JB Financial Group has reelected JB Financial Group Chairman Kim Ki-hong as Chairman for another three years.
JB Financial Group held the 9th regular general meeting of shareholders at its headquarters in Jeonju on March 30 and announced that Chairman Kim Ki-hong was re-elected as the group chairman.
After taking office in 2019, Chairman Kim reorganized his business portfolio to focus on profitability while emphasizing substantial management in order to secure a sustainable profit base for the group.
As a result, JB Financial's ROA rose 41.6% from 0.68% at the end of 2018 to 0.96% at the end of last year, and the return on equity (ROE) increased by 41% from 9.1% to 12.8% during the same period.
This is the highest level among financial holding companies, exceeding the average of the four major financial holdings (ROA 0.67%, ROE 9.52%).
JB Financial's annual net income increased from 241.5 billion won at the end of 2018 to 506.6 billion won in 2021, breaking the record for the largest scale.
To overcome the limitations of local financial groups, the company acquired Morgan Stanley Gateway Securities (MSGS), a Vietnamese securities firm owned by Morgan Stanley, a global investment bank (IB), at the end of 2019 and launched JB Securities Vietnam (JBSV).
Last year, it established an asset management company "JB PPAM" in Cambodia. Through this, JB Financial Group has become the first among local financial groups to have a comprehensive financial system that encompasses all aspects of finance, including banking, capital, and securities abroad.
Chairman Kim directly participates in the quarterly earnings announcement conference call and continues to communicate with the market.
"Even though the internal and external economic conditions are uncertain, we plan to continue the group's growth through stable growth based on thorough risk management, stable management centered on profitability, and expansion of synergies between affiliates," said Chairman Kim Ki-hong.
Meanwhile, in the digital sector, JB Financial Group built a big data platform "Data Hub" that combines AI technology by collecting affiliate data on one platform for the first time in a South Korean financial group last year.
