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JB Financial Group Reports Third Quarter 2018 Net Income of KRW99.1 Billion
[November 01, 2018]

JB Financial Group Reports Third Quarter 2018 Net Income of KRW99.1 Billion

JB Financial Group (KRX:175330) reported net income of KRW99.1 billion, or KRW648 per common share, for third quarter 2018, compared with KRW83.5 billion, or KRW546 per share, for third quarter 2017. In terms of net income in controlling interests, the Group reported KRW72.6 billion, or KRW475 per share, up 21.9% year over year.

Chief Financial Officer Jae-Yong Lee said, "The cumulative third quarter net income in controlling interests came in at KRW211.0 billion, up 23.5% year over year, already achieving the 2018 annual net income guidance of KRW208.3 billion disclosed in the beginning of 2018. The sound result reflected the outstanding improvement in net interest margin (up 6bps from last quarter) and downward stabilizing credit costs and SG&A expenses. Against the backdrop of the Group's commitment to strengthen its capital adequacy and asset qulity, the overall risk-return profile has leveled up. In addition, the comprehensive share swap with Kwangju Bank was successfully completed in October 9, 2018. With now a 100% controlling stake in Kwangju Bank, the Group's positive earnings momentum will continue in 2019."

As a result, the annualized ROE and ROA for the first nine months of 2018 was 11.1% and 0.8%, respectively. Credit performance remained stable with NPL and delinquency ratio both staying at 0.92% and 0.93% level thanks to the preemptive risk management. Credit cost ratio of banking division recorded low 0.30%.

On the other hand, thanks to the Group's primary effort to improve its capital ratio, the preliminary common equity tier 1 ratio for third quarter recorded 9.02%, up 0.12%p from last quarter, or 0.44%p year over year. With now a 100% controlling stake in Kwangju Bank and expected change in risk weighted assets calculation to internal-rating-based approach, the concern over capital adequacy will ease and the shareholder return policy will strengthen.

Meanwhile, each of the Group's three major subsidiaries showed outstanding results. Especially, Jeonbuk Bank boasted of 51.4% improvement in third quarter cumulative net income compared with last year. Cumulative net incomes of Kwangju Bank and JB Woori Capital also improved by 10.0% and 5.0% to KRW141.4 billion and KRW63.2 billion, respectively.

The Third Quarter 2018 business result materials are available on English page of, under Investor Relations, Business Result.

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