KB Financial Group earned more than 5 trillion won in net profit through the third quarter this year. That is the largest on record.
KB Financial Group said on Oct. 30 that cumulative net profit for the third quarter was 5.1217 trillion won, up 16.6% from the same period a year earlier (4.3941 trillion won). Third-quarter net profit was 1.686 trillion won, up 4.1% from the third quarter of last year (1.6197 trillion won).
KB Financial Group's net interest margin (NIM) for the third quarter was 1.96%, unchanged from the previous quarter, while KB Kookmin Bank's was 1.73%, up 0.01 percentage point over the same period. As a result, the group's third-quarter net interest income (3.3362 trillion won) rose 4.7% from a year earlier (3.1876 trillion won). In contrast, noninterest income (1.0157 trillion won) fell 23.4%.
As of the end of September, KB Financial Group's common equity tier 1 (CET1) ratio and Bank for International Settlements (BIS) capital adequacy ratio were 13.83% and 16.28%, respectively, maintaining stable capital soundness.
By affiliate, KB Kookmin Bank's third-quarter net profit (1.1769 trillion won) rose 5.8% from a year earlier (1.112 trillion won). Net profit at KB Insurance (208.8 billion won) and KB Capital (70.4 billion won) also increased 23.7% and 20.3%, respectively. KB Securities (157.8 billion won), KB Kookmin Card (99.3 billion won), and KB Life Insurance (65.7 billion won) fell 7.6%, 13.4%, and 13.6%, respectively, from a year earlier.
Meanwhile, ahead of the earnings release that day, KB Financial Group held a board meeting and approved cash dividends of 930 won per share, totaling 335.7 billion won. The per-share dividend is 135 won higher than in the third quarter of last year.