JB Financial reports record net in 2020 but revenue stagnant

JB Financial Group headquarters in Jeonju. [JB FINANCIAL GROUP]

JB Financial Group reported a record profit in 2020.

It reported 363.5 billion won ($303 million) in net profit, up 6.3 percent, in a preliminary report released Monday.

During the same period, its operating profit inched down 3.2 percent to 469.5 billion won, while its revenue inched up 1.2 percent to 2.45 trillion won.

“The group companies continued to show sturdy growth despite the aggravated management environment like economic slowdown and reduced commercial rate from the Covid-19 outbreak,” the company wrote in a statement.

Jeonbuk Bank reported 124.1 billion won in net profit, up 13.4 percent on year.

“I will continue to lead the growth of the group through generating synergy effects of [the group’s] companies based on strict risk management and stable growth, despite the internal and external uncertainties caused by the spread of Covid-19,” said JB Financial Group Chairman Kim Ki-hong in a statement.

BY JIN MIN-JI [jin.minji@joongang.co.kr]