Provincial bank-led financial institution JB Financial said Thursday that its latest robust performance was driven by efforts to center its management style and work culture on communication.
The new management style was adopted by the group’s Chairman Kim Ki-hong, who was appointed earlier this year.
JB Financial Group’s headquarters in Yeouido, western Seoul (JB Financial)
According to his philosophy of transparent management, the company must be able to communicate well internally in order to communicate smoothly with its clients.
Kim’s efforts began with a monthly meeting with employees, which serves as a platform for discussion between the management and employees, a shift away from the previous top-down communication method.
The firm also launched a web magazine in a blog format, strengthening its online communication channel among employees.
JB Financial Group Chairman Kim Ki-hong (JB Financial)
Noting the important role of social media in modern finance, JB Financial formed its first team of college social media ambassadors named “Bridge.”
Kim’s emphasis on transparency is also reflected in the group’s new slogan, “Touching hearts, leading finance,” according to JB Financial.
JB Financial reported a record net profit of 309.1 billion won ($262 million) for the January-September period this year, with the group attributing the solid performance to Kim’s new management approach. The figure increased 8.2 percent on-year.
Its return-on-equity -- a barometer for management efficiency and how a company’s assets are being used to generate profit -- came to 0.88 percent in the same period, higher than the five major financial holding groups here, the firm said.
The group’s return-on-assets -- a measurement of how profitable a company is relative to its total assets -- came to 11.8 percent in the cited period, above the industry average, it added.
Not many regional financial institutions have successfully established a presence in the industry like JB Financial Group, according to the industry.