JB Financial chief starts second term, vows profit improvement

JB Financial Group, a Jeonju-based financial holding company offering consumer and banking services, said Thursday that its incumbent chief has been elected for a second term to carry on efforts to improve profit margins.

CEO and Chairman Kim Ki-hong, who took over the company headquartered in North Jeolla Province in March 2019, helped to more than double the net income between 2018 and 2021, the group said, noting the board unanimously voted in favor of his second term late last year.

“We have growing uncertainties both on the inside and the outside but the growth momentum will remain intact as we keep growth stable, raise margins and use synergistic alliance with our subsidiaries while minimizing exposure to risks,” Kim said.

JB Financial Group runs eight subsidiaries covering operations from personal and mortgage loans to installment finance to asset management services. The Kospi-listed group is the first regional bank to oversee diverse financial services overseas, such as in Vietnam and Cambodia.

Shareholder returns also increased under Kim, with the dividends having increased 233 percent between 2018 and 2021, when shareholders received 599 won (49 cents) per share, up from 180 won. The shares now trade at a little over 8,000 won from around 5,500 won in March 2019.

The group has recently unveiled plans to integrate the economic, social and governance principles in its corporate values, saying in the long-term it will commit itself to environmental and social justice. Carbon neutrality and ethical leadership will be the new agenda, the group added.