KB Financial Group Files 6-K for May 2024 Business Report

TL;DR

KB Financial Group dropped its Q1 2024 business report via 6-K. Check it for performance updates.

AI Summary

KB Financial Group Inc. filed a Form 6-K on May 16, 2024, to report on its business for the month of May 2024. The filing includes a summary of the 2024 First Quarter Business Report and related review reports (consolidated and separate). The company is based in Seoul, Korea, and operates in the commercial banking sector.

Why It Matters

This filing provides investors with an update on KB Financial Group's financial performance and business activities for the first quarter of 2024, offering insights into the company's current standing.

Risk Assessment

Risk Level: low — This is a routine filing providing business and financial report summaries, not indicating any immediate material changes or risks.

Key Players & Entities

• KB Financial Group Inc. (company) — Filer of the report
• 0001193125-24-139928 (accession_number) — Filing accession number
• 20240516 (date) — Filing date
• Seoul, Korea (location) — Company headquarters

FAQ

Filing Documents

• d830917d6k.htm (6-K) — 620KB
• d830917dex991.htm (EX-99.1) — 3826KB
• d830917dex992.htm (EX-99.2) — 1002KB
• 0001193125-24-139928.txt ( ) — 5450KB

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 2024 First Quarter Business Report On May 16, 2024, KB Financial Group Inc. (KB Financial Group, the Company or the Group) filed its business report for the first quarter of 2024 (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, the Company or the Group are to KB Financial Group and, unless the context requires otherwise, it

Business

Business 2.1. Results of Operations (Unit: in millions of Won) For the three months ended March 31, 2024 For the three months ended March 31, 2023 For the year ended December 31, 2023 For the year ended December 31, 2022 Net interest income 3,151,485 2,823,865 12,141,717 11,515,325 Interest income 7,613,962 6,866,583 29,145,079 20,787,577 Interest expense (4,462,477 ) (4,042,718 ) (17,003,362 ) (9,272,252 ) Net fee and commission income 990,093 914,006 3,673,524 3,514,902 Fee and commission income 1,396,300 1,334,702 5,368,074 5,125,930 Fee and commission expense (406,207 ) (420,696 ) (1,694,550 ) (1,611,028 ) Net insurance income 538,379 392,407 1,422,952 1,311,091 Insurance income 2,727,558 2,663,134 10,978,808 10,072,490 Insurance expense (2,189,179 ) (2,270,727 ) (9,555,856 ) (8,761,399 ) Net gains (losses) on financial assets/liabilities at fair value through profit or loss 249,133 773,407 2,163,065 (1,139,818 ) Other insurance finance income (expense) (112,426 ) (269,060 ) (459,135 ) 841,227 Net other operating expenses (404,710 ) (260,124 ) (2,712,989 ) (2,262,123 ) General and administrative expenses (1,628,236 ) (1,566,286 ) (6,647,406 ) (6,643,654 ) Operating profit before provision for credit losses 2,783,718 2,808,215 9,581,728 7,136,950 Provision for credit losses (428,270 ) (668,188 ) (3,146,409 ) (1,847,775 ) Net operating profit 2,355,448 2,140,027 6,435,319 5,289,175 Notes: (1) Based on K-IFRS (on a consolidated basis). (2) KB Financial Groups results of operations for the three months ended March 31, 2024 and 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 r

View Full Filing

View this 6-K filing on SEC EDGAR