KB Financial Group Posts Q1 Net Profit of 1.27 Trillion Won... "Record Quarterly Performance" (Update)

Net Interest Income Increased by 12.5% Year-on-Year
Net Fee Income Also Rose 44.3% to 967.2 Billion KRW

[Asia Economy Reporter Park Sun-mi] KB Financial Group achieved its highest quarterly performance since its founding in the first quarter of this year, thanks to efforts to strengthen core competitiveness and business diversification through mergers and acquisitions (M&A).

On the 22nd, KB Financial announced that the net income attributable to owners of the parent company for the first quarter reached 1.2701 trillion KRW. This represents a 74.1% increase compared to the same period last year (729.5 billion KRW), marking the highest quarterly performance ever.

Core profits of the group, centered on net interest income and net fee income, steadily increased, while other operating income, which had been sluggish due to the sharp volatility in the financial market in the first quarter of last year, improved significantly. Net interest income recorded 2.6423 trillion KRW, up 12.5% year-on-year, and net fee income rose 44.3% to 967.2 billion KRW. The proportion of the non-bank sector in the group’s net profit also increased to about 48.6%.

The group’s return on equity (ROE) for the first quarter was 12.50%, reflecting the fruits of increased core profits, diversification of the group’s revenue base, and risk management efforts. The group’s total assets amounted to 620.9 trillion KRW, and including assets under management (AUM), 974.8 trillion KRW.

On a consolidated basis, the group’s total assets increased by 1.7% compared to the end of the previous year’s 610.7 trillion KRW. Major affiliates’ total assets are as follows: KB Kookmin Bank with 447.8 trillion KRW (505.7 trillion KRW including AUM), KB Securities with 56.8 trillion KRW (226.9 trillion KRW including AUM), KB Insurance with 39.3 trillion KRW, KB Kookmin Card with 25.1 trillion KRW, and Prudential Life with 25 trillion KRW.

This content was produced with the assistance of AI translation services.