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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2025
Commission File Number: 000-53445
KB Financial Group Inc.
(Translation of registrant’s name into English)
26, Gukjegeumyung-ro 8-gil, Yeongdeungpo-gu, Seoul 07331, Korea
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
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Summary of 2025 Third Quarter Business Report
On November 14, 2025, KB Financial Group Inc. (“KB Financial Group,” the “Company” or the “Group”) filed its business report for the third quarter of 2025 (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, its subsidiaries. In addition, all references to “Won” or “KRW” in this document are to the currency of the Republic of Korea.
Table of Contents
1. Introduction to the Company
KB Financial Group is a financial holding company that was established in September 2008. Its main business purpose is to hold shares in companies that are engaged in financial or related services, as well as govern and manage such companies. Its consolidated subsidiaries are primarily engaged in the banking business, as well as the credit card business, the financial investment business, the insurance business and other related businesses.
[Not required to be disclosed in quarterly reports]
1.3. Overview of the Business Group
[Not required to be disclosed in quarterly reports]
1.4.1. Common Shares
Changes in Capital
| (As of September 30, 2025) | (Unit: Won, shares) | |||||||||||||||
| Date |
Type | Number of Shares Issued or Cancelled |
Par Value | Price | Remarks | |||||||||||
| September 29, 2008 | Common Stock | 356,351,693 | 5,000 | 48,444 | Establishment of the Company | |||||||||||
| September 2, 2009 | Common Stock | 30,000,000 | 5,000 | 37,250 | % increase in number of common shares: 8.41865% | |||||||||||
| October 19, 2016 | Common Stock | 31,759,844 | 5,000 | 35,474 | % increase in number of common shares: 8.22045% | |||||||||||
| December 12, 2019 | Common Stock | 2,303,617 | 5,000 | — | Share Cancellation(1) | |||||||||||
| February 14, 2022 | Common Stock | 3,455,426 | 5,000 | — | Share Cancellation(1) | |||||||||||
| August 1, 2022 | Common Stock | 3,455,426 | 5,000 | — | Share Cancellation(1) | |||||||||||
| April 4, 2023 | Common Stock | 5,385,996 | 5,000 | — | Share Cancellation(1) | |||||||||||
| August 14, 2024 | Common Stock | 9,982,649 | 5,000 | — | Share Cancellation(1) | |||||||||||
| May 15, 2025 | Common Stock | 12,066,320 | 5,000 | — | Share Cancellation(1) | |||||||||||
| Note: | (1) The cancelled shares constituted treasury shares acquired pursuant to a resolution of the board of directors of the Company within the limits of profit available for dividend payment, and as such, there was no change in paid-in capital. |
Number of Shares
[Not required to be disclosed in quarterly reports]
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1.4.2. Voting Rights
| (As of September 30, 2025) | (Unit: shares) | |||||||||||
| Items |
Number of Shares | Notes | ||||||||||
| Total number of issued shares |
Common shares | 381,462,103 | — | |||||||||
| Preferred shares | — | — | ||||||||||
| Shares without voting rights |
Common shares | 19,310,128 | Treasury shares | |||||||||
| Preferred shares | — | — | ||||||||||
| Shares for which voting rights cannot be exercised pursuant to the Articles of Incorporation |
— | — | — | |||||||||
| Shares for which voting rights are restricted under relevant laws and regulations |
— | — | — | |||||||||
| Shares with restored voting rights |
— | — | — | |||||||||
| Total shares for which voting rights may be exercised |
Common shares | 362,151,975 | — | |||||||||
| Preferred shares | — | — | ||||||||||
| Notes: | (1) On April 24, 2025, the board of directors of the Company resolved to acquire and cancel certain of the Company’s treasury shares and accordingly, the Company acquired 3,047,395 treasury shares from April 28, 2025 to June 30, 2025 and such acquired treasury shares are scheduled to be cancelled on January 15, 2026. For more information, please refer to the Company’s report on Form 6-K furnished to the Securities and Exchange Commission on June 30, 2025 |
(2) On July 24, 2025, the board of directors of the Company resolved to acquire and cancel certain of the Company’s treasury shares and accordingly, the Company has begun acquiring treasury shares from July 25, 2025 and such acquired treasury shares are scheduled to be cancelled upon completion of the acquisition. For more information, please refer to the Company’s report on Form 6-K furnished to the Securities and Exchange Commission on July 24, 2025
On October 24, 2024, KB Financial Group disclosed a detailed plan to enhance corporate value titled “KB Financial Group’s Sustainable Value-up Plan,” which includes information on shareholder returns and dividends. The key details of the plan are as outlined below (the full version of the plan can be accessed on KB Financial Group’s website at www.kbfg.com).
The Company’s goal is to maintain a target ROE of 10% or above, as it strives to improve profitability by enhancing its RoRWA, thereby strengthening its intrinsic corporate value.
The Company also seeks to maintain a target CET1 ratio of 13% or above. It aims to carefully manage its RWA growth rate by taking capital efficiency and profitability into consideration with the goal of maintaining a CET1 ratio in the range of mid-13% throughout the year.
The Company plans to execute its shareholder return policy in two phases. In the first phase, it will aim to utilize the capital in such amount that is equivalent to the amount exceeding 13% of its CET1 ratio as of the end of the previous year for the payment of shareholder returns in the following year. These returns will be supported through quarterly cash dividends (equitably distributed on a total annual basis) and through share buybacks and cancellations. In the second phase, the Company will aim to utilize the capital in such amount that is equivalent to the amount exceeding 13.5% of its CET1 ratio in the second half of the year to pay for additional shareholder returns. These returns, which will be made based on profits accumulated throughout the year, will be executed through share buybacks and cancellations.
These goals and expectations are subject to adjustments based on economic uncertainties, regulatory considerations, capital ratio projections, and the Company’s strategic objectives, including potential inorganic growth opportunities.
KB Financial Group’s progress report on its Sustainable Value-up Plan is available on its website (www.kbfg.com).
Table of Contents
The below table shows the key indicators relating to our dividends for the periods indicated:
| (Unit: in millions of Won, except per share amounts and percentages) | ||||||||||||||||
| Items |
January 1, 2025 to September 30, 2025(1) |
January 1, 2024 to December 31, 2024(2) |
January 1, 2023 to December 31, 2023(3) |
|||||||||||||
| Par value per share (Won) |
5,000 | 5,000 | 5,000 | |||||||||||||
| (Consolidated) Net income |
5,121,733 | 5,078,221 | 4,594,835 | |||||||||||||
| (Consolidated) Earnings per share (Won) |
13,812 | 12,880 | 11,483 | |||||||||||||
| Total cash dividends |
1,004,722 | 1,198,257 | 1,173,937 | |||||||||||||
| Total stock dividends |
— | — | — | |||||||||||||
| (Consolidated) Cash dividend payout ratio (%) |
19.6 | 23.6 | 25.3 | |||||||||||||
| Cash dividend yield (%) |
Common shares | 2.4 | 3.5 | 4.9 | ||||||||||||
| — | — | — | — | |||||||||||||
| Stock dividend yield (%) |
Common shares | — | — | — | ||||||||||||
| — | — | — | — | |||||||||||||
| Cash dividend per share (Won) |
Common shares | 2,762 | 3,174 | 3,060 | ||||||||||||
| — | — | — | ||||||||||||||
| Stock dividend per share |
Common shares | — | — | |||||||||||||
| — | — | — | ||||||||||||||
| Notes: | (1) Includes a quarterly dividend amount of Won 334,339 million (Won 912 per common share) in the first quarter of fiscal year 2025, a quarterly dividend amount of Won 334,652 million (Won 920 per common share) in the second quarter of fiscal year 2025, and an expected quarterly dividend amount of Won 335,732 million (Won 930 per common share) in the third quarter of fiscal year 2025 |
(2) Includes a quarterly dividend amount of Won 300,087 million (Won 784 per common share) in the first quarter of fiscal year 2024, a quarterly dividend amount of Won 299,999 million (Won 791 per common share) in the second quarter of fiscal year 2024, a quarterly dividend amount of Won 299,886 million (Won 795 per common share) in the third quarter of fiscal year 2024, and an annual dividend amount of Won 298,285 million (Won 804 per common share) for fiscal year 2024.
(3) Includes a quarterly dividend amount of Won 195,967 million (Won 510 per common share) in the first quarter of fiscal year 2023, a quarterly dividend amount of Won 195,967 million (Won 510 per common share) in the second quarter of fiscal year 2023, a quarterly dividend amount of Won 194,998 million (Won 510 per common share) in the third quarter of fiscal year 2023, and an annual dividend amount of Won 587,006 million (Won 1,530 per common share) for fiscal year 2023.
1.6. Amendments to the Articles of Incorporation
[Not required to be disclosed in quarterly reports]
Table of Contents
| (Unit: in millions of Won) | ||||||||||||||||
| For the nine months ended September 30, 2025 |
For the nine months ended September 30, 2024 |
For the year ended December 31, 2024 |
For the year ended December 31, 2023 |
|||||||||||||
| Net interest income |
9,704,873 | 9,583,783 | 12,826,714 | 12,180,860 | ||||||||||||
| Interest income |
21,934,543 | 22,862,563 | 30,491,385 | 29,142,024 | ||||||||||||
| Interest expense |
(12,229,670 | ) | (13,278,780 | ) | (17,664,671 | ) | (16,961,164 | ) | ||||||||
| Net fee and commission income |
2,952,381 | 2,852,432 | 3,849,627 | 3,673,524 | ||||||||||||
| Fee and commission income |
4,196,022 | 4,069,582 | 5,481,843 | 5,368,074 | ||||||||||||
| Fee and commission expense |
(1,243,641 | ) | (1,217,150 | ) | (1,632,216 | ) | (1,694,550 | ) | ||||||||
| Insurance service result |
1,173,082 | 1,394,290 | 1,649,761 | 1,446,852 | ||||||||||||
| Insurance income |
9,287,755 | 8,490,605 | 11,456,191 | 11,005,471 | ||||||||||||
| Insurance expense |
(8,114,673 | ) | (7,096,315 | ) | (9,806,430 | ) | (9,558,619 | ) | ||||||||
| Net gains (losses) on financial assets/liabilities at fair value through profit or loss |
2,562,975 | 1,472,733 | 1,012,081 | 2,163,065 | ||||||||||||
| Other insurance finance income (expense) |
(692,717 | ) | (353,183 | ) | (437,001 | ) | (572,476 | ) | ||||||||
| Net other operating expenses |
(2,256,681 | ) | (1,584,287 | ) | (1,873,011 | ) | (2,712,989 | ) | ||||||||
| General and administrative expenses |
(5,007,724 | ) | (4,872,926 | ) | (6,938,624 | ) | (6,647,406 | ) | ||||||||
| Operating profit before provision for credit losses |
8,436,189 | 8,492,842 | 10,089,547 | 9,531,430 | ||||||||||||
| Provision for credit losses |
(1,675,200 | ) | (1,479,143 | ) | (2,044,286 | ) | (3,146,409 | ) | ||||||||
| Net operating profit |
6,760,989 | 7,013,699 | 8,045,261 | 6,385,021 | ||||||||||||
| Notes: | (1) | Based on K-IFRS (on a consolidated basis). | ||
| (2) | KB Financial Group’s results of operations for the nine months ended September 30, 2024 and the year ended December 31, 2023 above have been adjusted retroactively to reflect the Financial Supervisory Service’s responses to certain accounting inquiries regarding the application of K-IFRS 1117 (Insurance Contracts). | |||
Table of Contents
| 2.2. | Sources and Uses of Funds |
| 2.2.1. | Sources of Funds |
| (Unit: in millions of Won) | ||||||||||||||||||||||||||||||||||||||
| For the nine months ended September 30, 2025 |
For the year ended December 31, 2024 |
For the year ended December 31, 2023 |
||||||||||||||||||||||||||||||||||||
| Average Balance |
Interest Rate (%) |
Ratio (%) |
Average Balance |
Interest Rate (%) |
Ratio (%) |
Average Balance |
Interest Rate (%) |
Ratio (%) |
||||||||||||||||||||||||||||||
| Won Currency |
Deposits |
373,333,870 | 2.13 | 48.67 | 359,346,604 | 2.45 | 48.87 | 337,478,959 | 2.53 | 48.52 | ||||||||||||||||||||||||||||
| Certificate of deposit |
10,279,639 | 3.06 | 1.34 | 11,148,293 | 3.84 | 1.52 | 10,417,992 | 4.07 | 1.50 | |||||||||||||||||||||||||||||
| Borrowings |
35,226,681 | 2.77 | 4.59 | 32,774,664 | 3.47 | 4.46 | 32,807,456 | 3.38 | 4.72 | |||||||||||||||||||||||||||||
| Call money |
1,981,864 | 2.69 | 0.26 | 1,747,858 | 3.43 | 0.24 | 1,384,033 | 3.52 | 0.20 | |||||||||||||||||||||||||||||
| Debentures |
60,691,828 | 3.57 | 7.91 | 58,497,966 | 3.67 | 7.96 | 56,245,329 | 3.34 | 8.09 | |||||||||||||||||||||||||||||
| Others |
27,629,309 | 3.35 | 3.60 | 24,034,767 | 4.09 | 3.26 | 21,767,083 | 4.49 | 3.13 | |||||||||||||||||||||||||||||
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| Subtotal |
509,143,191 | 2.43 | 66.37 | 487,550,152 | 2.78 | 66.31 | 460,100,852 | 2.82 | 66.16 | |||||||||||||||||||||||||||||
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| Foreign Currency |
Deposits |
40,253,263 | 3.43 | 5.25 | 37,798,747 | 4.12 | 5.14 | 35,675,306 | 3.97 | 5.13 | ||||||||||||||||||||||||||||
| Borrowings |
17,899,777 | 3.84 | 2.33 | 18,638,964 | 4.60 | 2.54 | 21,094,988 | 4.3 | 3.03 | |||||||||||||||||||||||||||||
| Call money |
2,045,600 | 4.57 | 0.27 | 1,796,999 | 5.16 | 0.24 | 1,348,423 | 4.76 | 0.19 | |||||||||||||||||||||||||||||
| Debentures |
15,216,146 | 3.09 | 1.98 | 14,573,073 | 3.29 | 1.98 | 12,884,157 | 3.31 | 1.85 | |||||||||||||||||||||||||||||
| Others |
1,578,468 | 3.98 | 0.20 | 1,166,042 | 4.38 | 0.16 | 1,067,253 | 3.51 | 0.15 | |||||||||||||||||||||||||||||
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| Subtotal |
76,993,254 | 3.50 | 10.03 | 73,973,825 | 4.11 | 10.06 | 72,070,127 | 3.96 | 10.35 | |||||||||||||||||||||||||||||
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| Others |
Total shareholders’ equity |
60,191,017 | — | 7.85 | 59,062,845 | — | 8.03 | 56,740,649 | — | 8.16 | ||||||||||||||||||||||||||||
| Allowances |
974,966 | — | 0.13 | 1,530,852 | — | 0.21 | 1,055,315 | — | 0.15 | |||||||||||||||||||||||||||||
| Others |
119,827,858 | — | 15.62 | 113,145,013 | — | 15.39 | 105,610,633 | — | 15.18 | |||||||||||||||||||||||||||||
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| Subtotal |
180,993,841 | — | 23.60 | 173,738,710 | — | 23.63 | 163,406,597 | — | 23.49 | |||||||||||||||||||||||||||||
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| Total |
767,130,286 | — | 100.00 | 735,262,687 | — | 100.00 | 695,577,576 | — | 100.00 | |||||||||||||||||||||||||||||
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| Notes: | (1) | Based on K-IFRS (on a consolidated basis). | ||
| (2) | The figures for the year ended December 31, 2023 above have been restated retrospectively to reflect the application of K-IFRS 1117(Insurance Contracts). | |||
Table of Contents
| 2.2.2. | Uses of Funds |
| (Unit: in millions of Won) | ||||||||||||||||||||||||||||||||||||||
| For the nine months ended September 30, 2025 |
For the year ended December 31, 2024 |
For the year ended December 31, 2023 |
||||||||||||||||||||||||||||||||||||
| Average Balance |
Interest Rate (%) |
Ratio (%) |
Average Balance |
Interest Rate (%) |
Ratio (%) |
Average Balance |
Interest Rate (%) |
Ratio (%) |
||||||||||||||||||||||||||||||
| Won Currency |
Due from banks |
15,524,214 | 0.68 | 2.02 | 15,397,433 | 0.83 | 2.09 | 14,595,696 | 1.04 | 2.10 | ||||||||||||||||||||||||||||
| Securities |
189,044,128 | 2.99 | 24.64 | 180,330,525 | 3.22 | 24.53 | 166,163,329 | 3.27 | 23.89 | |||||||||||||||||||||||||||||
| Loans |
408,174,097 | 4.26 | 53.21 | 390,097,807 | 4.67 | 53.06 | 369,004,854 | 4.82 | 53.05 | |||||||||||||||||||||||||||||
| Guarantee payments under payment guarantee |
8,668 | 1.83 | — | 5,835 | 0.99 | — | 5,114 | 0.81 | — | |||||||||||||||||||||||||||||
| Call loan |
154,256 | 2.79 | 0.02 | 264,716 | 3.56 | 0.04 | 286,735 | 3.62 | 0.04 | |||||||||||||||||||||||||||||
| Private placement corporate bonds |
1,382,834 | 5.02 | 0.18 | 1,127,090 | 5.79 | 0.15 | 1,161,338 | 3.08 | 0.17 | |||||||||||||||||||||||||||||
| Credit cards |
23,260,714 | 7.91 | 3.03 | 23,320,536 | 8.12 | 3.17 | 22,738,818 | 7.95 | 3.27 | |||||||||||||||||||||||||||||
| Others |
4,519,341 | 15.80 | 0.60 | 3,829,387 | 17.76 | 0.53 | 3,235,831 | 18.40 | 0.47 | |||||||||||||||||||||||||||||
| Allowance |
(4,270,033 | ) | — | (0.56 | ) | (4,193,334 | ) | — | (0.57 | ) | (3,559,486 | ) | — | (0.51 | ) | |||||||||||||||||||||||
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| Subtotal |
637,798,219 | 4.04 | 83.14 | 610,179,995 | 4.39 | 83.00 | 573,632,229 | 4.51 | 82.48 | |||||||||||||||||||||||||||||
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| Foreign Currency |
Due from banks |
10,459,342 | 2.51 | 1.36 | 9,494,397 | 2.92 | 1.29 | 8,868,559 | 2.39 | 1.27 | ||||||||||||||||||||||||||||
| Securities |
24,823,896 | 5.59 | 3.24 | 23,085,246 | 5.60 | 3.14 | 22,373,470 | 4.81 | 3.22 | |||||||||||||||||||||||||||||
| Loans |
37,415,064 | 7.03 | 4.88 | 37,007,504 | 7.60 | 5.03 | 36,723,273 | 7.48 | 5.28 | |||||||||||||||||||||||||||||
| Call loan |
6,693,255 | 4.39 | 0.87 | 6,018,342 | 5.33 | 0.82 | 6,393,291 | 5.19 | 0.92 | |||||||||||||||||||||||||||||
| Bills bought |
1,724,086 | 4.87 | 0.22 | 1,979,563 | 5.52 | 0.27 | 2,047,390 | 5.58 | 0.29 | |||||||||||||||||||||||||||||
| Allowance |
(1,654,350 | ) | — | (0.22 | ) | (1,515,396 | ) | — | (0.21 | ) | (1,319,579 | ) | — | (0.19 | ) | |||||||||||||||||||||||
| Others |
2,494,151 | — | 0.33 | 2,346,259 | — | 0.32 | 2,742,464 | — | 0.39 | |||||||||||||||||||||||||||||
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| Subtotal |
81,955,444 | 5.78 | 10.68 | 78,415,915 | 6.23 | 10.66 | 77,828,868 | 5.84 | 11.18 | |||||||||||||||||||||||||||||
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| Others |
Cash |
1,453,817 | — | 0.19 | 1,576,791 | — | 0.21 | 1,681,170 | — | 0.24 | ||||||||||||||||||||||||||||
| Fixed assets held for business |
9,140,925 | — | 1.19 | 9,391,370 | — | 1.28 | 8,788,637 | — | 1.26 | |||||||||||||||||||||||||||||
| Others |
36,781,881 | — | 4.80 | 35,698,616 | — | 4.85 | 33,646,672 | — | 4.84 | |||||||||||||||||||||||||||||
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| Subtotal |
47,376,623 | — | 6.18 | 46,666,777 | — | 6.34 | 44,116,479 | — | 6.34 | |||||||||||||||||||||||||||||
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| Total |
767,130,286 | — | 100.00 | 735,262,687 | — | 100.00 | 695,577,576 | — | 100.00 | |||||||||||||||||||||||||||||
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| Notes: | (1) | Based on K-IFRS (on a consolidated basis). | ||
| (2) | The figures for the year ended December 31, 2023 above have been restated retrospectively to reflect the application of K-IFRS 1117(Insurance Contracts). | |||
Table of Contents
| 2.3. | Other Information to Consider in Making an Investment Decision |
| 2.3.1. | Capital Adequacy |
| KB Financial Group | (Unit: in billions of Won, except percentages) | |||||||||||
| As of September 30, 2025 | As of December 31, 2024 | As of December 31, 2023 | ||||||||||
| Total capital (A) |
58,281 | 56,849 | 53,744 | |||||||||
| Risk-weighted assets (B) |
358,023 | 345,981 | 321,319 | |||||||||
| BIS ratio (A/B) |
16.28 | % | 16.43 | % | 16.73 | % | ||||||
| Notes: | (1) | Calculated in accordance with Basel III. | ||
| (2) | The figures as of September 30, 2025 are preliminary. |
| Kookmin Bank | (Unit: in billions of Won, except percentages) | |||||||||||
| As of September 30, 2025 | As of December 31, 2024 | As of December 31, 2023 | ||||||||||
| Total capital (A) |
43,248 | 40,574 | 39,040 | |||||||||
| Risk-weighted assets (B) |
241,241 | 234,436 | 215,962 | |||||||||
| BIS ratio (A/B) |
17.93 | % | 17.31 | % | 18.08 | % | ||||||
| Notes: | (1) | Calculated in accordance with Basel III. | ||
| (2) | The figures as of September 30, 2025 are preliminary. |
| KB Securities Co., Ltd. |
(Unit: in billions of Won, except percentages) | |||||||||||
| As of September 30, 2025 | As of December 31, 2024 | As of December 31, 2023 | ||||||||||
| Net operating capital (A) |
5,671 | 5,397 | 5,058 | |||||||||
| Total amount at risk (B) |
3,075 | 3,176 | 2,934 | |||||||||
| Maintenance equity margin (C) |
136 | 134 | 134 | |||||||||
| Net capital ratio (A-B)/(C) |
1,913.91 | % | 1,654.45 | % | 1,582.09 | % | ||||||
| Capital surplus (A-B) |
2,596 | 2,221 | 2,124 | |||||||||
| KB Insurance Co., Ltd. |
(Unit: in billions of Won, except percentages) | |||||||||||
| As of September 30, 2025(1) | As of December 31, 2024 | As of December 31, 2023 | ||||||||||
| Available capital (A) |
12,369 | 11,319 | 11,669 | |||||||||
| Required capital (B) |
6,449 | 6,072 | 5,404 | |||||||||
| Capital adequacy ratio (A/B)(2) |
191.79 | % | 186.42 | % | 215.94 | % | ||||||
| Notes: | (1) | The figures as of September 30, 2025 are preliminary and will be revised to finalized figures in KB Insurance’s quarterly report by the end of November 2025. | ||
| (2) | The capital adequacy ratio has been calculated based on the K-ICS method since 2023. |
2.3.2. Overseas Credit Ratings
[Not required to be disclosed in quarterly reports]
2.3.3. Domestic Credit Ratings
[Not required to be disclosed in quarterly reports]
Table of Contents
| 2.3.4. | Early Retirement Program |
To enhance productivity by improving its labor structure, Kookmin Bank implemented a voluntary early retirement program following negotiations with its labor union.
| Subsidiary |
Date of Retirement | Number of Retired Persons | ||
| Kookmin Bank |
January 28, 2019 | 615 | ||
| January 20, 2020 | 462 | |||
| January 30, 2021 | 800 | |||
| January 21, 2022 | 674 | |||
| January 18, 2023 | 713 | |||
| January 19, 2024 | 674 | |||
| January 18, 2025 | 647 |
| 2.3.5. | Other Factors Affecting the Group’s Financial Condition and Results of Operations |
The economic outlook for Korea and its financial services sector in the remainder of 2025 and for the foreseeable future remains highly uncertain as a result of, among others, (i) volatile conditions in the Korean and global economies and financial markets resulting from interest and exchange rate fluctuations, high levels of inflation as a result of increased tariffs, lower consumer confidence, stock market and real estate market volatility, rising loan delinquency rates in Korea and changes in fiscal and monetary policies, and (ii) adverse conditions in the Korean and global economies and financial markets resulting from geopolitical uncertainties, including as a result of the imposition of significant tariffs by the United States on its trading partners and other escalations in trade protectionism globally and changes in the global policies of the United States, among others
Table of Contents
| 3. | Financial Information |
| 3.1. | Consolidated Financial Information |
| 3.1.1. | Consolidated Statements of Financial Position |
| (Unit: in millions of Won) | ||||||||
| As of September 30, 2025 | As of December 31, 2024 | |||||||
| Cash and due from financial institutions |
25,270,758 | 29,869,111 | ||||||
| Financial assets at fair value through profit or loss |
92,901,015 | 79,450,093 | ||||||
| Derivative financial assets |
7,104,334 | 11,730,767 | ||||||
| Loans measured at amortized cost |
486,519,741 | 472,071,840 | ||||||
| Financial investments |
132,056,076 | 131,009,464 | ||||||
| Investments in associates and joint ventures |
1,126,828 | 947,390 | ||||||
| Insurance assets |
362,133 | 276,191 | ||||||
| Reinsurance assets |
1,604,303 | 1,497,147 | ||||||
| Property and equipment |
5,136,837 | 5,390,015 | ||||||
| Investment property |
2,882,692 | 3,759,176 | ||||||
| Intangible assets |
1,783,831 | 1,966,684 | ||||||
| Net defined benefit assets |
284,531 | 258,500 | ||||||
| Current income tax assets |
367,390 | 339,855 | ||||||
| Deferred income tax assets |
195,123 | 278,824 | ||||||
| Assets held for sale |
251,937 | 136,838 | ||||||
| Other assets |
38,215,673 | 18,863,637 | ||||||
| Total assets |
796,063,202 | 757,845,532 | ||||||
| Financial liabilities at fair value through profit or loss |
10,344,311 | 10,720,231 | ||||||
| Derivative financial liabilities |
6,804,555 | 11,783,494 | ||||||
| Deposits |
448,711,993 | 435,687,897 | ||||||
| Borrowings |
68,790,018 | 68,077,012 | ||||||
| Debentures |
77,185,525 | 76,171,257 | ||||||
| Insurance contract liabilities |
59,014,074 | 55,863,701 | ||||||
| Reinsurance contract liabilities |
72,495 | 56,266 | ||||||
| Provisions |
862,025 | 927,632 | ||||||
| Net defined benefit liabilities |
89,425 | 100,187 | ||||||
| Current income tax liabilities |
748,196 | 530,720 | ||||||
| Deferred income tax liabilities |
1,592,468 | 1,682,292 | ||||||
| Other liabilities |
60,477,024 | 36,429,662 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
734,692,109 | 698,030,351 | ||||||
|
|
|
|
|
|||||
| Equity attributable to shareholders of the parent company |
59,582,290 | 57,888,952 | ||||||
| Share capital |
2,090,558 | 2,090,558 | ||||||
| Hybrid securities |
4,793,384 | 5,082,578 | ||||||
| Capital surplus |
16,623,244 | 16,646,734 | ||||||
| Accumulated other comprehensive income |
(450,598 | ) | 496,922 | |||||
| Retained earnings |
37,992,091 | 34,808,220 | ||||||
| Treasury shares |
(1,466,389 | ) | (1,236,060 | ) | ||||
| Non-controlling interests |
1,788,803 | 1,926,229 | ||||||
| Total equity |
61,371,093 | 59,815,181 | ||||||
| Total liabilities and equity |
796,063,202 | 757,845,532 | ||||||
|
|
|
|
|
|||||
| Number of companies included as consolidated entities |
364 | 347 | ||||||
|
|
|
|
|
|||||
Table of Contents
| 3.1.2. | Consolidated Statements of Comprehensive Income |
| (Unit: in millions of Won, except per share amounts) | ||||||||||||||||
| Third Quarter of 2025 | Third Quarter of 2024 | |||||||||||||||
| Third Quarter | Cumulative | Third Quarter | Cumulative | |||||||||||||
| Net interest income |
3,336,182 | 9,704,873 | 3,187,545 | 9,583,783 | ||||||||||||
| Interest income |
7,194,969 | 21,934,543 | 7,637,675 | 22,862,563 | ||||||||||||
| Interest income from financial instruments at fair value through other comprehensive income and amortized cost |
6,826,223 | 20,831,343 | 7,267,464 | 21,740,172 | ||||||||||||
| Interest income from financial instruments at fair value through profit or loss |
359,875 | 1,075,082 | 362,483 | 1,099,071 | ||||||||||||
| Insurance finance interest income |
8,871 | 28,118 | 7,728 | 23,320 | ||||||||||||
| Interest expense |
(3,858,787 | ) | (12,229,670 | ) | (4,450,130 | ) | (13,278,780 | ) | ||||||||
| Interest expense |
(3,485,314 | ) | (11,100,843 | ) | (4,082,095 | ) | (12,161,452 | ) | ||||||||
| Insurance finance interest expense |
(373,473 | ) | (1,128,827 | ) | (368,035 | ) | (1,117,328 | ) | ||||||||
| Net fee and commission income |
986,397 | 2,952,381 | 942,704 | 2,852,432 | ||||||||||||
| Fee and commission income |
1,418,823 | 4,196,022 | 1,342,678 | 4,069,582 | ||||||||||||
| Fee and commission expense |
(432,426 | ) | (1,243,641 | ) | (399,974 | ) | (1,217,150 | ) | ||||||||
| Net insurance income |
323,193 | 1,173,082 | 359,222 | 1,394,290 | ||||||||||||
| Insurance income |
3,143,341 | 9,287,755 | 2,913,077 | 8,490,605 | ||||||||||||
| Insurance income |
2,941,450 | 8,676,712 | 2,783,901 | 8,222,722 | ||||||||||||
| Reinsurance income |
201,891 | 611,043 | 129,176 | 267,883 | ||||||||||||
| Insurance expense |
(2,820,148 | ) | (8,114,673 | ) | (2,553,855 | ) | (7,096,315 | ) | ||||||||
| Insurance service expense |
(2,608,011 | ) | (7,468,912 | ) | (2,334,278 | ) | (6,438,146 | ) | ||||||||
| Reinsurance expense |
(212,137 | ) | (645,761 | ) | (219,577 | ) | (658,169 | ) | ||||||||
| Net gains on financial assets/liabilities at fair value through profit or loss |
450,612 | 2,562,975 | 902,023 | 1,472,733 | ||||||||||||
| Other insurance finance income (expenses) |
(279,426 | ) | (692,717 | ) | 16,471 | (353,183 | ) | |||||||||
| Net other operating expenses |
(465,013 | ) | (2,256,681 | ) | (893,719 | ) | (1,584,287 | ) | ||||||||
| General and administrative expenses |
(1,652,463 | ) | (5,007,724 | ) | (1,650,799 | ) | (4,872,926 | ) | ||||||||
| Operating income before provision for credit losses |
2,699,482 | 8,436,189 | 2,863,447 | 8,492,842 | ||||||||||||
| Provision for credit losses |
(364,492 | ) | (1,675,200 | ) | (498,055 | ) | (1,479,143 | ) | ||||||||
| Net operating income |
2,334,990 | 6,760,989 | 2,365,392 | 7,013,699 | ||||||||||||
| Net non-operating income (expenses) |
(73,557 | ) | 150,191 | (73,400 | ) | (954,381 | ) | |||||||||
| Share of profit of associates and joint ventures |
5,413 | 15,674 | 2,770 | 657 | ||||||||||||
| Net other non-operating income (expenses) |
(78,970 | ) | 134,517 | (76,170 | ) | (955,038 | ) | |||||||||
| Profit before income tax expense |
2,261,433 | 6,911,180 | 2,291,992 | 6,059,318 | ||||||||||||
| Income tax expense |
(606,205 | ) | (1,809,250 | ) | (690,181 | ) | (1,690,540 | ) | ||||||||
| Profit for the period |
1,655,228 | 5,101,930 | 1,601,811 | 4,368,778 | ||||||||||||
| Other comprehensive income (loss) for the period, net of tax |
(167,686 | ) | (951,991 | ) | (176,813 | ) | (1,626,188 | ) | ||||||||
| Items that will not be reclassified to profit or loss: |
||||||||||||||||
| Remeasurements of net defined benefit liabilities |
20,773 | 19,983 | 5,330 | 17,081 | ||||||||||||
| Gains (losses) on equity securities at fair value through other comprehensive income |
(93,758 | ) | 119,525 | 19,540 | (223,395 | ) | ||||||||||
| Fair value changes of financial liabilities designated at fair value through profit or loss due to own credit risk |
1,391 | (9,316 | ) | 2,565 | (8,318 | ) | ||||||||||
| Items that may be reclassified subsequently to profit or loss: |
||||||||||||||||
| Currency translation differences |
163,891 | (187,662 | ) | (138,222 | ) | 144,192 | ||||||||||
| Gains (losses) on debt securities at fair value through other comprehensive income |
(432,281 | ) | (89,532 | ) | 1,378,954 | 1,281,217 | ||||||||||
| Share of other comprehensive income of associates and joint ventures |
5,865 | 3,537 | 362 | 276 | ||||||||||||
| Gains (losses) on cash flow hedging instruments |
(33,499 | ) | (63,774 | ) | 36,602 | 5,420 | ||||||||||
| Gains (losses) on hedging instruments of net investments in foreign operations |
(54,036 | ) | 72,958 | 74,053 | (17,166 | ) | ||||||||||
| Insurance finance income (expenses) |
253,968 | (817,710 | ) | (1,555,997 | ) | (2,825,495 | ) | |||||||||
| Total comprehensive income for the period |
1,487,542 | 4,149,939 | 1,424,998 | 2,742,590 | ||||||||||||
| Profit attributable to: |
||||||||||||||||
| Shareholders of the parent company |
1,686,040 | 5,121,733 | 1,619,718 | 4,394,149 | ||||||||||||
| Non-controlling interests |
(30,812 | ) | (19,803 | ) | (17,907 | ) | (25,371 | ) | ||||||||
| Total comprehensive income for the period attributable to: |
||||||||||||||||
| Shareholders of the parent company |
1,513,307 | 4,170,650 | 1,435,465 | 2,748,298 | ||||||||||||
| Non-controlling interests |
(25,765 | ) | (20,711 | ) | (10,467 | ) | (5,708 | ) | ||||||||
| Earnings per share |
||||||||||||||||
| Basic earnings per share (Won) |
4,498 | 13,531 | 4,144 | 11,165 | ||||||||||||
| Diluted earnings per share (Won) |
4,458 | 13,403 | 4,105 | 11,031 | ||||||||||||
Table of Contents
| 3.2. | Separate Financial Information |
| 3.2.1. | Separate Statements of Financial Position |
| (Unit: in millions of Won) | ||||||||
| As of September 30, 2025 | As of December 31, 2024 | |||||||
| Cash and due from financial institutions |
633,461 | 398,391 | ||||||
| Financial assets at fair value through profit or loss |
1,359,345 | 1,243,471 | ||||||
| Loans measured at amortized cost |
568,581 | 359,054 | ||||||
| Investments in subsidiaries |
26,867,817 | 26,867,817 | ||||||
| Property and equipment |
2,870 | 2,800 | ||||||
| Intangible assets |
13,027 | 14,497 | ||||||
| Net defined benefit assets |
1,773 | 2,902 | ||||||
| Deferred income tax assets |
3,586 | 5,257 | ||||||
| Other assets |
1,274,389 | 912,634 | ||||||
|
|
|
|
|
|||||
| Total assets |
30,724,849 | 29,806,823 | ||||||
|
|
|
|
|
|||||
| Borrowings |
250,000 | 965,000 | ||||||
| Debentures |
4,370,039 | 2,962,032 | ||||||
| Current income tax liabilities |
691,965 | 502,705 | ||||||
| Other liabilities |
619,142 | 388,528 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
5,931,146 | 4,818,265 | ||||||
|
|
|
|
|
|||||
| Share capital |
2,090,558 | 2,090,558 | ||||||
| Hybrid securities |
4,793,174 | 5,082,359 | ||||||
| Capital surplus |
14,741,159 | 14,754,475 | ||||||
| Accumulated other comprehensive loss |
(8,184 | ) | (8,316 | ) | ||||
| Retained earnings |
4,643,385 | 4,305,542 | ||||||
| Treasury Shares |
(1,466,389 | ) | (1,236,060 | ) | ||||
|
|
|
|
|
|||||
| Total equity |
24,793,703 | 24,988,558 | ||||||
|
|
|
|
|
|||||
| Total liabilities and equity |
30,724,849 | 29,806,823 | ||||||
|
|
|
|
|
|||||
Table of Contents
3.2.2. Separate Statements of Comprehensive Income
| (Unit: in millions of Won, except per share amounts) | ||||||||||||||||
| Third Quarter of 2025 | Third Quarter of 2024 | |||||||||||||||
| Third Quarter | Cumulative | Third Quarter | Cumulative | |||||||||||||
| Net interest expense |
(20,123 | ) | (62,952 | ) | (15,342 | ) | (41,379 | ) | ||||||||
| Interest income |
8,220 | 24,296 | 10,045 | 32,408 | ||||||||||||
| Interest income from financial instruments at amortized cost |
7,483 | 21,701 | 9,331 | 30,291 | ||||||||||||
| Interest income from financial instruments at fair value through profit or loss |
737 | 2,595 | 714 | 2,117 | ||||||||||||
| Interest expense |
(28,343 | ) | (87,248 | ) | (25,387 | ) | (73,787 | ) | ||||||||
| Net fee and commission expense |
(1,476 | ) | (4,819 | ) | (1,193 | ) | (4,759 | ) | ||||||||
| Fee and commission income |
483 | 1,473 | 387 | 1,381 | ||||||||||||
| Fee and commission expense |
(1,959 | ) | (6,292 | ) | (1,580 | ) | (6,140 | ) | ||||||||
| Net gains (losses) on financial assets at fair value through profit or loss |
18,240 | 66,152 | 26,821 | 70,155 | ||||||||||||
| Net other operating income |
— | 2,355,586 | — | 2,243,250 | ||||||||||||
| General and administrative expenses |
(23,127 | ) | (73,460 | ) | (21,845 | ) | (69,875 | ) | ||||||||
| Operating profit before provision for credit losses |
(26,486 | ) | 2,280,507 | (11,559 | ) | 2,197,392 | ||||||||||
| Provision for credit losses |
32 | 26 | 470 | 125 | ||||||||||||
| Operating profit (loss) |
(26,454 | ) | 2,280,533 | (11,089 | ) | 2,197,517 | ||||||||||
| Net non-operating income (expense) |
308 | 201 | 281 | 202 | ||||||||||||
| Profit (loss) before income tax |
(26,146 | ) | 2,280,734 | (10,808 | ) | 2,197,719 | ||||||||||
| Income tax income (expense) |
(191 | ) | (6,772 | ) | 278 | 1,810 | ||||||||||
| Profit (loss) for the year |
(26,337 | ) | 2,273,962 | (10,530 | ) | 2,199,529 | ||||||||||
| Other comprehensive income (loss) for the year, net of tax |
107 | 132 | 27 | 63 | ||||||||||||
| Items that will not be reclassified to profit or loss: |
||||||||||||||||
| Remeasurements of net defined benefit liabilities |
107 | 132 | 27 | 63 | ||||||||||||
| Total comprehensive income for the year |
(26,230 | ) | 2,274,094 | (10,503 | ) | 2,199,592 | ||||||||||
| Earnings per share |
||||||||||||||||
| Basic earnings per share (Won) |
(213 | ) | 5,774 | (159 | ) | 5,392 | ||||||||||
| Diluted earnings per share (Won) |
(211 | ) | 5,719 | (157 | ) | 5,327 | ||||||||||
Table of Contents
| 3.3. | Other Selected Financial Data |
| 3.3.1. | Won-denominated Liquidity Ratio |
| (Unit: in millions of Won, except percentages) | ||||||||||||
| As of September 30, 2025 | As of December 31, 2024 | As of December 31, 2023 | ||||||||||
| Current assets in Won (A) |
975,887 | 592,591 | 656,555 | |||||||||
| Current liabilities in Won (B) |
437,320 | 383,862 | 255,693 | |||||||||
| Liquidity ratio (A/B) |
223.15 | % | 154.38 | % | 256.77 | % | ||||||
| Notes: | (1) Based on K-IFRS (on a separate basis). |
| (2) | Calculated based on Won-denominated assets and liabilities due within one month. |
| 3.3.2. | Profitability Ratios |
| (Unit: %) | ||||||||||||
| For the nine months ended September 30, 2025 |
For the year ended December 31, 2024 |
For the year ended December 31, 2023 |
||||||||||
| Net income as a percentage of average total assets (ROA) |
0.88 | 0.68 | 0.64 | |||||||||
| Net income as a percentage of average shareholders’ equity (ROE) |
11.67 | 8.87 | 8.32 | |||||||||
| Note: | Based on K-IFRS (on a consolidated basis). |
| 3.3.3. | 20 Largest Exposures of Kookmin Bank by Borrower (As of September 30, 2025) |
| (Unit: in billions of Won) | ||||
| Company |
Credit Extended | |||
| KB Kookmin Card Co., Ltd |
1,383 | |||
| Samsung Electronics Co., Ltd. |
1,374 | |||
| HD Hyundai Heavy Industries Co., Ltd. |
1,340 | |||
| Samsung Heavy Industries Co., Ltd. |
1,298 | |||
| Samsung SDI Co., Ltd. |
1,265 | |||
| NH-Amundi Asset Management |
1,089 | |||
| Hanwha Solutions Corporation |
1,053 | |||
| Construction Guarantee |
1,024 | |||
| E-MART Inc. |
1,020 | |||
| Strada Holdco L.P. |
903 | |||
| Samsung Card Co., Ltd. |
874 | |||
| LG Energy Solution, Ltd. |
866 | |||
| SK Innovation Co., Ltd. |
839 | |||
| SK hynix Inc |
831 | |||
| LS MnM Inc. |
815 | |||
| SK on Co., Ltd. |
814 | |||
| Shinhan Card Co., Ltd. |
788 | |||
| HARIM Industrial CO., LTD. |
786 | |||
| HANWHA CORPORATION |
776 | |||
| HDC HYUNDAI DEVELOPMENT COMPANY |
737 | |||
|
|
|
|||
| Total |
19,877 | |||
|
|
|
|||
Table of Contents
| 3.3.4. | 10 Largest Exposures of Kookmin Bank by Chaebol Group (As of September 30, 2025) |
| (Unit: in billions of Won) | ||||
| Group |
Credit Extended | |||
| Samsung |
6,785 | |||
| SK |
5,565 | |||
| Hanwha |
4,595 | |||
| Hyundai Motor |
3,677 | |||
| Lotte |
3,371 | |||
| LG |
2,650 | |||
| GS |
1,481 | |||
| Shinsegae |
1,481 | |||
| POSCO |
1,413 | |||
| Hanjin |
557 | |||
|
|
|
|||
| Total |
31,575 | |||
|
|
|
|||
| 3.3.5. | Kookmin Bank’s Loan Concentration by Industry (As of September 30, 2025) |
| (Unit: in billions of Won, except percentages) | ||||||||
| Industry |
Total Credit | Percentage of Total Credit |
||||||
| Manufacturing |
61,952 | 26.9 | ||||||
| Construction |
4,882 | 2.1 | ||||||
| Real estate activities |
60,422 | 26.2 | ||||||
| Wholesale and retail trade |
31,722 | 13.8 | ||||||
| Accommodation and food service activities |
11,895 | 5.2 | ||||||
| Financial activities |
9,998 | 4.3 | ||||||
| Others |
49,539 | 21.5 | ||||||
|
|
|
|
|
|||||
| Total |
230,411 | 100.0 | ||||||
|
|
|
|
|
|||||
| 3.3.6. | Top 20 Non-Performing Loans of Kookmin Bank (As of September 30, 2025) |
| (Unit: in billions of Won) | ||||||||||
| Borrower |
Industry |
Total Credit | Allowance for Loan Losses |
|||||||
| Borrower A |
Real estate activities | 198 | 120 | |||||||
| Borrower B |
Construction | 37 | 36 | |||||||
| Borrower C |
Real estate activities | 35 | 9 | |||||||
| Borrower D |
Wholesale and retail trade | 17 | 15 | |||||||
| Borrower E |
Information and communications | 17 | 3 | |||||||
| Borrower F |
Manufacturing | 16 | 5 | |||||||
| Borrower G |
Real estate activities | 15 | 3 | |||||||
| Borrower H |
Real estate activities | 15 | 1 | |||||||
| Borrower I |
Real estate activities | 11 | 2 | |||||||
| Borrower J |
Manufacturing | 10 | 6 | |||||||
| Borrower K |
Construction | 10 | 10 | |||||||
| Borrower L |
Manufacturing | 9 | 9 | |||||||
| Borrower M |
Professional, scientific and technical activities | 9 | 9 | |||||||
| Borrower N |
Real estate activities | 9 | 0 | |||||||
| Borrower O |
Manufacturing | 8 | 2 | |||||||
| Borrower P |
Construction | 8 | 0 | |||||||
| Borrower Q |
Construction | 7 | 3 | |||||||
| Borrower R |
Information and communications | 7 | 1 | |||||||
| Borrower S |
Wholesale and retail trade | 7 | 3 | |||||||
| Borrower T |
Wholesale and retail trade | 7 | 7 | |||||||
|
|
|
|
|
|||||||
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— | 451 | 244 | |||||||
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Table of Contents
| 3.4. | Other Financial Information |
See Exhibits 99.1 and 99.2 attached hereto for our consolidated and separate financial statements and relevant notes, which have been prepared in accordance with K-IFRS and reviewed by our independent auditors as stated in their review reports included therein. The review reports will also be available on our website at www.kbfg.com.
Table of Contents
| 4. | Independent Public Accountants |
| 4.1. | Audit / Review Services |
| (Unit: in millions of Won) | ||||||||||||||||||||
| Auditor |
Activity |
Agreed Per Contract | Actual | |||||||||||||||||
| Period |
Compensation | Estimated Hours |
Compensation | Accrued Hours |
||||||||||||||||
| January 1 to September 30, 2025 |
Samil PricewaterhouseCoopers | Quarterly, semi-annual and annual review & audit, review of internal accounting management system (including audit of internal control over financial reporting) | 1,333 | 11,600 | 1,069 | 4,308 | ||||||||||||||
| January 1 to December 31, 2024 |
Samil PricewaterhouseCoopers | Quarterly, semi-annual and annual review & audit, review of internal accounting management system (including audit of internal control over financial reporting) | 1,296 | 10,970 | 1,296 | 10,136 | ||||||||||||||
| January 1 to December 31, 2023 |
Samil PricewaterhouseCoopers | Quarterly, semi-annual and annual review & audit, review of internal accounting management system (including audit of internal control over financial reporting) | 1,264 | 11,675 | 1,264 | 11,309 | ||||||||||||||
| 4.2. | Public Company Accounting Oversight Board (“PCAOB”) Audit Services |
| (Unit: in millions of Won) | ||||||||||
| Period |
Auditor |
Activity |
Service Period | Compensation | ||||||
| January 1 to September 30, 2025 |
Samil Pricewaterhouse Coopers |
PCAOB audit of consolidated financial statements and internal control over financial reporting | May 1, 2025 to April 30, 2026 |
827 | ||||||
| January 1 to December 31, 2024 |
Samil Pricewaterhouse Coopers |
PCAOB audit of consolidated financial statements and internal control over financial reporting | May 1, 2024 to April 30, 2025 |
804 | ||||||
| January 1 to |
Samil Pricewaterhouse Coopers |
PCAOB audit of consolidated financial statements and internal control over financial reporting | May 1, 2023 to April 30, 2024 |
784 | ||||||
| 4.3. | Change in Auditor |
Pursuant to the Act on External Audit of Stock Companies and the related regulations thereunder, the Securities and Futures Commission under the Financial Services Commission had designated KPMG Samjong Accounting Corp. as the external auditor for the Company for the fiscal years ended December 31, 2020, 2021 and 2022. Following the end of KPMG Samjong Accounting Corp.’s designated period as the Company’s external auditor, the Company selected Samil PricewaterhouseCoopers to be its new external auditor for the fiscal years ending December 31, 2023, 2024 and 2025, in accordance with the criteria and processes set forth by relevant laws and regulations. Accordingly, the external auditor for the Company and its subsidiaries for the fiscal year ending December 31, 2025 continues to be Samil PricewaterhouseCoopers.
Table of Contents
| 5. | Corporate Governance and Affiliated Companies |
| 5.1. | Board of Directors & Committees under the Board |
[Not required to be disclosed in quarterly reports]
| 5.2. | Audit Committee |
[Not required to be disclosed in quarterly reports]
| 5.3. | Compensation to Directors |
[Not required to be disclosed in quarterly reports]
| 5.4. | Top 5 Highest-Paid Individuals |
[Not required to be disclosed in quarterly reports]
| 5.5. | Stock-based Compensation |
[Not required to be disclosed in quarterly reports]
| 5.6. | Affiliated Companies |
[Not required to be disclosed in quarterly reports]
Table of Contents
| 6. | Directors, Senior Management and Employees |
| 6.1. | Executive Directors |
As of September 30, 2025, we had one executive director. The name, position and the end of the term of our executive director and the number of shares of our common stock he owned as of September 30, 2025 are set forth below.
| Name |
Date of Birth | Position | Common Shares Owned | End of Term | ||||||||||||
| Jong Hee Yang |
June 1961 | Chairman & Chief Executive Officer | 5,914 | November 20, 2026 | ||||||||||||
| 6.2. | Non-standing Directors |
As of September 30, 2025, we had one non-standing director. The name, position and the end of the term of our non-standing director and the number of shares of our common stock he owned as of September 30, 2025 are set forth below.
| Name |
Date of Birth | Position | Common Shares Owned | End of Term(1) | ||||||||||||
| Hwan Ju Lee |
October 1964 | Non-standing Director | 4,131 | March 25, 2027 | ||||||||||||
| Note: | (1) The date designated as Mr. Hwan Ju Lee’s end of term is the date of the annual general meeting of shareholders for fiscal year 2026, which is expected be held in March 2027. |
| 6.3. | Non-executive Directors |
As of September 30, 2025, we had seven non-executive directors. The name, position and the end of the term of our non-executive directors and the number of shares of our common stock they respectively owned as of September 30, 2025 were as follows.
| Name |
Date of Birth | Position | Common Shares Owned | End of Term | ||||||
| Whajoon Cho |
February 1957 | Non-executive Director | — | March 25, 2026 | ||||||
| Jungsung Yeo |
April 1960 | Non-executive Director | — | March 25, 2026 | ||||||
| Jaehong Choi |
August 1962 | Non-executive Director | — | March 25, 2026 | ||||||
| Eun Young Chah |
October 1962 | Non-executive Director | — | March 25, 2027 | ||||||
| Myong-Hwal Lee |
May 1964 | Non-executive Director | — | March 21, 2026 | ||||||
| Sung—Yong Kim |
March 1966 | Non-executive Director | — | March 25, 2026 | ||||||
| Sun Yeop Kim |
November 1969 | Non-executive Director | — | March 25, 2027 | ||||||
Table of Contents
| 6.4. | Senior Management |
Members of our senior management as of September 30, 2025 are as follows.
| Name |
Date of Birth | Position |
Common Shares Owned(1) |
End of Term | ||||||||
| Jae Keun Lee |
May 1966 | Senior Executive Vice President and Chief Business Officer of Global |
2,119 | December 31, 2025 | ||||||||
| Chang Kwon Lee |
November 1965 | Senior Executive Vice President and Chief Digital Officer and Chief IT Officer |
3,010 | December 31, 2025 | ||||||||
| Dae Hwan Lim |
November 1965 | Executive Vice President and Chief Compliance Officer |
2,350 | December 31, 2025 | ||||||||
| Young June Park |
November 1969 | Senior Managing Director and Chief Strategy Officer |
845 | December 31, 2025 | ||||||||
| Bong Joong Kwon |
November 1969 | Senior Managing Director and Head of the IR Division |
3,363 | December 31, 2025 | ||||||||
| Hong Sun Yum |
February 1971 | Senior Managing Director and Chief Risk Management Officer |
1,144 | December 31, 2026 | ||||||||
| Hyo Ik Park |
January 1970 | Senior Managing Director and Chief Business Officer of Insurance |
1,450 | December 31, 2025 | ||||||||
| Shin Dong Jeung |
January 1966 | Senior Managing Director and Head of KB Research |
1,056 | December 31, 2025 | ||||||||
| Dae Hyun Cha |
January 1966 | Senior Managing Director and Chief Officer of Audit Department |
2,295 | December 31, 2025 | ||||||||
| Young Gi Seo |
August 1965 | Senior Managing Director and Vice Head of KB Research |
— | December 31, 2026 | ||||||||
| Keoung Nam Kim |
August 1967 | Managing Director and Head of the ESG Division |
2,599 | December 31, 2025 | ||||||||
| Sang Rok Na |
August 1972 | Managing Director and Chief Financial Officer |
1,373 | December 31, 2025 | ||||||||
| Hyo Sung Jeon |
March 1971 | Managing Director and Chief Human Resources Officer |
2,075 | December 31, 2025 | ||||||||
| Jin Young Park |
September 1972 | Chief Public Relation Officer |
2,625 | December 31, 2025 | ||||||||
| Young Sei Park |
January 1968 | Chief Consumer Protection Officer |
2,087 | December 31, 2025 | ||||||||
| Young Suh Cho |
February 1971 | Head of the AI-Digital Division |
2,000 | December 31, 2025 | ||||||||
| Sang Won Oh |
December 1967 | Head of the IT Division |
1,272 | December 31, 2025 | ||||||||
| Byoung Jip Kim |
April 1980 | Head of the Financial AI Center 1 |
— | December 31, 2025 | ||||||||
| Kyeong Jong Lee |
February 1978 | Head of the Financial AI Center 2 |
— | December 31, 2025 | ||||||||
| Hyun Jung Lee |
March 1977 | Head of the Customer Experience Design Center |
439 | December 31, 2025 | ||||||||
| Byoung Ha Choi |
September 1972 | Head of the Group Architecture Center |
690 | December 31, 2025 | ||||||||
| Joo Hyun Kim |
November 1970 | Head of the Group Cloud Center |
374 | December 31, 2025 | ||||||||
| Myoung Hwa Park |
December 1969 | Head of the Planning & Coordination Department |
1,195 | December 31, 2025 | ||||||||
| Note: | (1) The numbers of common shares owned are as of September 30, 2025 and includes those owned in the holder’s name under the employee stock ownership association’s account, and may differ from the number of shares owned as reported pursuant to Article 173 of the Financial Investment Services and Capital Markets Act. |
Table of Contents
As of September, 2025, the following management also served as senior management at our subsidiaries.
| Name |
Subsidiary |
Position |
Appointment Date | |||
| Hwan Ju Lee |
Kookmin Bank | Chief Executive Officer | January 2025 | |||
| Keoung Nam Kim |
Kookmin Bank | Managing Director, ESG Division | July 2025 | |||
| Jin Young Park |
Kookmin Bank | Managing Director, Brand & PR Group | January 2024 | |||
| Young Sei Park |
Kookmin Bank | Senior Executive Vice President, Consumer Protection Group | January 2024 | |||
| Young Suh Cho |
Kookmin Bank | Senior Executive Vice President, AI/Data Innovation Division | January 2025 | |||
| Sang Won Oh |
Kookmin Bank | Senior Executive Vice President, Tech Development Group | January 2024 | |||
| Byoung Jip Kim |
Kookmin Bank | Managing Director, Head of the Financial AI Center 1 | January 2025 | |||
| Kyeong Jong Lee |
Kookmin Bank | Managing Director, Head of the Financial AI Center 2 | January 2025 | |||
| Hyun Jung Lee |
Kookmin Bank | Head of the Customer Experience Design Center | January 2025 | |||
| Byoung Ha Choi |
Kookmin Bank | Head of the Tech Development Division | January 2025 | |||
| Joo Hyun Kim |
Kookmin Bank | Head of the Cloud Platform Department | February 2022 | |||
| Myoung Hwa Park |
Kookmin Bank | Head of the Planning & Coordination Department | January 2025 | |||
| Young June Park |
KB Securities | Non-standing Director | February 2025 | |||
| Sang Rock Na |
KB Insurance | Non-standing Director | February 2025 | |||
| Hyo Sung Jeon |
KB Kookmin Card | Non-standing Director | March 2025 | |||
| Bong Joong Kwon |
KB Life Insurance | Non-standing Director | March 2025 | |||
| Hyo Ik Park |
KB Asset Management | Non-standing Director | March 2025 |
| 6.5. | Employees |
[Not required to be disclosed in quarterly reports]
| 7. | Major Shareholders and Related Party Transactions |
| 7.1. | Major Shareholders |
[Not required to be disclosed in quarterly reports]
| 7.2. | Changes in the Largest Shareholder |
| (Unit: shares, %) | ||||||||||||
| Name of Largest Shareholder |
Date of Change in Largest Shareholder/ Date of Change in Number of Shares Owned |
Number of Shares of Common Stock(1) |
Percentage of Total Issued Shares(2) |
|||||||||
| Korean National Pension Service |
December 31, 2019 | 41,468,003 | 9.97 | |||||||||
| Korean National Pension Service |
February 1, 2020 | 41,462,588 | (3) | 9.97 | ||||||||
| Korean National Pension Service |
October 12, 2020 | 41,402,150 | 9.96 | |||||||||
| Korean National Pension Service |
December 31, 2020 | 41,287,280 | 9.93 | |||||||||
| Korean National Pension Service |
June 30, 2021 | 40,626,942 | 9.77 | |||||||||
| Korean National Pension Service |
December 31, 2021 | 37,626,516 | 9.05 | |||||||||
| Korean National Pension Service |
January 27, 2022 | 37,188,199 | (4) | 8.94 | ||||||||
| Korean National Pension Service |
March 31, 2022 | 36,008,504 | 8.73 | |||||||||
| Korean National Pension Service |
June 30, 2022 | 33,830,623 | 8.20 | |||||||||
| Korean National Pension Service |
September 30, 2022 | 32,594,691 | 7.97 | |||||||||
| Korean National Pension Service |
October 12, 2022 | 32,457,827 | (5) | 7.94 | ||||||||
| Korean National Pension Service |
December 31, 2022 | 32,499,151 | 7.95 | |||||||||
| Korean National Pension Service |
March 31, 2023 | 33,572,593 | 8.21 | |||||||||
| Korean National Pension Service |
June 30, 2023 | 33,183,590 | 8.22 | |||||||||
| Korean National Pension Service |
September 30, 2023 | 35,321,767 | 8.75 | |||||||||
| Korean National Pension Service |
October 6, 2023 | 35,273,578 | 8.74 | |||||||||
| Korean National Pension Service |
December 31, 2023 | 33,473,917 | 8.30 | |||||||||
| Korean National Pension Service |
February 29, 2024 | 33,704,092 | 8.35 | |||||||||
| Korean National Pension Service |
March 31, 2024 | 33,200,471 | 8.23 | |||||||||
| Korean National Pension Service |
June 30, 2024 | 33,326,122 | 8.26 | |||||||||
| Korean National Pension Service |
September 30, 2024 | 32,308,082 | 8.21 | |||||||||
| Korean National Pension Service |
December 31, 2024 | 33,095,691 | 8.41 | |||||||||
| Korean National Pension Service |
March 31, 2025 | 32,919,773 | (6) | 8.37 | ||||||||
| Korean National Pension Service |
June 30, 2025 | 33,064,648 | (7) | 8.40 | ||||||||
| Korean National Pension Service |
September 30, 2025 | 31,601,545 | 8.28 | |||||||||
Table of Contents
| Notes: | (1) Based on our shareholder registry as of the end of each applicable year unless specified otherwise. |
| (2) | Total number of shares of common stock issued as of the following dates: |
| From October 19, 2016 to December 12, 2019: 418,111,537 |
| From December 12, 2019 to February 14, 2022: 415,807,920 |
| From February 14, 2022 to August 1, 2022: 412,352,494 |
| From August 1, 2022 to April 4, 2023: 408,897,068 |
| From April 4, 2023 to August 14, 2024: 403,511,072 |
| From August 14, 2024 to May 15, 2025: 393,528,423 |
| After May 15, 2025: 381,462,103 |
| (3) | Based on disclosure made by the Korean National Pension Service in a statement of acquisition filing on February 7, 2020. |
| (4) | Based on disclosure made by the Korean National Pension Service in a statement of disposal filing on February 4, 2022. |
| (5) | Based on disclosure made by the Korean National Pension Service in a statement of disposal filing on November 2, 2022. |
| (6) | Based on the shareholder registry as of February 28, 2025. |
| (7) | Based on the shareholder registry as of May 12, 2025. |
| 7.3. | Employee Stock Ownership Association |
[Not required to be disclosed in quarterly reports]
| 7.4. | Investments in Affiliated Companies |
[Not required to be disclosed in quarterly reports]
Table of Contents
| 7.5. | Related Party Transactions |
| 7.5.1. | Purchase of capital securities issued by KB Securities Co., Ltd. |
| (Unit: in billions of Won) | ||||||||||||||||
| Issuer |
Relationship |
Type |
Issue Amount |
Issue Date |
Interest Rate | Maturity Date |
Use of Proceeds | |||||||||
| KB Securities Co., Ltd. |
Subsidiary | No. 1 Private Placement of Capital Securities in Won | 200 | March 31, 2022 | 4.300 | % | March 31, 2052 (may be extended) |
Working capital | ||||||||
| (Unit: in billions of Won) | ||||||||||||||||
| Issuer |
Relationship |
Type |
Issue Amount |
Issue Date |
Interest Rate | Maturity Date |
Use of Proceeds | |||||||||
| KB Securities Co., Ltd. |
Subsidiary | No. 3 Private Placement of Capital Securities in Won | 230 | September 30, 2022 | 5.500 | % | September 30, 2052 (may be extended) | Working capital | ||||||||
| (Unit: in billions of Won) | ||||||||||||||||
| Issuer |
Relationship |
Type |
Issue Amount |
Issue Date |
Interest Rate | Maturity Date |
Use of Proceeds | |||||||||
| KB Securities Co., Ltd. |
Subsidiary | No. 4 Private Placement of Capital Securities in Won | 100 | May 8, 2023 | 5.350 | % | May 8, 2053 (may be extended) |
Working capital | ||||||||
| 7.5.2. | Purchase of capital securities issued by KB Capital Co., Ltd. |
| (Unit: in billions of Won) | ||||||||||||||||
| Issuer |
Relationship |
Type |
Issue Amount |
Issue Date |
Interest Rate | Maturity Date |
Use of Proceeds | |||||||||
| KB Capital Co., Ltd. |
Subsidiary | No. 299 Private Placement of Capital Securities in Won | 50 | March 27, 2015 | |
7.840 |
%(1) |
March 27, 2045 (may be extended) |
Working capital | |||||||
| Note: (1) | The interest rate has increased from its initial rate due to the non-exercise of the call option. |
| (Unit: in billions of Won) | ||||||||||||||||
| Issuer |
Relationship |
Type |
Issue Amount |
Issue Date |
Interest Rate | Maturity Date |
Use of Proceeds | |||||||||
| KB Capital Co., Ltd.. |
Subsidiary | No. 320 Private Placement of Capital Securities in Won | 50 | September 24, 2015 | |
7.412 |
%(1) |
September 24, 2045 (may be extended) |
Working capital | |||||||
| Note: (1) | The interest rate has increased from its initial rate due to the non-exercise of the call option. |
| (Unit: in billions of Won) | ||||||||||||||||
| Issuer |
Relationship |
Type |
Issue Amount |
Issue Date |
Interest Rate | Maturity Date |
Use of Proceeds | |||||||||
| KB Capital Co., Ltd. |
Subsidiary | No. 343 Private Placement of Capital Securities in Won | 50 | March 29, 2016 | |
6.305 |
%(1) |
March 29, 2046 (may be extended) |
Working capital | |||||||
| Note: (1) | The interest rate has increased from its initial rate due to the non-exercise of the call option. |
Table of Contents
| (Unit: in billions of Won) | ||||||||||||||||
| Issuer |
Relationship |
Type |
Issue Amount |
Issue Date |
Interest Rate | Maturity Date |
Use of Proceeds | |||||||||
| KB Capital Co., Ltd. |
Subsidiary | No. 352 Private Placement of Capital Securities in Won | 50 | June 28, 2016 | |
6.466 |
%(1) |
June 28, 2046 (may be extended) |
Working capital | |||||||
| Note: (1) | The interest rate has increased from its initial rate due to the non-exercise of the call option. |
| (Unit: in billions of Won) | ||||||||||||||||
| Issuer |
Relationship |
Type |
Issue Amount |
Issue Date |
Interest Rate | Maturity Date |
Use of Proceeds | |||||||||
| KB Capital Co., Ltd. |
Subsidiary | No. 367 Private Placement of Capital Securities in Won | 50 | November 28, 2016 |
|
6.952 |
%(1) |
November 28, 2046 (may be extended) |
Working capital | |||||||
| Note: (1) | The interest rate has increased from its initial rate due to the non-exercise of the call option. |
| (Unit: in billions of Won) | ||||||||||||||||
| Issuer |
Relationship |
Type |
Issue Amount |
Issue Date |
Interest Rate | Maturity Date |
Use of Proceeds | |||||||||
| KB Capital Co., Ltd. |
Subsidiary | No. 378 Private Placement of Capital Securities in Won | 50 | April 27, 2017 | |
7.664 |
%(1) |
April 27, 2047 (may be extended) |
Working capital | |||||||
| Note: (1) | The interest rate has increased from its initial rate due to the non-exercise of the call option. |
| (Unit: in billions of Won) | ||||||||||||||||
| Issuer |
Relationship |
Type |
Issue Amount |
Issue Date |
Interest Rate | Maturity Date |
Use of Proceeds | |||||||||
| KB Capital Co., Ltd. |
Subsidiary | No. 460 Private Placement of Capital Securities in Won | 100 | September 25, 2020 | 6.822 | % | September 25, 2050 (may be extended) |
Working capital | ||||||||
| (Unit: in billions of Won) | ||||||||||||||||
| Issuer |
Relationship |
Type |
Issue Amount |
Issue Date |
Interest Rate | Maturity Date |
Use of Proceeds | |||||||||
| KB Capital Co., Ltd. |
Subsidiary | No. 486 Private Placement of Capital Securities in Won | 100 | February 17, 2022 | 4.495 | % | February 17, 2052 (may be extended) |
Working capital | ||||||||
| 7.5.3. | Purchase of capital securities issued by KB Real Estate Trust Co., Ltd. |
| (Unit: in billions of Won) | ||||||||||||||||
| Issuer |
Relationship |
Type |
Issue Amount |
Issue Date |
Interest Rate | Maturity Date |
Use of Proceeds | |||||||||
| KB Real Estate Trust Co., Ltd. |
Subsidiary | No. 1 Private Placement of Capital Securities in Won | 150 | June 27, 2024 | 7.800 | % | June 27, 2054 (may be extended) |
Working capital | ||||||||
Table of Contents
| 7.5.4. | Purchase of subordinated bonds issued by KB Savings Bank Co., Ltd. |
| (Unit: in billions of Won) | ||||||||||||||||
| Issuer |
Relationship |
Type |
Issue Amount |
Issue Date |
Interest Rate | Maturity Date |
Use of Proceeds | |||||||||
| KB Savings Bank Co., Ltd. |
Subsidiary |
No. 1 Subordinated Bonds in Won | 70 | June 25, 2021 |
1.600 | % | June 25, 2031 | Working capital | ||||||||
| 7.5.5. | Prepayments and Loans to Subsidiaries |
| (Unit: in billions of Won) | ||||||||||||||||
| Name |
Relationship |
Account |
Loan Amount |
Current Balance |
Credit Offering Date | Interest Rate |
Maturity Date | |||||||||
| KB Investment Co., Ltd. |
Subsidiary |
Loans(1) | 40 | 40 |
July 13, 2018 | 3.166% | July 10, 2026 | |||||||||
| Note: (1) | Unsecured credit loans |
| (Unit: in billions of Won) | ||||||||||||||||
| Name |
Relationship |
Account |
Loan Amount |
Current Balance |
Credit Offering Date | Interest Rate |
Maturity Date | |||||||||
| KB Investment Co., Ltd. |
Subsidiary |
Loans(1) | 70 | 70 |
March 8, 2019 | 3.165% | March 6, 2026 | |||||||||
| Note: (1) | Unsecured credit loans |
| (Unit: in billions of Won) | ||||||||||||||
| Name |
Relationship |
Account |
Loan Amount |
Current Balance |
Credit Offering Date | Interest Rate |
Maturity Date | |||||||
| KB Investment Co., Ltd. |
Subsidiary |
Loans(1) |
30 | 30 | March 9, 2020 | 3.165% | March 6, 2026 | |||||||
| Note: (1) | Unsecured credit loans |
| (Unit: in billions of Won) | ||||||||||||||||
| Name |
Relationship |
Account |
Loan Amount |
Current Balance |
Credit Offering Date | Interest Rate |
Maturity Date | |||||||||
| KB Investment Co., Ltd. |
Subsidiary |
Loans(1) | 30 | 30 |
July 13, 2020 | 3.166% | July 10, 2026 | |||||||||
| Note: (1) | Unsecured credit loans |
| (Unit: in billions of Won) | ||||||||||||||||
| Name |
Relationship |
Account |
Loan Amount |
Current Balance |
Credit Offering Date | Interest Rate |
Maturity Date | |||||||||
| KB Investment Co., Ltd. |
Subsidiary |
Loans(1) |
70 | 70 | December 20, 2021 | 2.858% | December 19, 2025 | |||||||||
| Note: (1) | Unsecured credit loans |
Table of Contents
| (Unit: in billions of Won) | ||||||||||||||||
| Name |
Relationship |
Account |
Loan Amount |
Current Balance |
Credit Offering Date | Interest Rate |
Maturity Date | |||||||||
| KB Investment Co., Ltd. |
Subsidiary |
Loans(1) | 60 | 60 |
July 13, 2022 | 3.166% | July 10, 2026 | |||||||||
| Note: (1) | Unsecured credit loans |
| (Unit: in billions of Won) | ||||||||||||||||
| Name |
Relationship |
Account |
Loan Amount |
Current Balance |
Credit Offering Date | Interest Rate |
Maturity Date | |||||||||
| KB Investment Co., Ltd. |
Subsidiary |
Loans(1) | 50 | 50 |
July 13, 2023 | 3.166% | July 10, 2026 | |||||||||
| Note: (1) | Unsecured credit loans |
| 8. | Internal Controls |
[Not required to be disclosed in quarterly reports]
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| KB Financial Group Inc. | ||||||
| (Registrant) | ||||||
| Date: November 14, 2025 | By: | /s/ Sang Rok Na | ||||
| (Signature) | ||||||
| Name: | Sang Rok Na | |||||
| Title: | Managing Director and Chief Financial Officer | |||||