JB Financial Group is a holding company that does not operate directly but owns and manages financial subsidiaries — Jeonbuk Bank, Kwangju Bank and JB Woori Capital, which handles auto installment financing and leasing. Notably, capital (the non-bank arm) has recently risen to become the axis driving group profit growth. In 2025, net profit by subsidiary was JB Woori Capital ₩281.5 billion (+25.8%), Kwangju Bank ₩272.6 billion and Jeonbuk Bank ₩228.7 billion, in that order; in 2026 it roughly doubled its quarterly dividend to ₩311 per share from ₩160 a year earlier, shifting to an equal quarterly dividend system, and raised its shareholder-return-ratio target to 50%, executing it through treasury-stock purchases and cancellation. The key takeaways: with ROE of 12%, a dividend yield of 4.7%, a P/E of 6.5x and a P/B of 0.78x, the undervaluation character is clear as both capital returns and shareholder returns are high; but with a high share of regional-economy and SME lending, it is sensitive to real-estate and construction conditions and delinquency, to the loan-deposit margin in a falling-rate phase, and to capital-ratio (CET1) headroom.
At-a-glance assessment financial health · growth · profitability · valuation
- For financial companies, debt and interest costs are large by the nature of the business, so the debt ratio and interest coverage cannot be read on the same yardstick as an ordinary company.
- ROE is 12.0% (controlling-interest basis). It is above the sector average.
Ownership & governance As of 2025-12-31
Largest shareholder Samyang Corporation 14.5% (corporate)
Controlling bloc incl. related parties 14.98%
With the controlling bloc holding 15%, ownership is dispersed, leaving room for control-related or activist dynamics.
Financial-group subsidiaries stake
| JB PPAM | sub-subsidiary | 100% |
🔎 In-depth analysis
- JB Financial Group is a holding company that does not conduct business itself but owns and manages financial subsidiaries.
- The actual money comes from the subsidiaries.
- Two banks (Jeonbuk Bank and Kwangju Bank) take deposits and make loans, earning on the interest difference between the two (the loan-deposit margin), and to this is added JB Woori Capital, which handles auto installment financing and leasing.
- In 2025, net profit by subsidiary was largest at JB Woori Capital with ₩281.5 billion (+25.8% year on year), followed by Kwangju Bank at ₩272.6 billion and Jeonbuk Bank at ₩228.7 billion.
- That is, whereas the banks used to be the center of profit, the distinctive feature lately is that capital (the non-bank arm) has risen to become the axis driving group profit growth.
- The recent close was ₩24,900 and the market cap is ₩4.7 trillion.
- The price sits below both the 20-day line (₩25,680) and the 60-day line (₩26,455).
- Trading below both the short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a gauge that measures the strength of gains versus losses over the past 14 days on a 0-100 scale) is 46.6, a neutral reading.
- The one-month change is -2.4%, the three-month change is -14.1%, and the price sits -33.6% below its 52-week high.
- Relative strength versus the KOSPI is 33 (on a 1-99 scale, this converts return versus the index over the past year with more weight on recent periods; higher means stronger than the market).
- That places it in roughly the top 68% of all stocks by strength.
- Over the past three months it lagged the index by 34.4%.
- Charts are best read alongside trading volume and disclosure dates.
- The valuation metrics stand out even among regional financial holding companies.
- The P/E ratio (how many times one year's earnings the price represents) is 6.60x and the P/B (how many times book equity the price represents) is 0.79x, trading below net assets.
- Meanwhile ROE (how much is earned in a year on equity) is 12.0%, top-tier among comparable holding companies, and the dividend yield reaches 4.7%.
- In other words, it is a combination of 'putting capital to good use and paying a large dividend, yet with a low share price.' For reference, the 12.4% debt ratio (debt relative to equity) shown in the table is the holding company's standalone figure; most of the ₩73 trillion in consolidated liabilities is customer deposits taken in by the banks, so it differs in character from the debt of a typical manufacturer.
- Bank holding companies gauge soundness by the capital ratio (CET1), and the company aims to hold this stably at 12% or above.
- Profit has trended steadily upward.
- On a controlling-interest net-profit basis, it set a record every year: ₩586.0 billion in 2023 → ₩677.5 billion in 2024 → ₩710.4 billion in 2025 (+4.9% in 2025).
- In Q1 2026 it continued the gentle increase with controlling-interest net profit of ₩166.1 billion (+2.1% year on year) and consolidated net profit of ₩172.2 billion (+3.2%), with a quarterly ROE of 11.2%.
- Considering that Q1 is seasonally the lowest quarter for bank-sector profit, and that JB Woori Capital continues double-digit growth (+24.3% in Q1), there is room for the annual profit flow to exceed last year.
- The company has presented and is maintaining a 2026 full-year net-profit target of ₩750 billion; at that level, the multiple on this year's earnings comes down further from the current one.
- Recent disclosures and IR can be summarized as 'shareholder returns' and 'sustained results.' In September 2024 the company announced a corporate value-up plan targeting a long-term ROE of 15% and a shareholder-return ratio of 50%, and it moved up and raised the 2026 shareholder-return-ratio target from an initial 45% to 50% (returning the portion above a 28% payout ratio via treasury-stock purchases and cancellation).
- Entering 2026, it roughly doubled its quarterly dividend to ₩311 per share from ₩160 a year earlier, shifting to an 'equal quarterly dividend system.' Recent DART filings on treasury-stock purchases and treasury-stock purchase trust agreements confirm that the announced return plan is actually being executed through treasury-stock purchases and cancellation.
- The observation points are clear.
- The strengths are (1) top-tier ROE of 12% among comparable holding companies and a 4.7% dividend, (2) a low multiple relative to earnings (P/E 6.5x, P/B 0.78x), and (3) the execution of raising the shareholder-return ratio to 50% by 2026, including treasury-stock purchases and cancellation.
- Trading below net assets while both capital returns and shareholder returns are high, the undervaluation character is clear.
- Conversely, the cautions are that (1) with a high share of regional-economy and SME lending, it is sensitive to real-estate and construction conditions and delinquency swings, (2) the loan-deposit margin can be compressed in a phase of falling market rates (the benchmark rate), and (3) capital-ratio (CET1) headroom will govern the future pace of returns.
- In sum, its earnings and return appeal are maximized when rates and soundness are stable, while it faces margin pressure in a sharp regional-economy chill or a rapid rate drop.
🔎 Valuation vs peers Undervalued
Regional and nationwide bank financial holding companies (holding deposit- and lending-focused banks plus capital arms on a consolidated basis). Compared against bank holding companies with a similar business substance.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| BNK Financial Group | 6.56x | 0.50x | 7.55% |
| iM Financial Group | 6.26x | 0.45x | 7.14% |
| KB Financial Group | 10.42x | 1.03x | 9.88% |
| Shinhan Financial Group | 10.02x | 0.86x | 8.58% |
For a bank holding company, consolidated results reflect the substance, so it is appropriate to look at P/E, P/B and ROE. JB Financial has the highest ROE in the peer group at 12.0%, yet trades below large bank holding companies (P/E around 9x, P/B 0.8-1.0x) at a P/E of 6.5x and a P/B of 0.78x. Its P/B is somewhat higher than other regional holding companies, but with overwhelmingly higher ROE, it is actually at a discount relative to capital returns. Even the 2025 trailing P/E of 6.5x is already on the low side, and against the company's official annual target (₩750 billion) the multiple comes down further. Given that it puts capital to the best use while its share multiple is below average, we judge it undervalued.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | — | — | approx. ₩750.0 billion |
Price history Close · MA20 · MA60
The latest close is ₩24,900 and the market capitalization is ₩4.7 trillion. The price sits below its 20-day moving average (₩25,680) and below its 60-day moving average (₩26,455). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 46.6, a neutral level. The one-month change is -2.4%, the three-month change is -14.1%, and the position relative to the 52-week high is -33.6%. Relative strength versus the KOSPI is 33 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 32% of all stocks. Over the past three months it lagged the index by 34.4%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -34.36% / 6M -38.92% / 12M -50.85%
Key metrics vs sector median
Valuation
The P/E of 6.60x is in line with the sector median (7.06x). The P/B of 0.79x is in line with the sector median (0.75x).
Profitability & financials
Return on equity (ROE) is 12.0%, above the sector average (9.0%). The debt ratio is 1236.3%, but for financial firms deposits and insurance liabilities count as debt, so it cannot be read on the same yardstick as an ordinary company.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | — | — | — | — |
| Operating profit | $530.2M | $600.5M | $631.2M | +5.10% ↓ slower |
| Net profit | $388.4M | $449.0M | $470.8M | +4.85% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Operating profit | — | — | $530.2M | $600.5M | $631.2M |
| Net profit | — | — | $388.4M | $449.0M | $470.8M |
Operating profit rose 5.1% year over year. The pace of that profit growth is gradually easing.
Latest quarterly results
No recent quarterly results confirmed from DART.
Technical indicators
What stands out
- The dividend yield, at 4.6%, is on the high side.
- ROE of 12.0% points to solid profitability.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2024-09-24IRCorporate value-up plan announced: long-term ROE 15% and shareholder-return ratio 50% (treasury-stock purchase and cancellation 40%), 2026 shareholder-return ratio 45% and CET1 held above 12%, pursued until reaching a P/B of 1xPresents the backbone of raised medium- to long-term shareholder returns. Supports expectations of expanded returns through dividends and treasury stock. Source
- 2026-04-24EarningsQ1 2026 controlling-interest net profit ₩166.1 billion (+2.1% year on year), consolidated net profit ₩172.2 billion (+3.2%), quarterly ROE 11.2%. Full-year net-profit guidance of ₩750 billion maintainedProfit growth sustained even in Q1 (a seasonally slow quarter), and reaffirming the annual target strengthens confidence in the earnings trajectory. Source
- 2026-04-24DividendQ1 quarterly dividend of ₩311 per common share resolved (about twice the ₩160 a year earlier), shifting to an equal quarterly dividend systemImproves predictability of cash returns through the year, a signal of executing the 50% shareholder-return-ratio target. Source
- 2026-05-07FilingReporting of trading plans in specific securities by executives and major shareholders, and disclosures on treasury-stock purchase (treasury-stock trust agreement and purchase underway)Confirms that the announced shareholder-return plan is actually being executed through treasury-stock purchases and cancellation. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 controlling-interest net profit | 710,386(₩710.4 billion) | ₩710.4 billion | Confirmed | link |
| Q1 2026 net profit (consolidated) | 172,283(₩172.2 billion) | ₩172.2 billion(+3.2%) / ₩166.1 billion(+2.1%) | Confirmed | link |
| Dividend yield | 4.65%(DPS ₩1,140 / ₩24,500) | 2026 50% | Confirmed | link |
| Debt ratio (as reported) | 12.36% | — | Unverified | link |
Recent filings
- 2026-06-08Disclosure
- 2026-06-05Earnings disclosure
- 2026-06-04Disclosure
- 2026-06-04Disclosure
- 2026-05-21Disclosure
- 2026-05-19Disclosure
- 2026-05-15Amended filing
- 2026-05-15PeriodicQuarterly report
- 2026-05-11Disclosure
- 2026-05-08Earnings disclosure
- 2026-05-07OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-07Disclosure
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.