KB Financial Group reported on the 24th that its net profit for the first quarter was 1.6973 trillion won. This is the largest performance in history for the first quarter since its founding. Compared to the first quarter of last year (1.042 trillion won), this figure represents a 62.9% increase.
KB Financial Group noted that while interest income decreased due to the decline in market interest rates for the first quarter results, interest profit remained at a similar level to the previous quarter due to the influx of low-cost deposits. Additionally, in the first quarter of last year, costs incurred for compensating damages related to the Hong Kong H index equity-linked securities (ELS) impacted performance, but this year, the absence of related one-time expenses eliminated obstacles to performance growth.
This year, net interest income for the first quarter was 3.2622 trillion won, representing a 2.9% increase compared to the same period last year (3.1699 trillion won). Non-interest income, including fees, was recorded at 1.2920 trillion won for the first quarter, a 4.9% increase from last year's first quarter (1.2322 trillion won).
Looking at net profit by affiliate, KB Kookmin Bank's net profit for the first quarter was 1.0264 trillion won, a 2.6-fold increase compared to the same period last year (389.5 billion won). This was due to the impact of ELS compensation expenses reflected in last year's results. KB Securities' net profit for the first quarter of this year was 179.9 billion won, KB Card reported 84.5 billion won, KB Insurance recorded 313.5 billion won, and KB Life Insurance showed 87 billion won.
A KB Financial Group official said, "As of the end of March this year, the common equity tier 1 (CET1) ratio and the Basel III (BIS) capital adequacy ratio were maintained at 13.67% and 16.57%, respectively, the highest level in the industry."