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SEOUL, Oct. 24 (Yonhap) — KB Financial Group Inc., a major banking holding firm, reported Tuesday that its net income was up by 0.4 percent in the third quarter from the same period a year ago, mainly due to higher interest income and the strong performance of its non-banking units.
The company’s net profit for the July-September period was 1.37 trillion won (US$1.02 billion), compared to 1.36 trillion won in the same period in 2019. This result was in line with market expectations, as the average predicted net profit according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency, was 1.34 trillion won.
KB Financial Group’s operating income came in at 1.95 trillion won, a 12.6 percent increase from the same period a year prior, while revenue dropped by 40.8 percent to 18.64 trillion won.
The group’s accumulated net income for the first three quarters of the year was up 8.2 percent year-on-year, amounting to 4.37 trillion won. This growth was attributed to increased interest income and improved earnings from its non-banking units.
In the first nine months of the year, KB Financial’s interest income rose 5.3 percent compared to the same period in 2019, amounting to 2.087 trillion won, while its commission income was up 0.1 percent to 2.77 trillion won.
The group’s flagship KB Kookmin Bank saw its third-quarter net profit jump 21 percent year-on-year to 964 billion won, thanks to an increase in interest income and commission revenue.
The corporate logo of KB Financial Group (Yonhap)
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