KB Financial's net income soars 11 percent to 5 trillion won in 2024

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KB Financial's net income soars 11 percent to 5 trillion won in 2024

KB Financial Group headquarters building in western Seoul [KB FINANCIAL GROUP]

KB Financial Group headquarters building in western Seoul [KB FINANCIAL GROUP]

 
KB Financial Group on Wednesday said its 2024 net income soared 11 percent from a year earlier, marking the sector's highest of over 5 trillion won, on the back of increased interest income.
 
Net profit reached 5.02 trillion won ($3.5 billion) last year, compared with a profit of 4.52 trillion won a year earlier, the company said in a regulatory filing.
 

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Operating income rose to 8.05 trillion won from 6.39 trillion won over the cited period, while revenue rose 9.86 percent on-year to 85.21 trillion won.
 
The financial holding company said interest income rose 5.3 percent on-year to 12.83 trillion won last year and commission income soared 4.8 percent to 3.85 trillion won over the cited period.
 
The group's net interest margin, the difference between interest received and paid, came to 2.03 percent last year, down 0.05 basis point from a year earlier.
 
Flagship KB Kookmin Bank's net profit stood at 3.25 trillion won last year, down 0.3 percent from a year earlier.
 
KB Financial said it plans to buy and cancel 520 billion won worth of its stocks, and reward a total of 1.76 trillion won to shareholders this year.

Yonhap
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