Kim Ki-hong, chairman and CEO of JB Financial Group, has secured another three-year term, extending his tenure at the helm of the regional banking group.
Shareholders approved Kim’s reappointment Thursday, following his nomination as the sole candidate by the company’s executive recommendation committee in November. His new term runs through March 2028.
With is headquarters in North Jeolla Province, JB Financial Group operates the region's largest lenders, Jeonbuk Bank and Kwangju Bank, as well as JB Woori Capital, JB Asset Management and JB Investment. The group posted a record net profit of 677.5 billion won ($462 million) in 2024, up 15.6 percent from the previous year.
A former scholar-turned-banking executive, Kim entered Korea’s banking sector in 2005 as chief vice president of KB Kookmin Bank, one of the nation’s largest lenders. He joined JB Financial in 2014 as CEO of JB Asset Management, before assuming his current role in 2019.
Kim’s reappointment follows a period of strong financial performance. JB Financial’s net profit has nearly tripled from 243 billion won in 2018 to 677.5 billion won last year, with return on equity climbing to 13 percent, marking the industry's highest level. Its common equity tier 1 ratio has also strengthened, rising from 9 percent to an industry-average 12.2 percent over six years.
Investor confidence surged alongside earnings, sending JB Financial’s stock up nearly 80 percent in 2024 and 180 percent over Kim’s tenure.
Kim has also prioritized shareholder returns. Last year, per-share dividends rose to 995 won, up from 180 won in 2018, while the shareholder returns rate reached 32.4 percent. He aims to push the shareholder return rate to 40 percent this year.
"Despite uncertainties in the domestic and global economy, I will ensure stable growth and profitability-driven management through rigorous risk control," Kim said. "I am committed to steering JB Financial Group toward its next phase of growth."
jwc@heraldcorp.com
