UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of February 2025

Commission File Number: 000-53445

 

 

KB Financial Group Inc.

(Translation of registrant’s name into English)

 

 

26, Gukjegeumyung-ro 8-gil, Yeongdeungpo-gu, Seoul 07331, Korea

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒       Form 40-F ☐

 

 

 


Preliminary Operating Results for Fiscal Year 2024

On February 5, 2025, KB Financial Group Inc. (“KB Financial Group”) held an earnings conference and released its preliminary operating results for fiscal year 2024. The following tables reflect the key figures released during the conference. The presentation materials for the conference, which contain further details, are available at KB Financial Group’s website (http://www.kbfg.com).

The preliminary figures presented herein are based on International Financial Reporting Standards as adopted by the Republic of Korea (“K-IFRS”) and are currently being audited by KB Financial Group’s independent auditors and are thereby subject to change.

1. Preliminary Operating Results of KB Financial Group (Consolidated)

 

(Won in millions, %)    4Q 2024     3Q 2024      % Change
Increase
(Decrease)
(Q to Q)
    4Q 2023     

% Change
Increase

(Y to Y)

 

Operating revenue

   Specified Quarter      26,451,994       15,491,590        70.75       18,242,110        45.01  
   Cumulative      85,214,124       58,762,130        —        77,566,697        9.86  

Net operating profit

   Specified Quarter      1,030,013       2,357,551        (56.31     245,675        319.26  
   Cumulative      8,045,261       7,015,248        —        6,385,021        26.00  

Profit before income tax

   Specified Quarter      924,380       2,284,151        (59.53     212,738        334.52  
   Cumulative      6,985,247       6,060,867        —        6,120,151        14.14  

Profit (Loss) for the period

   Specified Quarter      658,688       1,596,039        (58.73     174,308        277.89  
   Cumulative      5,028,606       4,369,918        —        4,526,334        11.10  

Profit attributable to shareholders of the parent company

   Specified Quarter      682,932       1,613,946        (57.69     218,322        212.81  
   Cumulative       5,078,221        4,395,289        —        4,594,835        10.52  

 

Notes: 1)    “Operating revenue” represents the sum of interest income, fee and commission income, insurance income, reinsurance income, gain on financial assets/liabilities at fair value through profit or loss, other insurance finance income and other operating income.
2)    KB Financial Group’s preliminary operating results for the fourth quarter of 2024 reflect certain communication with the Financial Supervisory Service regarding the application of IFRS 17. For comparison purposes, the figures for the third quarter of 2024 and the fourth quarter of 2023 have been restated retrospectively to reflect the application of such communication.


2. Preliminary Operating Results of Kookmin Bank (Consolidated)

 

(Won in millions, %)    4Q 2024     3Q 2024      % Change
Increase
(Decrease)
(Q to Q)
    4Q 2023     

% Change
Increase
(Decrease)

(Y to Y)

 

Operating revenue

   Specified Quarter      17,400,343       7,871,312        121.06       10,411,048        67.13  
   Cumulative      51,497,328       34,096,985        —        45,032,120        14.36  

Net operating profit

   Specified Quarter      946,716       1,590,218        (40.47     474,594        99.48  
   Cumulative      5,398,865       4,452,149        —        4,327,990        24.74  

Profit before income tax

   Specified Quarter      871,999       1,565,802        (44.31     447,856        94.71  
   Cumulative      4,445,298       3,573,299        —        4,229,777        5.10  

Profit for the period

   Specified Quarter      612,944       1,072,126        (42.83     344,200        78.08  
   Cumulative      3,151,402       2,538,458        —        3,149,952        0.05  

Profit attributable to shareholders of the parent company

   Specified Quarter      633,869       1,112,032        (43.00     406,127        56.08  
   Cumulative       3,251,759        2,617,890        —        3,261,499        (0.30

 

Note:

“Operating revenue” represents the sum of interest income, fee and commission income, gain on financial assets/liabilities at fair value through profit or loss and other operating income.


3. Preliminary Operating Results of KB Securities Co., Ltd. (“KB Securities”) (Consolidated)

 

(Won in millions, %)    4Q 2024      3Q 2024      % Change
Increase
(Decrease)
(Q to Q)
    4Q 2023     

% Change
Increase
(Decrease)

(Y to Y)

 

Operating revenue

   Specified Quarter      2,757,448        2,341,119        17.78       2,875,997        (4.12
   Cumulative      10,832,031        8,074,583        —        11,585,140        (6.50

Net operating profit (loss)

   Specified Quarter      45,312        238,775        (81.02     68,839        (34.18
   Cumulative      780,786        735,474        —        680,154        14.80  

Profit (Loss) before income tax

   Specified Quarter      38,336        233,599        (83.59     10,585        262.17  
   Cumulative      748,633        710,297        —        492,761        51.93  

Profit (Loss) for the period

   Specified Quarter      37,745        173,149        (78.20     22,483        67.88  
   Cumulative      590,361        552,616        —        388,028        52.14  

Profit (Loss) attributable to shareholders of the parent company

   Specified Quarter      40,259        172,030        (76.60     29,840        34.92  
   Cumulative      591,153        550,894        —        395,015        49.65  

 

Notes: 1)

Based on KB Securities’ consolidated financial statements, as a result of which the figures differ from KB Securities’ earnings results to be released at KB Financial Group’s earnings conference for fiscal year 2024, which are based on KB Financial Group’s consolidated financial statements.

   2)

“Operating revenue” represents operating income based on KB Securities’ financial statements.


Declaration of Cash Dividends by KB Financial Group

On February 5, 2025, the board of directors of KB Financial Group Inc. (“KB Financial Group”) passed a resolution to declare a cash dividend of KRW 804 per common share (total dividend amount of KRW 300,374,978,076, assuming the number of outstanding shares to be 373,600,719 shares).

The record date is February 28, 2025 (Korea local time), and in accordance with the Korean Commercial Code, the payment of such dividends is expected to be made within one month following shareholder approval at the annual general meeting of shareholders of KB Financial Group (the “AGM”). The date of the AGM will be decided and made publicly available upon the resolution of the board of directors of KB Financial Group to convene such meeting.

The total dividend amount is subject to adjustment based on the actual number of outstanding shares as of the record date, following the acquisition of treasury shares by KB Financial Group as disclosed in the report on Form 6-K titled “Resolution for Acquisition of Treasury Shares” dated February 5, 2025.

The contents of the above declaration remain subject to change pending the results of the audit by KB Financial Group’s independent auditors and the approval at the AGM.


Declaration of Cash Dividends by Kookmin Bank

On February 4, 2025, the board of directors of Kookmin Bank, a wholly-owned subsidiary of KB Financial Group, passed a resolution to declare a cash dividend of KRW 4,020 per common share, for a total dividend amount of KRW 1,625,604,046,320, subject to shareholder approval.

The record date is December 31, 2024, and in accordance with the Korean Commercial Code, the payment for such dividends is expected to be made within one month following shareholder approval at the annual general meeting of shareholders of Kookmin Bank, which is expected to be held on March 25, 2025.

The entire dividend amount is to be paid to KB Financial Group, which holds all of the common shares of Kookmin Bank.

The contents of the above declaration remain subject to change pending the results of the audit by Kookmin Bank’s independent auditors and the approval at the annual general meeting of shareholders of Kookmin Bank.


Declaration of Cash Dividends by KB Securities

On February 4, 2025, the board of directors of KB Securities, a wholly-owned subsidiary of KB Financial Group, passed a resolution to declare a cash dividend of KRW 937 per common share, for a total dividend amount of KRW 280,000,000,000, subject to shareholder approval.

The record date is December 31, 2024, and in accordance with the Korean Commercial Code, the payment for such dividends is expected to be made within one month following shareholder approval at the annual general meeting of shareholders of KB Securities, which is expected to be held on March 21, 2025. The entire dividend amount is to be paid to KB Financial Group, which holds all of the common shares of KB Securities.

The contents of the above declaration remain subject to change pending the results of the audit by KB Securities’ independent auditors and the approval at the annual general meeting of shareholders of KB Securities.


Report of Change in Revenue or Profit of More than 15% (KB Financial Group)

On February 5, 2025, KB Financial Group reported changes in its revenue and profit as described below.

Key Details (Consolidated)

 

(Won in thousands)    FY 2024      FY 2023      Change
(Amount)
     Change
(%)
 

Revenue and Profit

                                   

- Operating revenue

     85,214,123,573        77,566,697,334        7,647,426,239        9.86  

- Net operating profit

     8,045,261,241        6,385,020,922        1,660,240,319         26.00   

- Profit from continuing operations before income tax

     6,985,247,154        6,120,151,276        865,095,878        14.14  

- Profit for the period

     5,028,606,050        4,526,334,027        502,272,023        11.10  

Primary reason for the change in revenue/profit

    

An increase in interest income, primarily due to an increase in
the average balance of loan assets, as well as an increase in the
profitability of insurance operations.
 
 
 

Other Financial Data

                       

- Total assets

     757,845,532,244        715,725,415,727     

- Total liabilities

     698,030,350,915        657,089,226,025     

- Total equity

     59,815,181,329        58,636,189,702     

- Capital stock

     2,090,557,685        2,090,557,685     

- Total equity / Capital stock ratio (%)

     2,861.2        2,804.8     

 

Note: 1)

The preliminary figures presented above are based on K-IFRS and are subject to change pending the results of the audit by KB Financial Group’s independent auditors.

  2)

“Operating revenue” represents the sum of interest income, fee and commission income, insurance income, reinsurance income, gain on financial assets/liabilities at fair value through profit or loss, other insurance finance income and other operating income.

  3)

“Profit for the period” comprises the total profit for the period, including profit attributable to both controlling interests and non-controlling interests.

  4)

The preliminary operating results for fiscal year 2024 presented above reflect certain communications with the Financial Supervisory Service regarding the application of IFRS17. For comparison purposes, the figures for fiscal year 2023 have been restated retrospectively to reflect the application of such communications.


Report of Change in Revenue or Profit of More than 15% (Kookmin Bank)

On February 5, 2025, KB Financial Group reported changes in the revenue and profit of Kookmin Bank as described below.

Key Details (Consolidated)

 

(Won in thousands)    FY 2024      FY 2023      Change
(Amount)
     Change
(%)
 

Revenue and Profit

                                   

- Operating revenue

     51,497,328,149        45,032,119,654        6,465,208,495          14.4   

- Net operating profit

     5,398,864,988        4,327,990,390        1,070,874,598        24.7  

- Profit from continuing operations before income tax

     4,445,298,292        4,229,776,591        215,521,701        5.1  

- Profit for the period

     3,151,401,505        3,149,952,039        1,449,466        0.0  

Primary reason for the change in revenue/profit

    

An increase in interest income, primarily due to an increase in
the average balance of loan assets, as well as decrease in
provisions for credit losses.
 
 
 

Other Financial Data

                       

- Total assets

     562,887,179,524        530,012,853,218     

- Total liabilities

     524,859,859,741        493,464,125,722     

- Total equity

     38,027,319,783        36,548,727,496     

- Capital stock

     2,021,895,580        2,021,895,580     

- Total equity / Capital stock ratio (%)

     1,881        1,808     

 

Note: 1)

The preliminary figures presented above are based on K-IFRS and are subject to change pending the results of the audit by KB Financial Group’s independent auditors.

  2)

“Operating revenue” represents the sum of interest income, fee and commission income, gain on financial assets/liabilities at fair value through profit or loss and other operating income.

  3)

“Profit for the period” comprises the total profit for the period, including profit attributable to both controlling interests and non-controlling interests.


Report of Change in Revenue or Profit of More than 15% (KB Securities)

On February 5, 2025, KB Financial Group reported changes in the revenue and profit of KB Securities as described below.

Key Details (Consolidated)

 

(Won in thousands)    FY 2024      FY 2023      Change
(Amount)
     Change
(%)
 

Revenue and Profit

                                   

- Operating revenue

     10,832,030,725        11,585,140,111        (753,109,386      (6.50

- Net operating profit

     780,786,477        680,154,124        100,632,353        14.80  

- Profit from continuing operations before income tax

     748,633,013        492,761,458        255,871,555        51.93  

- Profit for the period

     590,360,820        388,027,837        202,332,983        52.14  

Primary reason for the change in revenue/profit

     An overall increase in key business sector performances.  

Other Financial Data

                       

- Total assets

     63,390,535,353        61,266,919,886     

- Total liabilities

     56,502,205,677        54,970,887,868     

- Total equity

     6,888,329,676        6,296,032,018     

- Capital stock

     1,493,102,120        1,493,102,120     

- Total equity / Capital stock ratio (%)

     461.3        421.7     

 

Note: 1)

The preliminary figures presented above are based on K-IFRS and are subject to change pending the results of the audit by KB Securities’ independent auditors.

  2)

“Operating revenue” represents operating income based on KB Securities’ financial statements.

  3)

“Profit for the period” comprises the total profit for the period, including profit attributable to both controlling interests and non-controlling interests.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

   

KB Financial Group Inc.

    (Registrant)
Date: February 5, 2025     By:  

/s/ Sang Rock Na

    (Signature)
    Name: Sang Rock Na
    Title: Managing Director and Chief Financial Officer

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