[EQUITIES] JB Financial Group to beat Q2 earnings expectations

[THE INVESTOR] JB Financial Group is likely to report stronger-than-expected second quarter earnings, propelled by a robust asset growth, local brokerage house Mirae Asset Securities said on July 21.

“The group is expected to post 42.5 billion won (US$37.25 million) net profit in Q2 to exceed the current market consensus forecast of 40.3 billion won,” said Kang Hye-seung, an analyst at Mirae Asset said.

Kang said JB Financial Group’s profit surged as its subsidiary Gwangju Bank showed a high growth in assets.

Other subsidiaries including JB Woori Capital and Jeonbuk Bank are also likely to post favorable Q2 results, the analyst said.

Mirae Asset retained a buy rating for JB Financial Group and a price target of 7,000 won.

Shares of the group traded at 5,760 won as of 9:50 a.m., up 0.17 percent from the previous session’s closing.

By Park Han-na (hnpark@heraldcorp.com)