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JB Financial Group posts record-high net profit in 2022

By Park Han-na

Published : Feb. 9, 2023 - 18:16

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JB Financial Group headquarters in Jeonju, North Jeolla Province (JB Financial Group) JB Financial Group headquarters in Jeonju, North Jeolla Province (JB Financial Group)

JB Financial Group said Thursday its net profit hit a record high last year on higher net interest income and operational efficiency.

The financial group logged 601 billion won ($477.5 million) in net profit in 2022, up 18.6 percent from a year ago, according to its earnings report. The amount marks the largest since the financial holding company was launched in 2013.

“The group will seek to continue its stable growth this year by focusing on profitability-oriented and substantial management although uncertainties in the domestic and global economic conditions are still high,” JB Financial Group Chairman Kim Ki-hong said.

The group attributed its solid performance to its flagship banking unit Jeonbuk Bank, which recorded 207.6 billion won in net profit, up 13.5 percent from the previous year and Kwangju Bank, which logged a net profit of 258.2 billion won, up 33 percent from the year ago.

Sub-subsidiary Phnom Penh Commercial Bank of Cambodia achieved a 46.4 percent increase to record 29.7 billion won in net profit, according to the banking group.