JB Financial Group Chairman Kim Ki-hong and his management team have begun to strengthen responsible management by buying their own stocks additionally.
JB Financial Group officially announced on March 24 that six executives, including Chairman Kim Ki-hong, bought a total of 78,000 shares of its own stocks over four days from March 17.
At the same time, executives at JB Financial Group's affiliates also bought their own stocks additionally so that the company acquired a total of 310,700 shares.
The executives of JB Financial Group, which purchased their shares twice in May and December last year, bought a total of 900,000 shares during the one-year period.
"Despite the recent record-high performance, stock prices have been excessively undervalued," a source at JB Financial Group said. "Despite the growing uncertainty over the local economy, JB Financial Group has expressed its firm commitment to responsible management under the judgment that it maintains sound fundamentals."
Meanwhile, JB Financial Group achieved the highest level of profitability in the industry last year and recorded a record net profit of 341.9 billion won ($278 million), up 41.6 percent from the previous year. To secure the group's future growth engine, the company has been strengthening its overseas business platform centered on the Southeast Asian market by acquiring Vietnam Securities at the end of last year.
