DGB Financial Group announced on the 7th that it recorded a net profit of 220.8 billion won for the fiscal year 2024 attributable to shareholders.
This figure represents a 43.1% decrease compared to the previous period, and despite a slight increase in bank performance, it is analyzed that the increase in loan loss provisions for vulnerable exposures such as real estate project financing from non-bank affiliates and the decline in non-interest income are the main factors.
The net profit of iM Bank, the group's main affiliate, for 2024 (cumulative) increased by 2.0% compared to last year, reaching 371.0 billion won.
Despite a slowdown in loan demand and a decline in net interest margin (NIM) in the second half, the loan loss provisioning rate transitioned to a stable phase, maintaining an overall favorable performance trend.
DGB Financial Group noted that the financial success of the group this year depends on the recovery of profitability at iM Securities, which recorded an operating loss of 158.8 billion won in 2024, and that if the performance of the securities firm improves, the group's profits will naturally increase.
The board of directors of DGB Financial Group resolved to pay a cash dividend of 500 won per common share and announced a plan to execute a large-scale stock buyback amounting to approximately 60 billion won.
It was stated that they plan to further retire approximately 2.75 million shares of treasury stock currently held (200 billion won purchase) and additional shares of treasury stock (valued at 40 billion won) planned for purchase in the first half.
The executives' will to alleviate investors' disappointment regarding recent poor performance and reduced dividends, and to implement the corporate value enhancement plan announced last year early to restore external credibility is reflected.
A DGB Financial Group official stated, "We will focus on enhancing corporate value by sincerely implementing the value-up program announced last year along with the presentation of a new vision as 'the Only 1 hybrid financial group reaching customers through digital'."