KB Financial Group Files 6-K with SEC

TL;DR

KB Financial Group dropped a 6-K filing on 3/14/24 - check it for business and financial updates.

AI Summary

KB Financial Group Inc. filed a Form 6-K on March 14, 2024, providing an overview of its business, financial information, and capital structure. The filing indicates that the company operates under the commercial banking sector and is subject to US securities regulations, filing annual reports under Form 20-F.

Why It Matters

This filing provides investors with updated information on KB Financial Group's business operations and financial standing, crucial for assessing investment opportunities in the company.

Risk Assessment

Risk Level: low — This is a routine filing providing general company information and does not indicate any immediate or significant risks.

Key Players & Entities

• KB Financial Group Inc. (company) — Filer of the 6-K report
• 000-53445 (other) — SEC file number for KB Financial Group Inc.
• 20240314 (date) — Filing date of the 6-K report

FAQ

Filing Documents

• d788307d6k.htm (6-K) — 883KB
• 0001193125-24-067331.txt ( ) — 884KB

Business

Business 2.1. Results of Operations 2.2. Sources and Uses of Funds 2.3. Other Information to Consider in Making an Investment Decision 3. Financial Information 3.1. Consolidated Financial Information 3.2. Separate Financial Information 3.3. Other Selected Financial Data 3.4. Other Financial Information 4. Independent Public Accountants 4.1. Audit/ Review Services 4.2. Public Company Accounting Oversight Board (PCAOB) Audit Services 4.3. Change in Auditor 5. Corporate Governance and Affiliated Companies 5.1. Board of Directors & Committees under the Board 5.2. Audit Committee 5.3. Compensation to Directors 5.4. Top 5 Highest-Paid Individuals 5.5. Affiliated Companies 6. Directors, Senior Management and Employees 6.1. Executive Directors 6.2. Non-standing Directors 6.3. Non-executive Directors 6.4. Senior Management 6.5. Employees 7. Major Shareholders and Related Party Transactions 7.1. Major Shareholders 7.2. Changes in the Largest Shareholder 7.3. Employee Stock Ownership Association 7.4. Investments in Affiliated Companies 7.5. Related Party Transactions Table of Contents Summary of Business Report for Fiscal Year 2023 On March 14, 2024, KB Financial Group Inc. (KB Financial Group or the Group) filed its business report for the fiscal year ended December 31, 2023 (the Business Report) with the Financial Services Commission of Korea and the Korea Exchange. This is a summary of the Business Report translated into English. Except where indicated otherwise, financial information contained in this summary have been prepared in accordance with the Korean equivalent of International Financial Reporting Standards (K-IFRS), which differ in certain important respects from generally accepted accounting principles in the United States. All references to KB Financial Group, we, us or the Company are to KB Financial Group and, unless the context requires otherwise, its sub

Business

Business 2.1. Results of Operations (Unit: in millions of Won) For the year ended December 31, 2023 For the year ended December 31, 2022 For the year ended December 31, 2021 Net interest income 12,141,717 11,515,325 11,229,572 Interest income 29,145,079 20,787,577 15,210,878 Interest expense (17,003,362) (9,272,252) (3,981,306) Net fee and commission income 3,673,524 3,514,902 3,625,583 Fee and commission income 5,368,074 5,125,930 5,323,606 Fee and commission expense (1,694,550) (1,611,028) (1,698,023) Insurance service result 1,422,952 1,311,091 556,711 Insurance income 10,978,808 10,072,490 16,107,858 Insurance expense (9,555,856) (8,761,399) (15,551,147) Net gains on financial assets/liabilities at fair value through profit or loss 2,163,065 (1,139,818) 995,304 Other insurance finance income (expense) (459,135) 841,227 Net other operating expenses (2,712,989) (2,262,123) (1,923,567) General and administrative expenses (6,647,406) (6,643,654) (7,200,853) Operating profit before provision for credit losses 9,581,728 7,136,950 7,282,750 Provision for credit losses (3,146,409) (1,847,775) (1,185,133) Net operating profit 6,435,319 5,289,175 6,097,617 Notes: (1) Based on K-IFRS (on a consolidated basis). (2) KB Financial Groups results of operations for the year ended December 31, 2023 reflect the application of K-IFRS 1117 (Insurance Contracts), a new accounting standard that became effective on January 1, 2023. For comparison purposes, the figures for the year ended December 31, 2022 above have been restated retrospectively to reflect the application of K-IFRS 1117. However, the figures for the year ended December 31, 2021 have not been restated retrospectively and are based on K-IFRS 1104 (Insurance Contracts). Accordingly, such figures may not be directly comparable to the figures for the years ended December 31, 2023 and 2022. Table

View Full Filing

View this 6-K filing on SEC EDGAR