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 July 2024

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 the First Half of 2024

On July 23, 2024, KB Financial Group Inc. (“KB Financial Group”) held an earnings conference and released its preliminary operating results for the first half of 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 reviewed by KB Financial Group’s independent auditors and are therefore subject to change.

 

1.

Preliminary Operating Results of KB Financial Group (Consolidated)

 

(Won in millions, %)    2Q 2024      1Q 2024     

% Change
Increase

(Decrease)

(Q to Q)

    2Q 2023     

% Change
Increase

(Decrease)

(Y to Y)

 

Operating revenue

   Specified Quarter      19,918,040        23,352,449        (14.71     15,901,595        25.26  
   Cumulative      43,270,489        23,352,449        —        40,734,330        6.23  

Net operating profit

   Specified Quarter      2,302,268        2,355,448        (2.26     2,052,822        12.15  
   Cumulative      4,657,716        2,355,448        —        4,192,849        11.09  

Profit before income tax

   Specified Quarter      2,369,252        1,407,484        68.33       1,960,469        20.85  
   Cumulative      3,776,736        1,407,484        —        4,004,335        (5.68

Profit for the period

   Specified Quarter      1,710,680        1,063,214        60.90       1,504,631        13.69  
   Cumulative      2,773,894        1,063,214        —        3,014,922        (7.99

Profit attributable to shareholders of the parent company

   Specified Quarter      1,732,225        1,049,133        65.11       1,498,916        15.57  
   Cumulative      2,781,358        1,049,133        —        3,007,624        (7.52

 

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 first half of 2024 and the operating results for the first quarter of 2024 reflect the application of the variable fee approach for measuring insurance liabilities, which was adopted in the fourth quarter of 2023 in accordance with the IFRS17 actuarial assumption guidelines of the Financial Supervisory Service. For comparison purposes, the figures for the first half of 2023 above have been restated retrospectively to reflect such application.


2.

Preliminary Operating Results of Kookmin Bank (Consolidated)

 

(Won in millions, %)    2Q 2024      1Q 2024      % Change
Increase
(Decrease)
(Q to Q)
    2Q 2023     

% Change
Increase
(Decrease)

(Y to Y)

 

Operating revenue

   Specified Quarter      11,822,663        14,403,010        (17.92     8,817,685        34.08  
   Cumulative      26,225,673        14,403,010        —        23,736,807        10.49  

Net operating profit

   Specified Quarter      1,421,558        1,440,393        (1.31     1,222,012        16.33  
   Cumulative      2,861,951        1,440,393        —        2,490,152        14.93  

Profit before income tax

   Specified Quarter      1,510,892        496,625        204.23       1,188,087        27.17  
   Cumulative      2,007,517        496,625        —        2,423,251        (17.16

Profit for the period

   Specified Quarter      1,089,094        377,253        188.69       919,941        18.39  
   Cumulative      1,466,347        377,253        —        1,841,865        (20.39

Profit attributable to shareholders of the parent company

   Specified Quarter      1,116,338        389,535        186.58       926,992        20.43  
   Cumulative      1,505,873        389,535        —        1,858,508        (18.97

 

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, %)    2Q 2024      1Q 2024     

% Change
Increase

(Decrease)

(Q to Q)

    2Q 2023     

% Change
Increase
(Decrease)

(Y to Y)

 

Operating revenue

   Specified Quarter      2,273,350        3,460,114        (34.30     1,805,906        25.88  
   Cumulative      5,733,464        3,460,114        —        6,130,156        (6.47

Net operating profit

   Specified Quarter      243,362        253,337        (3.94     194,063        25.40  
   Cumulative      496,699        253,337        —        458,262        8.39  

Profit before income tax

   Specified Quarter      233,655        243,044        (3.86     142,728        63.71  
   Cumulative      476,699        243,044        —        331,540        43.78  

Profit for the period

   Specified Quarter      180,614        198,853        (9.17     110,304        63.74  
   Cumulative      379,467        198,853        —        252,254        50.43  

Profit attributable to shareholders of the parent company

   Specified Quarter      179,528        199,335        (9.94     110,345        62.70  
   Cumulative      378,863        199,335        —        252,239        50.20  

 

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 the first half of 2024, which are based on KB Financial Group’s consolidated financial statements.
2)    “Operating revenue” represents operating income based on KB Securities’ financial statements.


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: July 23, 2024    

By: /s/ Jae Kwan Kim

    (Signature)
    Name: Jae Kwan Kim
    Title: Senior Executive Vice President and Chief Finance Officer

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