Global ratings firm Moody’s has raised its rating outlook for JB Financial Group’s commercial banking units -- Jeonbuk Bank and Kwangju Bank -- from stable to positive, while keeping the provincial lenders’ ratings at A1, the banking group said Thursday. 

“The outlook upgrade came as Jeonbuk Bank and Kwangju Bank have improved business performance by building various growth strategies centered on improving profits, while maintaining financial soundness,” JB Financial said in a statement. 

“Also, the banks’ proper capital adequacy, stable profitability as well as adequate liquidity led the ratings agency to keep the firms’ credit rating at A1. (JB Financial) will continue to ramp up efforts to strengthen the group‘s international credibility.”

Meanwhile, JB Financial Group, led by Chairman Kim Ki-hong, saw its first-quarter net profit surge 47.9 percent on-year to 278.4 billion won ($243 million). Jeonbuk Bank logged a net profit of 77.5 billion won in the first quarter, up 32.6 percent from a year earlier, while Gwangju Bank saw a 20.8 percent increase to reach 103.7 billion won in the same period.