018, soaring 54.5 percent from a year earlier. Kwangju Bank raked 153.3 billion won in net income, up 13.5 percent on year, while JB Woori Capital raised 75.1 billion won, up 5.0 percent. The group¡¯s Cambodian unit Phnom Penh Commercial Bank saw its net income jump 17.0 percent to 14.8 billion won over the cited period.
The company expected to extend strong earnings momentum throughout 2019 with 100% controlling stake in Kwangju Bank from the share swap completed in October last year, said Lee Jae-yong, chief strategy and financial officer of JB Financial Group.
The group¡¯s return on equity reached 9.1 percent and return on assets 0.68 percent in 2018. Its non-performing loan ratio came at 0.92 percent, up 0.04 percentage points. Delinquency rate improved 0.05 percentage points to 0.82 percent.
Pro-forma tier 1 capital ratio recorded 9.07%, up 0.50 percentage point year over year. Preliminary BIS capital adequacy ratio was up 0.63 percentage point to 12.79 percent.
¡°We plan to improve our CET1 ratio to 9.6% at the end of 2019 and will try to strengthen the dividend policy while maintaining stable capital adequacy ratio,¡± said Lee.
By Kim Tae-sung and Cho Jeehyun
[¨Ï Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]