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175330KOSPI

JB Financial Group

28,650
-350 (-1.21%)

Price chart

  • MA5
  • MA20
  • MA60
Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

JB Financial Group is a holding company established on July 1, 2013, in Jeonju, Jeollabuk-do. It is listed on the KOSPI market.

The company provides management services, funding, and capital support to its subsidiaries. Its main revenue source is dividend income. Subsidiaries include Jeonbuk Bank, Kwangju Bank, JB Woori Capital, JB Asset Management, and JB Investment, along with several overseas grandchildren companies.

Business overview as filed

(주)JB금융지주(이하 '당사')는 2013년 7월 1일 (주)전북은행을 주식의 포괄적 이전 방식에 의해 설립한 지주회사로 자회사 등에 대하여 사업목표를 부여하고 사업계획을 승인하며, 이에 따른 경영성과의 평가 및 보상에 대한 결정, 경영지배구조 결정 및 업무와 재산상태에 대한 검사를 실시하는 등의 경영관리업무와 이에 부수하는 자회사 등에 대한 자금지원, 자회사에 대한 출자 등을 주로 영위하고 있으며, 자회사로는 은행업을 영위하는 (주)전북은행과 (주)광주은행, 여신전문금융업을 영위하는 JB우리캐피탈(주), 집합투자업을 영위하는 JB자산운용(주), 신기술사업금융업을 영위하는 JB인베스트먼트(주)가 있으며, 손자회사로는 PPCBank(은행업/캄보디아), JB PPAM(자산운용업/캄보디아), JB Capital Myanmar(소액대출업/미얀마), JB Securities Vietnam(증권업/베트남)이 있습니다.

당사의 주수익원은 자회사로부터의 배당수익이며, 주요자회사의 당사로의 배당금 실시내용을 보면, ㈜전북은행은 2025년 3월 26일(수) 개최된 제64기 정기주주총회 승인에 따라 578억원의 결산(현금)배당을 실시하였으며, JB우리캐피탈(주) 2025년 3월 26일(수) 개최된 제30기 정기주주총회 승인에 따라 519억원의 결산(현금)배당을 실시하였습니다. (주)전북은행은 2025년 12월 16일(화) 개최된 이사회결의에 따라 1,100억원의 중간(현금)배당을 실시하였고, (주)광주은행은 2025년 12월 30일(화) 개최된 이사회 결의에 따라 1,800억원의 중간(현금)배당을 실시하였으며, JB우리캐피탈(주)은 2025년 12월 17일(수) 개최된 이사회결의에 따라 1,601억원의 중간(현금)배당을 실시하였습니다.

아울러, 당사는 2025년 4분기 연결 누적 당기순이익(지배지분)은 7,104억원을 달성하였습니다. 이는 전년 대비 4.9% 증가한 수준입니다. 그룹 계열사별로 살펴보면 전북은행(연결)은 전년 대비 4.6% 증가한 2,287억원, 광주은행(연결)은 2,726억원을 기록하였으며, JB우리캐피탈(연결)은 전년대비 25.8% 증가한 2,815억원의 실적을 달성하며 그룹의 견고한 실적을 견인하였습니다. 또한 JB자산운용은 20억원의 순이익을 기록하였고, JB인베스트먼트는 83억원의 실적을 시현하였으며, 손자회사인 캄보디아 프놈펜상업은행(PPCBank)은 전년대비 27% 증가한 486억원의 실적을 달성하였습니다.

주요 경영지표 부분에서 지배지분 ROE 12.4% 및 ROA 1.04%를 기록하며, 7년 연속 두 자릿수 ROE와 2년 연속 1%이상의 ROA라는 수익성을 나타냈습니다. 경영 효율성 지표인 영업이익경비율(Cost Income Ratio)은 Top-Line 확대와 지속적인 비용 관리 노력에 힘입어 38.8%를 기록하였습니다. 또한 보통주자본비율(CET1)은 12.58%를 기록하며 안정적인 수준에서 관리되고 있습니다.

JB금융그룹은 은행/캐피탈/자산운용/증권사의 계열사를 보유한 명실상부한「종합금융그룹」으로서의 면모를 갖춰 서남권 대표 금융그룹으로서 위상을 제고해 나감과 동시에, JB금융그룹만의 차별화된 전략을 기반으로 경영체질 개선을 통해 안정적인 성장기반을 마련하고 실행력 높은 리스크관리 체계를 구축, 지속가능한 수익 기반을 마련하여 작지만 수익성이 가장 높은 「강소금융그룹」으로 도약해 나갈 것입니다.

Company overview

가. 연결대상 종속회사 개황 (1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

: 주식회사 JB금융지주

다. 설립일자

: 2013. 07. 01

라. 본사의 주소, 전화번호, 홈페이지 주소

- 주 소 : 전북특별자치도 전주시 덕진구 백제대로 566(금암동 669-2)

- 전화번호 : 02-2128-2714

- 홈페이지 : https://www.jbfg.com

마. 회사 사업 영위의 근거가 되는 법률

- 금융지주회사법 - 자본시장과 금융투자업에 관한 법률

바. 중소기업 등 해당 여부

사. 회사가 영위하는 주요 사업내용 (주)JB금융지주는 2013년 7월 1일 전북은행을 주식의 포괄적 이전 방식에 의해 설립한 지주회사로서 자회사 등에 대하여 경영관리업무와 이에 부수하는 자금지원, 자금조달 업무 등을 주된 사업으로 영위하고 있으며, 주수익원은 자회사의 배당수익입니다. 자회사로는 은행업을 영위하는 전북은행과 광주은행, 여신전문금융업을 영위하는 JB우리캐피탈, 집합투자업을 영위하는 JB자산운용, 신기술사업금융업을 영위하는 JB인베스트먼트가 있으며, 손자회사로는 PPCBank(은행업), JB PPAM(자산운용업), JB Capital Myanmar(소액대출업), JBSV(증권업)가 있습니다.

아. 신용평가에 관한 사항

아래 내용은 (주)JB금융지주의 신용평가 내용입니다.

회사채 신용등급 정의 회사채의 평가등급은 원리금 지급능력의 정도에 따라 AAA부터 D까지 10개등급으로 분류되며, 등급 중 AAA부터 BBB까지는 원리금 상환능력이 인정되는 투자등급으로, BB이하등급은 환경변화에 따라 크게 영향을 받는 투기등급으로 분류됩니다.

자. JB금융지주 조직도

2026 jb금융지주 조직도.jpg JB금융지주 조직도

차. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.18), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

4.37%
[3.18%, 6.45%] · As of 2026-09-30
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 39.1% (2026-06-26). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.15
Beta [0.02, 0.28] · KOSPI200 · As of 2026-10-06
Intercept
+0.043%[-0.322%, +0.408%]
R squared
0.03
Observations
252
Trading-time corrected beta
-0.00[-0.21, 0.20]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSPI200 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

2022202320242025TTM
Interest incomeKRW 100M25,26233,95936,35835,71936,578
Revenue growth%—34.437.06-1.76—
Operating incomeKRW 100M8,2588,0009,0619,5239,949
Operating income growth%—-3.1213.265.10—
Net incomeKRW 100M6,1836,0396,9307,3007,482
Net income growth%—-2.3214.755.35—
Attributable to ownersKRW 100M6,0105,8606,7757,1047,256
Attributable to minoritiesKRW 100M172179155197225
Operating margin%32.6923.5624.9226.6627.20
Net margin%24.4717.7819.0620.4420.45
ROE%13.1311.7112.1412.0112.06
ROA%1.030.951.041.000.98
Debt ratio%1,156.101,139.341,065.491,084.161,108.55
Reserve ratio%333.86374.41419.11458.76474.87
Free cash flowKRW 100M-12,144-6,759-10,379-11,873—
FCF margin%-48.07-19.90-28.55-33.24—
OCF conversion%-186.55-49.65-138.98-155.81—
Capex to revenue%2.4211.072.061.39—
EPSKRW2,9962,9073,4393,6193,855
PERx2.633.924.737.096.43
BPSKRW23,23625,39728,60631,14831,968
PBRx0.340.450.570.820.78
Dividend per shareKRW8351201,0501,160—
Payout ratio%27.874.1330.5332.05—

Consolidated basis

Margins%

Cash flow by activityKRW 100M

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Free cash flow breakdownKRW 100M

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

2022202320242025
598,282634,040667,219731,238
Total liabilitiesKRW 100M550,652582,880609,971669,487
47,63051,16057,24861,752

Income statement

2022202320242025
25,26233,95936,35835,719
Operating incomeKRW 100M8,2588,0009,0619,523
8,3227,9959,0799,647
6,1836,0396,9307,300
Basic earnings per shareKRW2,9962,9073,4393,619
Diluted earnings per shareKRW2,9962,9073,4393,619
6,0006,5857,4076,825

Cash flow statement

2022202320242025
Net incomefrom the income statement6,1836,0396,9307,300
Total adjustments to operating cash flowcomputed-17,716-9,038-16,561-18,675
-11,534-2,999-9,631-11,375
-7,903-12,686-6,638519
10,03815,43312,78119,043
26,77618,597*14,897*14,897
Net change in cash and cash equivalentsKRW 100M-8,179-821-2,8798,134

In the latest fiscal year operations consumed cash while investing and financing activities brought cash in.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.18.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 13삼일회계법인2025-12-31
2024적정의견Term 12삼일회계법인2025-12-31
2023적정의견Term 11삼일회계법인2025-12-31
2022적정Term 10삼일회계법인2022-12-31
2021적정Term 9삼일회계법인2022-12-31
2020적정Term 8삼일회계법인2022-12-31
2019적정Term 7삼일회계법인2019-12-31
2018적정Term 6한영회계법인2019-12-31
2017적정Term 5안진회계법인2019-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-064.37%
BetaDaily 5Y0.29
%
%
Cost of equity5.80%
Weighted average cost of capital—
Initial growth8.2%
Effective tax rate0.0%
Base fiscal year2025
Current priceKRW28,650

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth model31,172+8.8%
Dividend discount model DDM35,951+25.5%
Discounted cash flow FCFFNo borrowing line filed
Discounted cash flow FCFEBase-year cash flow not positive
Residual income model RIM94,436+229.6%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.37% + 0.29 × 5.00% = 5.80%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(12.01% × (1 − 32.05%), 0) = 8.16%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 1,160 × (1 + 2.00%) / (5.80% − 2.00%) = 1,183 / 0.0380 = 31,172 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 1,160, g_1 = 8.16%, g_T = 2.00%, r = 5.80%

YearGrowthDividend KRWDiscount factorPresent value KRW
18.16%1,2550.94521,186
26.62%1,3380.89341,195
35.08%1,4060.84451,187
43.54%1,4550.79821,162
52.00%1,4850.75451,120
Terminal value2.00%39,8940.754530,100
Total35,951

P_0 = 35,951 KRW

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 31,148 KRW, ROE = 12.01%, payout ratio = 32.05%, r = 5.80%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
131,1483,7411,8051,9360.94521,830
233,6904,0461,9532,0940.89341,871
336,4404,3772,1122,2650.84451,913
439,4144,7342,2842,4500.79821,955
542,6305,1202,4712,6490.75451,999
Terminal value71,1990.754553,720

P_0 = 31,148 + 9,567 + 53,720 = 94,436 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

Other issues on the same market

Neighbours in the market capitalisation order.

See the full KOSPI list