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MarketScreener Homepage  >  Equities  >  KOREA EXCHANGE  >  JB Financial Group Ltd    A175330   KR7175330000

JB FINANCIAL GROUP LTD

(A175330)
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JB Financial Group : Reports 2018 Net Income of KRW243.1 Billion

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01/29/2019 | 04:56am EST

JB Financial Group (KRX:175330) reported full-year 2018 net income of KRW243.1 billion, up 31.4% from 2017. In terms of EPS, the Group reported KRW1,515 per share, up by 25.1%, compared with KRW1,211 for the prior year. The Group’s consolidated net income recorded KRW321.0 billion, up 21.4% year on year.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190129005391/en/

JB Financial Group (KRX:175330) reported full-year 2018 net income of KRW243.1 billion, up 31.4% fro ...

JB Financial Group (KRX:175330) reported full-year 2018 net income of KRW243.1 billion, up 31.4% from 2017. In terms of EPS, the Group reported KRW1,515 per share, up by 25.1%, compared with KRW1,211 for the prior year. The Group's consolidated net income recorded KRW321.0 billion, up 21.4% year on year. (Graphic: Business Wire)

Chief Strategy and Financial Officer Jae-Yong Lee said, “2018 was another robust year for JB Financial Group, with the Group beating its 2018 target net income of KRW208.3 billion by 16.7%, recording more than 20% net income growth for three consecutive years. The strong result reflected the increase in interest income stemming from the outstanding improvement in NIM and cost control efforts which overall increased operating leverage. With 100% controlling stake in Kwangju Bank from the share swap completed in October 2018, we expect strong earnings momentum will continue in 2019 and we set 2019 net income target as KRW314.5 billion.”

The Group’s net interest income grew 9.5% on-year to KRW1,252.4 billion, thanks to the strong improvement in net interest margin despite the slow loan growth. Banking affiliates’ loans in KRW decreased by 3.0% from the prior year to KRW31.0 trillion, as the outstanding group intermediate mortgage loans decreased by KRW1.81 trillion in 2018. The Group’s net interest margin sored 21bps year on year (+17bps YoY for banking arms), driven by the rise in lending rates thanks to the replacement effect on lower-yielding group intermediate mortgages, policy rate hike and lesser funding cost pressure due to limited expansion in loans.

As a result, the Group’s ROE and ROA for 2018 came in at 9.1% and 0.68%. Thanks to the preemptive risk management, the asset quality remained healthy with NPL and delinquency ratio standing at 0.92% (down 4bps YoY) and 0.82% (down 5bps YoY), respectively.

On the other hand, thanks to the Group’s primary effort to improve its capital ratio, the preliminary common equity tier 1 ratio recorded 9.07%, up 0.50%p year over year. Lee said, “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.”

Meanwhile, each of the Group’s three major subsidiaries showed outstanding results. Especially, Jeonbuk Bank’ net income grew by 54.5% on-year to KRW100.5 billion in 2018. Kwangju Bank’s net income recorded KRW153.3 billion, up 13.5% year over year. Despite the intensifying competition in the auto-finance industry, JB Woori Capital’s net income also grew by 5.0% to KRW75.1 billion in 2018.

The 2018 business result materials are available on the English page of www.jbfg.com, under Investor Relations, Business Result.


© Business Wire 2019
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Financials (KRW)
Sales 2019 1 290 B
EBIT 2019 630 B
Net income 2019 338 B
Debt 2019 -
Yield 2019 4,97%
P/E ratio 2019 2,88x
P/E ratio 2020 2,91x
Capi. / Sales2019 805x
Capi. / Sales2020 787x
Capitalization 1 038 B
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 9
Average target price 7 544,44  KRW
Last Close Price 5 270,00  KRW
Spread / Highest target 63,2%
Spread / Average Target 43,2%
Spread / Lowest Target 25,2%
EPS Revisions
Managers
NameTitle
Ki-Hong Kim Chairman & Chief Executive Officer
Jae-Yeop Yoon Director
Jung-Su Choi Independent Director
Dae-Gon Kim Independent Director
Sang-Gyun Ahn Director