JB Financial Group posted its highest-ever net profit of 595.7 billion won ($450 million) in the first nine months of the year, the banking group announced Tuesday.
Net profit attributable to shareholders rose 0.8 percent on-year to 210 billion won in the third quarter and 2.9 percent to 595.7 billion won in the January-September period. Both figures marked record highs for their respective periods.
Revenue also increased, with third-quarter revenue rising 13 percent year-on-year to 1.27 trillion won. Cumulative revenue for the first nine months grew 9.2 percent from a year earlier to 3.75 trillion won.
Operating profit inched up 3.5 percent on-year to 291 billion won in the third quarter, slightly below the market consensus of 295.3 billion won. Cumulative operating profit for the first nine months also increased 6.8 percent to 817.9 billion won.
Key management indicators remained solid in the third quarter, with return on equity at 13.3 percent and the consolidated return on assets at 1.08 percent. The preliminary common equity Tier 1 capital ratio came to 12.39 percent.
JB Financial said it has been improving asset efficiency by increasing the share of businesses that generate higher returns relative to risk-weighted assets. The group's RWA grew 5.1 percent through the third quarter.
Its key subsidiaries reported solid third-quarter earnings. Jeonbuk Bank, the group's key lender, posted a net profit of 72.5 billion won, while Kwangju Bank recorded 82.4 billion won. PPCBank, the group's Cambodian subsidiary, also posted a net profit of 14.3 billion won.
JB Financial's board of directors approved a quarterly dividend of 317 won per common share as part of its shareholder return policy.
"We will continue to enhance profitability based on stable capital ratios and expand shareholder returns to enhance corporate value," a JB Financial Group official said.
silverstar@heraldcorp.com