Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]
05 February 2025 - 10:06PM
Edgar (US Regulatory)
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 registrants 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 Groups 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 Groups independent auditors and are thereby subject to change.
1. Preliminary Operating Results of KB Financial Group (Consolidated)
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|
|
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|
|
|
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(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 |
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|
85,214,124 |
|
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|
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 |
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|
|
|
|
|
|
6,385,021 |
|
|
|
26.00 |
|
Profit before income
tax |
|
Specified Quarter |
|
|
924,380 |
|
|
|
2,284,151 |
|
|
|
(59.53 |
) |
|
|
212,738 |
|
|
|
334.52 |
|
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Cumulative |
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|
6,985,247 |
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|
6,060,867 |
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|
|
|
|
|
|
6,120,151 |
|
|
|
14.14 |
|
Profit (Loss) for the
period |
|
Specified Quarter |
|
|
658,688 |
|
|
|
1,596,039 |
|
|
|
(58.73 |
) |
|
|
174,308 |
|
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|
277.89 |
|
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Cumulative |
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5,028,606 |
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|
4,369,918 |
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|
|
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|
4,526,334 |
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|
11.10 |
|
Profit attributable to
shareholders of the parent company |
|
Specified Quarter |
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|
682,932 |
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|
1,613,946 |
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|
|
(57.69 |
) |
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218,322 |
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212.81 |
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Cumulative |
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5,078,221 |
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4,395,289 |
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|
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|
4,594,835 |
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|
10.52 |
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|
|
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 Groups 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)
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(Won in millions, %) |
|
4Q 2024 |
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|
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 |
|
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|
67.13 |
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Cumulative |
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51,497,328 |
|
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|
34,096,985 |
|
|
|
|
|
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|
45,032,120 |
|
|
|
14.36 |
|
Net operating
profit |
|
Specified Quarter |
|
|
946,716 |
|
|
|
1,590,218 |
|
|
|
(40.47 |
) |
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|
474,594 |
|
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|
99.48 |
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Cumulative |
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5,398,865 |
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|
4,452,149 |
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|
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4,327,990 |
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|
24.74 |
|
Profit before income
tax |
|
Specified Quarter |
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|
871,999 |
|
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|
1,565,802 |
|
|
|
(44.31 |
) |
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|
447,856 |
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94.71 |
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Cumulative |
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4,445,298 |
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|
3,573,299 |
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|
|
|
|
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|
4,229,777 |
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5.10 |
|
Profit for the
period |
|
Specified Quarter |
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612,944 |
|
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|
1,072,126 |
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|
|
(42.83 |
) |
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344,200 |
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|
78.08 |
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Cumulative |
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|
3,151,402 |
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|
2,538,458 |
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|
|
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3,149,952 |
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0.05 |
|
Profit attributable to
shareholders of the parent company |
|
Specified Quarter |
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|
633,869 |
|
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|
1,112,032 |
|
|
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(43.00 |
) |
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406,127 |
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56.08 |
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Cumulative |
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3,251,759 |
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|
2,617,890 |
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3,261,499 |
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(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)
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(Won in millions, %) |
|
4Q 2024 |
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3Q 2024 |
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|
% Change Increase (Decrease) (Q to Q) |
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|
4Q 2023 |
|
|
% Change Increase (Decrease)
(Y to Y) |
|
Operating
revenue |
|
Specified Quarter |
|
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2,757,448 |
|
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|
2,341,119 |
|
|
|
17.78 |
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2,875,997 |
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(4.12 |
) |
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Cumulative |
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10,832,031 |
|
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8,074,583 |
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11,585,140 |
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(6.50 |
) |
Net operating profit
(loss) |
|
Specified Quarter |
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45,312 |
|
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|
238,775 |
|
|
|
(81.02 |
) |
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68,839 |
|
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(34.18 |
) |
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Cumulative |
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|
780,786 |
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|
735,474 |
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|
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|
680,154 |
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|
14.80 |
|
Profit (Loss) before income
tax |
|
Specified Quarter |
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38,336 |
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|
233,599 |
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|
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(83.59 |
) |
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|
10,585 |
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|
|
262.17 |
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Cumulative |
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|
748,633 |
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|
710,297 |
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|
492,761 |
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|
51.93 |
|
Profit (Loss) for the
period |
|
Specified Quarter |
|
|
37,745 |
|
|
|
173,149 |
|
|
|
(78.20 |
) |
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|
22,483 |
|
|
|
67.88 |
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Cumulative |
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|
590,361 |
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|
552,616 |
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|
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|
388,028 |
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|
52.14 |
|
Profit (Loss) attributable to
shareholders of the parent company |
|
Specified Quarter |
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|
40,259 |
|
|
|
172,030 |
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|
|
(76.60 |
) |
|
|
29,840 |
|
|
|
34.92 |
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Cumulative |
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|
591,153 |
|
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|
550,894 |
|
|
|
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|
395,015 |
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|
49.65 |
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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 Groups earnings conference for fiscal year 2024, which are based on KB Financial Groups 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 Groups 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 Banks 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)
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(Won in thousands) |
|
FY 2024 |
|
|
FY 2023 |
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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 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
- 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 |
|
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|
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|
- 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 Groups 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)
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|
(Won in thousands) |
|
FY 2024 |
|
|
FY 2023 |
|
|
Change (Amount) |
|
|
Change (%) |
|
Revenue and Profit |
|
|
|
|
|
|
|
|
|
|
|
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|
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- 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 Groups 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.
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KB Financial Group Inc. |
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(Registrant) |
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Date: February 5, 2025 |
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By: |
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/s/ Sang Rock Na |
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(Signature) |
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Name: Sang Rock Na |
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Title: Managing Director and Chief Financial Officer |
KB Financial (NYSE:KB)
Historical Stock Chart
From Jan 2025 to Feb 2025
KB Financial (NYSE:KB)
Historical Stock Chart
From Feb 2024 to Feb 2025