SEC Form 6-K filed by KB Financial Group Inc

11/14/24 6:11:29 AM ET

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6-K 1 d852383d6k.htm FORM 6-K Form 6-K

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 2024

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 ☐

Index

1. Summary of the 2024 Third Quarter Business Report

2. Exhibit 99.1 KB Financial Group Review Report for the Third Quarter of 2024 (Consolidated)

3. Exhibit 99.2 KB Financial Group Review Report for the Third Quarter of 2024 (Separate)

TABLE OF CONTENTS


1.		Introduction to the Company

1.1.		Business Purpose

1.2.		History

1.3.		Overview of the Business Group

1.4.		Capital Structure

1.5.		Dividends

1.6.		Amendments to the Articles of Incorporation

2.		Business

2.1.		Results of Operations

2.2.		Sources and Uses of Funds

2.3.		Other Information to Consider in Making an Investment Decision

3.		Financial Information

3.1.		Consolidated Financial Information

3.2.		Separate Financial Information

3.3.		Other Selected Financial Data

3.4.		Other Financial Information

4.		Independent Public Accountants

4.1.		Audit/ Review Services

4.2.		Public Company Accounting Oversight Board (“PCAOB”) Audit Services

4.3.		Change in Auditor

5.		Corporate Governance and Affiliated Companies

5.1.		Board of Directors & Committees under the Board

5.2.		Audit Committee

5.3.		Compensation to Directors

5.4.		Top 5 Highest-Paid Individuals

5.5.		Stock-based Compensation

5.6.		Affiliated Companies

6.		Directors, Senior Management and Employees

6.1.		Executive Directors

6.2.		Non-standing Directors

6.3.		Non-executive Directors

6.4.		Senior Management

6.5.		Employees

7.		Major Shareholders and Related Party Transactions

7.1.		Major Shareholders

7.2.		Changes in the Largest Shareholder

7.3.		Employee Stock Ownership Association

7.4.		Investments in Affiliated Companies

7.5.		Related Party Transactions

Summary of 2024 Third Quarter Business Report

On November 14, 2024, KB Financial Group Inc. (“KB Financial Group,” the “Company” or the “Group”) filed its business report for the third quarter of 2024 (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.

1.	Introduction to the Company

1.1.

Business Purpose

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.

1.2.

History

[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.

Capital Structure

1.4.1.

Common Shares

Changes in Capital


(As of September 30, 2024)						(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⁾


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]

1.4.2.

Voting Rights


(As of September 30, 2024)				(Unit: shares)
Items		Number of Shares		Notes
Total number of issued shares	Common shares		393,528,423	—
	Preferred shares		—	—
Shares without voting rights	Common shares		16,312,733	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		377,215,690	—
	Preferred shares		—	—


Notes:	(1)	On July 25, 2023, the board of directors of the Company resolved to acquire and cancel certain of the Company’s treasury shares and accordingly, the Company acquired 5,584,514 treasury shares from August 1, 2023 to December 5, 2023 and canceled such shares on August 14, 2024. For more information, please refer to the Company’s report on Form 6-K furnished to the Securities and Exchange Commission on July 31, 2024
	(2)	On February 7, 2024, the board of directors of the Company resolved to acquire and cancel certain of the Company’s treasury shares and accordingly, the Company acquired 4,398,135 treasury shares from February 8, 2024 to May 31, 2024 and canceled such shares on August 14, 2024. For more information, please refer to the Company’s report on Form 6-K furnished to the Securities and Exchange Commission on August 7, 2024
	(3)	On July 23, 2024, the board of directors of the Company resolved to acquire and cancel certain of the Company’s treasury shares. Pursuant to such resolution, the Company entered into a trust agreement with Samsung Securities Co., Ltd. for the acquisition of Won 400 billion worth of treasury shares between August 26, 2024 and March 4, 2025 and has completed such acquisition, acquiring a total of 4,575,874 treasury shares on November 5, 2024. Such acquired treasury shares are scheduled for cancellation upon the termination of the trust agreement on March 4, 2025.
	(4)	On October 24, 2024, the board of directors of the Company resolved to acquire and cancel certain of the Company’s treasury shares. Pursuant to such resolution, the Company entered into a trust agreement with Samsung Securities Co., Ltd. for the acquisition of Won 100 billion worth of treasury shares between November 1, 2024 and April 30, 2025. Such acquired treasury shares are scheduled for cancellation. For more information, please refer to the Company’s report on Form 6-K furnished to the Securities and Exchange Commission on October 24, 2024.

1.5.

Dividends

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 are outlined below (the full version of the Plan can be accessed on KB Financial Group’s website at www.kbfg.com).

Our goal is to maintain a target ROE of 10% or above, as we strive to improve profitability by enhancing our Return on Risk-Weighted Assets (RoRWA), thereby strengthening our intrinsic corporate value.

We also seek to maintain a target CET1 ratio of 13% or above. We aim to carefully manage our 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.

We plan to execute our shareholder return policy in two phases. In the first phase, we will aim to utilize the capital in such amount that is equivalent to the amount exceeding 13% of our 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, we will aim to utilize the capital in such amount that is equivalent to the amount exceeding 13.5% of our 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.


	(Unit: in millions of Won, except per share amounts and percentages)
Items			January 1, 2024 to September 30, 2024⁽¹⁾		January 1, 2023 to December 31, 2023⁽²⁾		January 1, 2022 to December 31, 2022⁽³⁾
Par value per share (Won)				5,000		5,000		5,000
(Consolidated) Net income				4,395,288		4,631,932		4,394,830
(Consolidated) Earnings per share (Won)				11,168		11,580		10,955
Total cash dividends				900,000		1,173,937		1,149,421
Total stock dividends				—		—		—
(Consolidated) Cash dividend payout ratio (%)				20.5		25.3		26.0
Cash dividend yield (%)		Common shares		2.9		4.9		5.8
		—		—		—		—
Stock dividend yield (%)		Common shares		—		—		—
		—		—		—		—
Cash dividend per share (Won)		Common shares		2,370		3,060		2,950
		—		—		—
Stock dividend per share		Common shares		—		—
		—		—		—


Notes:	(1)	Includes a quarterly dividend amount of Won 300,000 million (Won 784 per common share) in the first quarter of fiscal year 2024, a quarterly dividend amount of Won 300,000 million (Won 791 per common share) in the second quarter of fiscal year 2024, and a quarterly dividend amount of Won 300,000 million (Won 795 per common share) in the third quarter of fiscal year 2024.
	(2)	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).
	(3)	Includes a quarterly dividend amount of Won 194,817 million (Won 500 per common share) in the first quarter of fiscal year 2022, a quarterly dividend amount of Won 194,817 million (Won 500 per common share) in the second quarter of fiscal year 2022, a quarterly dividend amount of Won 194,817 million (Won 500 per common share) in the third quarter of fiscal year 2022, and an annual dividend amount of Won 564,970 million (Won 1,450 per common share).

1.6.

Amendments to the Articles of Incorporation

[Not required to be disclosed in quarterly reports]

2.	Business

2.1.

Results of Operations


							(Unit: in millions of Won)
	For the nine months ended September 30, 2024			For the nine months ended September 30, 2023			For the year ended December 31, 2023			For the year ended December 31, 2022
Net interest income		9,522,689			8,958,317			12,141,717			11,515,325
Interest income		22,863,335			21,410,551			29,145,079			20,787,577
Interest expense		(13,340,646	)		(12,452,234	)		(17,003,362	)		(9,272,252	)
Net fee and commission income		2,852,432			2,766,821			3,673,524			3,514,902
Fee and commission income		4,069,582			3,989,242			5,368,074			5,125,930
Fee and commission expense		(1,217,150	)		(1,222,421	)		(1,694,550	)		(1,611,028	)
Insurance service result		1,372,729			1,232,287			1,422,952			1,311,091
Insurance income		8,479,376			8,227,494			10,978,808			10,072,490
Insurance expense		(7,106,647	)		(6,995,207	)		(9,555,856	)		(8,761,399	)
Net gains (losses) on financial assets/liabilities at fair value through profit or loss		1,472,733			1,166,755			2,163,065			(1,139,818	)
Other insurance finance income (expense)		(268,979	)		(183,476	)		(459,135	)		841,227
Net other operating expenses		(1,584,287	)		(1,309,268	)		(2,712,989	)		(2,262,123	)
General and administrative expenses		(4,872,926	)		(4,723,919	)		(6,647,406	)		(6,643,654	)
Operating profit before provision for credit losses		8,494,391			7,907,517			9,581,728			7,136,950
Provision for credit losses		(1,479,143	)		(1,768,170	)		(3,146,409	)		(1,847,775	)
Net operating profit		7,015,248			6,139,347			6,435,319			5,289,175


Notes:	(1)	Based on K-IFRS (on a consolidated basis).
	(2)	KB Financial Group’s results of operations for the year ended December 31, 2022 above have been restated retrospectively to reflect the application of K-IFRS 1117.
	(3)	KB Financial Group’s results of operations for the nine months ended September 30, 2023 above have been restated retrospectively to reflect the application of the variable fee approach for measuring insurance liabilities in accordance with the Financial Supervisory Service’s guidelines on actuarial assumptions.

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, 2024						For the year ended December 31, 2023						For the year ended December 31, 2022
		Average Balance		Interest Rate (%)		Ratio (%)		Average Balance		Interest Rate (%)		Ratio (%)		Average Balance		Interest Rate (%)		Ratio (%)
Won Currency	Deposits		358,170,830		2.46		46.11		338,691,272		2.52		45.63		333,078,280		1.27		47.87
	Certificate of deposit		11,782,282		3.90		1.52		10,417,992		4.07		1.40		5,511,822		2.35		0.79
	Borrowings		34,288,412		3.38		4.41		33,891,286		3.27		4.57		31,064,028		1.91		4.46
	Call money		1,591,662		3.53		0.20		1,384,033		3.52		0.19		1,314,525		2.02		0.19
	Debentures		57,626,452		3.66		7.42		56,008,914		3.36		7.55		58,290,290		2.39		8.38
	Others		23,999,524		4.11		3.10		22,355,370		4.37		3.01		20,866,612		2.34		3.00

Subtotal			487,459,162		2.78		62.76		462,748,867		2.81		62.35		450,125,557		1.52		64.69

Foreign Currency	Deposits		37,605,952		4.16		4.84		36,526,597		3.88		4.92		34,076,754		2.09		4.90
	Borrowings		21,552,023		4.13		2.77		24,087,170		3.77		3.25		22,970,783		1.90		3.30
	Call money		2,402,359		4.13		0.31		2,014,719		3.19		0.27		1,572,913		1.87		0.23
	Debentures		14,937,719		3.20		1.92		13,607,050		3.14		1.83		11,978,139		2.09		1.72
	Others		1,086,626		4.32		0.14		1,067,253		3.51		0.14		1,685,165		1.46		0.24

Subtotal			77,584,679		3.97		9.98		77,302,789		3.69		10.41		72,283,754		2.01		10.39

Others	Total shareholders’ equity		99,873,538		—		12.86		95,694,663		—		12.89		67,612,953		—		9.72
	Allowances		1,695,673		—		0.22		1,061,174		—		0.14		1,128,687		—		0.16
	Others		110,152,352		—		14.18		105,428,693		—		14.21		104,628,576		—		15.04

Subtotal			211,721,563		—		27.26		202,184,530		—		27.24		173,370,216		—		24.92

Total			776,765,404		—		100.00		742,236,186		—		100.00		695,779,527		—		100.00


Notes:	(1)	Based on K-IFRS (on a consolidated basis).
	(2)	The figures for the nine months ended September 30, 2024 and the year ended December 31,2023 reflect the application of K-IFRS 1117 (Insurance Contracts), a new accounting standard that became effective on January 1, 2023. The figures for the year ended December 31, 2022 above have been restated retrospectively to reflect the application of K-IFRS 1117.

2.2.2.

Uses of Funds


																		(Unit: in millions of Won)
		For the nine months ended September 30, 2024								For the year ended December 31, 2023								For the year ended December 31, 2022
		Average Balance			Interest Rate (%)		Ratio (%)			Average Balance			Interest Rate (%)		Ratio (%)			Average Balance			Interest Rate (%)		Ratio (%)
Won Currency	Due from banks		17,407,142			0.76		2.24			16,471,530			0.92		2.22			16,038,688			0.63		2.31
	Securities		212,871,232			2.81		27.40			199,538,723			2.72		26.88			166,950,909			1.17		23.99
	Loans		387,606,552			4.71		49.90			370,190,671			4.81		49.88			361,188,713			3.51		51.91
	Guarantee payments under payment guarantee		5,525			1.29		—			5,114			0.81		—			6,891			0.19		—
	Call loan		308,615			3.59		0.04			286,735			3.62		0.04			694,196			2.02		0.10
	Private placement corporate bonds		1,069,084			5.41		0.14			1,206,821			2.90		0.16			828,547			3.43		0.12
	Credit cards		23,259,549			8.08		2.99			22,789,066			7.93		3.07			22,069,290			6.94		3.17
	Others		4,193,452			15.63		0.55			3,415,038			17.44		0.46			4,438,987			9.45		0.64
	Allowance		(4,190,191	)		—		(0.54	)		(3,561,894	)		—		(0.48	)		(2,814,578	)		—		(0.40	)

Subtotal			642,530,960			4.20		82.72			610,341,804			4.23		82.23			569,401,643			2.94		81.84

Foreign Currency	Due from banks		9,686,893			2.86		1.25			9,292,372			2.28		1.25			9,239,891			0.76		1.33
	Securities		26,177,051			5.11		3.37			25,883,766			4.16		3.49			20,610,143			1.81		2.96
	Loans		39,581,223			7.21		5.10			39,403,960			6.97		5.31			37,267,941			5.32		5.36
	Call loan		6,773,645			5.01		0.87			7,399,847			4.49		1.00			8,829,592			2.12		1.27
	Bills bought		1,866,007			5.65		0.24			2,047,390			5.58		0.28			2,541,838			2.32		0.37
	Allowance		(1,518,134	)		—		(0.20	)		(1,322,830	)		—		(0.18	)		(1,021,192	)		—		(0.15	)
	Others		2,930,409			—		0.38			3,070,684			—		0.41			2,248,320			—		0.32

Subtotal			85,497,094			5.83		11.01			85,775,189			5.30		11.56			79,716,533			3.38		11.46

Others	Cash		1,598,459			—		0.21			1,681,170			—		0.23			1,831,093			—		0.26
	Fixed assets held for business		9,472,338			—		1.22			8,813,616			—		1.19			8,077,249			—		1.16
	Others		37,666,553			—		4.84			35,624,407			—		4.79			36,753,009			—		5.28

Subtotal			48,737,350			—		6.27			46,119,193			—		6.21			46,661,351			—		6.70

Total			776,765,404			—		100.00			742,236,186			—		100.00			695,779,527			—		100.00


Notes:	(1)	Based on K-IFRS (on a consolidated basis).
	(2)	The figures for the nine months ended September 30, 2024 and the year ended December 31, 2023 reflect the application of K-IFRS 1117 (Insurance Contracts), a new accounting standard that became effective on January 1, 2023. The figures for the year ended December 31, 2022 above have been restated retrospectively to reflect the application of K-IFRS 1117.

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, 2024			As of December 31, 2023			As of December 31, 2022
Total capital (A)		56,517			53,744			48,970
Risk-weighted assets (B)		337,339			321,319			302,984
BIS ratio (A/B)		16.75	%		16.73	%		16.16	%

Notes: (1) Calculated in accordance with Basel III.

(2) The figures as of September 30, 2024 are preliminary.


Kookmin Bank	(Unit: in billions of Won, except percentages)

	As of September 30, 2024			As of December 31, 2023			As of December 31, 2022
Total capital (A)		41,361			39,040			36,233
Risk-weighted assets (B)		227,458			215,962			207,558
BIS ratio (A/B)		18.18	%		18.08	%		17.46	%

Notes: (1) Calculated in accordance with Basel III.

(2) The figures as of September 30, 2024 are preliminary.


KB Securities Co., Ltd.	(Unit: in billions of Won, except percentages)

	As of September 30, 2024			As of December 31, 2023			As of December 31, 2022
Net operating capital (A)		5,464			5,058			4,554
Total amount at risk (B)		3,112			2,934			2,655
Maintenance equity margin (C)		134			134			134
Net capital ratio (A-B)/(C)		1,752.46	%		1,582.09	%		1,414.74	%
Capital surplus (A-B)		2,352			2,124			1,899


KB Insurance Co., Ltd.	(Unit: in billions of Won, except percentages)

	As of September 30, 2024			As of December 31, 2023			As of December 31, 2022
Available capital (A)		12,432			11,669			4,608
Required capital (B)		6,082			5,404			2,684
Capital Adequacy ratio (A/B)⁽²⁾		204.39	%		215.94	%		171.66	%


Notes:	(1)	The figures as of September 30, 2024 are preliminary.
	(2)	Pursuant to the change in capital adequacy system from the Risk-Based Capital (“RBC”) system to the Korean Insurance Capital Standard (“K-ICS”) system, the capital adequacy ratios as of September 30, 2024 and December 31, 2023 were calculated based on the K-ICS method, whereas the figures as of December 31, 2022 were calculated based on the RBC method.

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]

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

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 2024 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, lower consumer confidence, stock market and real estate market volatility 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 changes in the global policies of the United States due to the election of Donald Trump, Russia’s invasion of Ukraine and its effects on global commodity prices, accelerating de-globalization trends and a potential economic slowdown or credit-related challenges in China.

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, 2024			As of December 31, 2023
Cash and due from financial institutions		26,228,938			29,836,311
Financial assets at fair value through profit or loss		76,935,965			77,038,267
Derivative financial assets		5,729,437			6,157,628
Loans measured at amortized cost		466,006,550			444,805,287
Financial investments		127,271,531			122,199,529
Investments in associates and joint ventures		734,628			722,222
Insurance assets		312,757			229,640
Reinsurance assets		1,506,907			1,655,168
Property and equipment		5,277,479			4,945,699
Investment property		3,870,633			4,109,784
Intangible assets		1,971,123			1,950,858
Net defined benefit assets		366,010			374,090
Current income tax assets		315,156			244,317
Deferred income tax assets		162,162			274,225
Assets held for sale		139,071			208,230
Other assets		28,505,952			20,986,897

Total assets		745,334,299			715,738,152

Financial liabilities at fair value through profit or loss		10,197,638			10,920,435
Derivative financial liabilities		5,336,320			6,210,639
Deposits		423,538,438			406,512,434
Borrowings		64,811,736			69,583,561
Debentures		72,371,977			69,176,668
Insurance contract liabilities		55,153,985			50,308,552
Reinsurance contract liabilities		39,557			36,030
Provisions		1,192,397			1,444,418
Net defined benefit liabilities		84,946			81,869
Current income tax liabilities		408,170			145,335
Deferred income tax liabilities		1,908,205			2,179,966
Other liabilities		50,380,914			40,264,935

Total liabilities		685,424,283			656,864,842

Equity attributable to shareholders of the parent company		57,948,499			56,929,804
Share capital		2,090,558			2,090,558
Hybrid securities		5,082,553			5,032,803
Capital surplus		16,617,900			16,647,916
Accumulated other comprehensive income		494,967			2,295,165
Retained earnings		34,569,260			32,029,199
Treasury shares		(906,739	)		(1,165,837	)
Non-controlling interests		1,961,517			1,943,506

Total equity		59,910,016			58,873,310

Total liabilities and equity		745,334,299			715,738,152

Number of companies included as consolidated entities		344			371

3.1.2.

Consolidated Statements of Comprehensive Income


	(Unit: in millions of Won, except per share amounts)

	Third Quarter of 2024						Third Quarter of 2023
	Specified Quarter			Cumulative			Specified Quarter			Cumulative
Net interest income		3,164,967			9,522,689			3,124,648			8,958,317
Interest income		7,637,802			22,863,335			7,413,308			21,410,551
Interest income from financial instruments at fair value through other comprehensive income and amortized cost		7,267,464			21,740,172			7,045,473			20,356,792
Interest income from financial instruments at fair value through profit or loss		362,483			1,099,071			361,923			1,036,549
Insurance finance interest income		7,855			24,092			5,912			17,210
Interest expense		(4,472,835	)		(13,340,646	)		(4,288,660	)		(12,452,234	)
Interest expense		(4,082,095	)		(12,161,452	)		(3,903,367	)		(11,271,663	)
Insurance finance interest expense		(390,740	)		(1,179,194	)		(385,293	)		(1,180,571	)
Net fee and commission income		942,704			2,852,432			901,411			2,766,821
Fee and commission income		1,342,678			4,069,582			1,292,826			3,989,242
Fee and commission expense		(399,974	)		(1,217,150	)		(391,415	)		(1,222,421	)
Insurance service result		354,627			1,372,729			400,065			1,232,287
Insurance income		2,911,136			8,479,376			2,887,715			8,227,494
Insurance income		2,781,960			8,211,493			2,614,061			7,678,319
Reinsurance income		129,176			267,883			273,654			549,175
Insurance expense		(2,556,509	)		(7,106,647	)		(2,487,650	)		(6,995,207	)
Insurance service expense		(2,335,001	)		(6,438,682	)		(2,263,081	)		(6,366,129	)
Reinsurance expense		(221,508	)		(667,965	)		(224,569	)		(629,078	)
Net gains on financial assets/liabilities at fair value through profit or loss		902,023			1,472,733			7,441			1,166,755
Other insurance finance income (expenses) from contract held		35,803			(268,979	)		117,369			(183,476	)
Net other operating expenses		(893,719	)		(1,584,287	)		(591,060	)		(1,309,268	)
General and administrative expenses		(1,650,799	)		(4,872,926	)		(1,564,691	)		(4,723,919	)
Operating income before provision for credit losses		2,855,606			8,494,391			2,395,183			7,907,517
Provision for credit losses		(498,055	)		(1,479,143	)		(448,685	)		(1,768,170	)
Net operating income		2,357,551			7,015,248			1,946,498			6,139,347
Net non-operating expenses		(73,400	)		(954,381	)		(43,420	)		(231,934	)
Share of profit of associates and joint ventures		2,770			657			7,659			12,108
Net other non-operating expenses		(76,170	)		(955,038	)		(51,079	)		(244,042	)
Profit before income tax expense		2,284,151			6,060,867			1,903,078			5,907,413
Income tax expense		(688,112	)		(1,690,949	)		(565,973	)		(1,555,386	)
Profit for the period		1,596,039			4,369,918			1,337,105			4,352,027
Other comprehensive income (loss) for the period, net of tax		(262,328	)		(1,783,331	)		185,923			812,694


	Third Quarter of 2024						Third Quarter of 2023
	Specified Quarter			Cumulative			Specified Quarter			Cumulative
Items that will not be reclassified to profit or loss:
Remeasurements of net defined benefit liabilities		5,330			17,081			(10,560	)		(620	)
Share of other comprehensive income (loss) of associates and joint ventures		0			0			0			(2	)
Gains (losses) on equity securities at fair value through other comprehensive income		19,540			(223,395	)		(12,352	)		(25,723	)
Fair value changes of financial liabilities designated at fair value through profit or loss due to own credit risk		2,565			(8,318	)		(708	)		(51,293	)
Items that may be reclassified subsequently to profit or loss:
Currency translation differences		(138,222	)		144,192			72,968			164,926
Gains (losses) on debt securities at fair value through other comprehensive income		1,378,954			1,281,217			(625,121	)		201,403
Share of other comprehensive income (loss) of associates and joint ventures		362			276			594			(587	)
Gains (losses) on cash flow hedging instruments		36,602			5,420			(33,652	)		(47,884	)
Gains (losses) on hedging instruments of net investments in foreign operations		74,053			(17,166	)		(30,506	)		(69,902	)
Insurance finance income (expenses)		(1,641,512	)		(2,982,638	)		825,260			642,376
Total comprehensive income for the period		1,333,711			2,586,587			1,523,028			5,164,721
Profit attributable to:
Shareholders of the parent company		1,613,946			4,395,289			1,368,890			4,376,514
Non-controlling interests		(17,907	)		(25,371	)		(31,785	)		(24,487	)
Total comprehensive income for the period attributable to:
Shareholders of the parent company		1,344,178			2,592,295			1,560,941			5,185,728
Non-controlling interests		(10,467	)		(5,708	)		(37,913	)		(21,007	)
Earnings per share
Basic earnings per share (Won)		4,129			11,168			3,444			11,004
Diluted earnings per share (Won)		4,090			11,034			3,368			10,755


Note:		(1)		The figures for the third quarter of 2024 above have been restated retrospectively to reflect the application of the variable fee approach for measuring insurance liabilities in accordance with the Financial Supervisory Service’s guidelines on actuarial assumptions.

3.2.

Separate Financial Information

3.2.1.

Separate Statements of Financial Position


				(Unit: in millions of Won)
	As of September 30, 2024			As of December 31, 2023
Cash and due from financial institutions		659,832			256,337
Financial assets at fair value through profit or loss		1,237,982			1,376,423
Loans measured at amortized cost		558,417			608,286
Investments in subsidiaries		26,867,817			26,717,817
Property and equipment		2,863			3,080
Intangible assets		14,355			15,954
Net defined benefit assets		2,550			3,694
Deferred income tax assets		6,091			4,492
Other assets		803,230			542,815

Total assets		30,153,137			29,528,898

Borrowings		965,000			100,000
Debentures		2,712,772			3,871,820
Current income tax liabilities		381,870			104,299
Other liabilities		420,672			410,704

Total liabilities		4,480,314			4,486,823

Share capital		2,090,558			2,090,558
Hybrid securities		5,082,359			5,032,518
Capital surplus		14,749,398			14,754,747
Accumulated other comprehensive loss		(6,746	)		(6,809	)
Retained earnings		4,683,993			4,336,898
Treasury Shares		(906,739	)		(1,165,837	)

Total equity		25,672,823			25,042,075

Total liabilities and equity		30,153,137			29,528,898

3.2.2.

Separate Statements of Comprehensive Income


	(Unit: in millions of Won, except per share amounts)
	Third Quarter of 2024						Third Quarter of 2023
	Specified Quarter			Cumulative			Specified Quarter			Cumulative
Net interest expense		(15,342	)		(41,379	)		(15,225	)		(48,659	)
Interest income		10,045			32,408			9,233			27,382
Interest income from financial instruments at amortized cost		9,331			30,291			8,537			24,888
Interest income from financial instruments at fair value through profit or loss		714			2,117			696			2,494
Interest expense		(25,387	)		(73,787	)		(24,458	)		(76,041	)
Net fee and commission expense		(1,193	)		(4,759	)		(2,139	)		(6,475	)
Fee and commission income		387			1,381			407			1,188
Fee and commission expense		(1,580	)		(6,140	)		(2,546	)		(7,663	)
Net gains on financial assets at fair value through profit or loss		26,821			70,155			9,818			61,488
Net other operating income		0			2,243,250			0			2,192,380
General and administrative expenses		(21,845	)		(69,875	)		(23,055	)		(68,936	)
Operating profit (loss) before provision for credit losses		(11,559	)		2,197,392			(30,601	)		2,129,798
Reversal of provision (provision) for credit losses		470			125			(223	)		(230	)
Operating profit (loss)		(11,089	)		2,197,517			(30,824	)		2,129,568
Net non-operating income		281			202			42			4,448
Profit (loss) before income tax		(10,808	)		2,197,719			(30,782	)		2,134,016
Income tax income (expense)		278			1,810			948			(7,373	)
Profit (loss) for the period		(10,530	)		2,199,529			(29,834	)		2,126,643
Other comprehensive income (loss) for the period, net of tax		27			63			(63	)		(38	)
Items that will not be reclassified to profit or loss:
Remeasurements of net defined benefit liabilities		27			63			(63	)		(38	)
Total comprehensive income (loss) for the period		(10,503	)		2,199,592			(29,897	)		2,126,605
Earnings per share
Basic earnings (loss) per share (Won)		(159	)		5,392			(203	)		5,164
Diluted earnings (loss) per share (Won)		(157	)		5,327			(197	)		5,050

3.3.

Other Selected Financial Data

3.3.1.

Won-denominated Liquidity Ratio


				(Unit: in millions of Won, except percentages)
	As of September 30, 2024			As of December 31, 2023			As of December 31, 2022
Current assets in Won (A)		604,027			656,555			959,935
Current liabilities in Won (B)		365,858			255,693			592,727
Liquidity ratio (A/B)		165.10	%		256.77	%		161.95	%

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, 2024		For the year ended December 31, 2023		For the year ended December 31, 2022
Net income as a percentage of average total assets (ROA)		0.80		0.65		0.60
Net income as a percentage of average shareholders’ equity (ROE)		10.25		8.37		9.24

Note:

Based on K-IFRS (on a consolidated basis).

3.3.3.

20 Largest Exposures of Kookmin Bank by Borrower (As of September 30, 2024)


	(Unit: in billions of Won)
Company	Credit Extended
Samsung Electronics Co., Ltd.		1,918
KB Kookmin Card Co., Ltd		1,350
LG Display Co., Ltd.		1,312
Samsung Heavy Industries Co., Ltd.		1,188
E-MART Inc.		1,157
HD Hyundai Heavy Industries Co., Ltd.		1,093
SK on Co., Ltd.		1,084
Hanwha Solutions Corporation		1,064
Construction Guarantee		966
Samsung SDI Co., Ltd.		958
Strada Holdco L.P.		937
S-Oil Corporation		841
LG Energy Solution, Ltd.		781
SK Inc.		713
Hyundai Samho Heavy Industries Co.,Ltd.		672
CJ CheilJedang Corporation		670
Shinhan Financial Group Co., Ltd.		667
LS MnM Inc.		666
GS Caltex Corporation		657
Posco International Corporation		649

Total		19,343

3.3.4.

10 Largest Exposures of Kookmin Bank by Chaebol Group (As of September 30, 2024)


	(Unit: in billions of Won)
Group	Credit Extended
Samsung		5,788
SK		5,513
Hyundai Motor		4,117
Hanwha		4,030
LG		3,772
Lotte		3,697
HD Hyundai		3,125
GS		1,803
Shinsegae		1,681
POSCO		1,675

Total		35,200

3.3.5.

Kookmin Bank’s Loan Concentration by Industry (As of September 30, 2024)


	(Unit: in billions of Won, except percentages)

Industry	Total Credit		Percentage of Total Credit
Manufacturing		58,994		26.5
Construction		5,191		2.3
Real estate activities		57,229		25.7
Wholesale and retail trade		30,461		13.7
Accommodation and food service activities		11,492		5.2
Financial activities		9,680		4.3
Others		49,925		22.4

Total		222,972		100.0

3.3.6.

Top 20 Non-Performing Loans of Kookmin Bank (As of September 30, 2024)


		(Unit: in billions of Won)
Borrower	Industry	Total Credit		Allowance for Loan Losses
Borrower A	Real estate activities		250.4		125.7
Borrower B	Real estate activities		53.8		8.0
Borrower C	Construction		37.6		36.5
Borrower D	Wholesale and retail trade		20.0		1.9
Borrower E	Manufacturing		17.2		4.3
Borrower F	Real estate activities		15.9		1.3
Borrower G	Construction		14.5		13.4
Borrower H	Real estate activities		13.2		1.2
Borrower I	Human health and social work activities		11.3		7.2
Borrower J	Real estate activities		11.0		1.7
Borrower K	Real estate activities		10.8		0.7
Borrower L	Real estate activities		9.5		0.8
Borrower M	Manufacturing		8.5		2.6
Borrower N	Manufacturing		7.7		3.7
Borrower O	Wholesale and retail trade		7.6		7.2
Borrower P	Wholesale and retail trade		6.9		3.8
Borrower Q	Real estate activities		6.5		0.7
Borrower R	Manufacturing		6.4		4.3
Borrower S	Manufacturing		6.3		3.8
Borrower T	Mining		5.0		5.0

—	—		519.9		233.8

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.

4.	Independent Public Accountants

4.1.

Audit / Review Services

(Unit: in millions of Won)

Period

Auditor

Activity

Agreed Per Contract⁽¹⁾

Actual⁽²⁾

Compensation⁽³⁾

Estimated
Hours

Compensation⁽³⁾

Accrued
Hours

January 1 to September 30, 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

1,039

4,307

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

January 1 to December 31, 2022

KPMG Samjong
Accounting Corp.

Quarterly, semi-annual and annual review & audit, review of internal accounting management system (including audit of internal control over financial reporting)

1,291

11,364

1,291

11,028

Notes:

(1) Total compensation and estimated hours are established at the time of the execution of the audit and review services contract.

(2)

Actual compensation and hours are accrued from January 1 of each applicable year to the date of the audit or review report issued during such year.

4.2.

Public Company Accounting Oversight Board (“PCAOB”) Audit Services


				(Unit: in millions of Won)
Period	Auditor	Activity	Service Period	Compensation⁽¹⁾
January 1 to September 30, 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 December 31, 2023	Samil Pricewaterhouse Coopers	PCAOB audit of consolidated financial statements and internal control over financial reporting	May 1, 2023 to April 30, 2024		784
January 1 to December 31, 2022	KPMG Samjong Accounting Corp.	PCAOB audit of consolidated financial statements and internal control over financial reporting	May 1, 2022 to April 30, 2023		697

Note:

(1) Total compensation (excluding value-added taxes) is established at the time of the execution of the audit and review services contract.

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 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. As such, the external auditor for the Company and its subsidiaries for the fiscal year ended December 31, 2023 was Samil PricewaterhouseCoopers.

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]

6.	Directors, Senior Management and Employees

6.1.

Executive Directors

As of September 30, 2024, 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, 2024 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, 2024, 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, 2024 are set forth below.

Name

Date of Birth

Position

Common Shares Owned

End of Term⁽¹⁾

Jae Keun Lee

May 1966

Non-standing Director

1,119

March 21, 2025

Note: (1)

The date designated as Mr. Jae Keun Lee’s end of term is the date of the annual general meeting of shareholders for fiscal year 2024, which is expected be held in March 2025.

6.3.

Non-executive Directors

As of September 30, 2024, 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, 2024 were as follows.


Name	Date of Birth	Position	Common Shares Owned		End of Term
Seon-joo Kwon	November 1956	Non-executive Director		—	March 21, 2025
Whajoon Cho	February 1957	Non-executive Director		—	March 23, 2025
Gyutaeg Oh	February 1959	Non-executive Director		—	March 21, 2025
Jungsung Yeo	April 1960	Non-executive Director		—	March 23, 2025
Jaehong Choi	August 1962	Non-executive Director		—	March 21, 2025
Myong-Hwal Lee	May 1964	Non-executive Director		—	March 21, 2026
Sung-Yong Kim	March 1966	Non-executive Director		—	March 23, 2025

6.4.

Senior Management

Members of our senior management as of September 30, 2024 are as follows.


Name	Date of Birth	Position	Common Shares Owned⁽¹⁾		End of Term
Seung Jong Lee	January 1966	Senior Executive Vice President and Chief Strategy Officer		1,231	December 31, 2024
Jae Kwan Kim	July 1968	Senior Executive Vice President and Chief Finance Officer		4,847	December 31, 2024
Cheal Soo Choi	October 1966	Senior Executive Vice President and Chief Risk Management Officer		504	December 31, 2024
Scott Y.H. Seo	March 1966	Senior Executive Vice President and Chief Business Officer of Global		2,400	December 31, 2024
Young Suh Cho	February 1971	Senior Executive Vice President, Chief Digital Officer and Chief IT Officer		1,400	December 31, 2024
Dae Hwan Lim	November 1965	Senior Executive Vice President, Consumer Protection Officer and Chief Compliance Officer		1,756	December 31, 2025
Bong Joong Kwon	November 1969	Senior Managing Director and Head of the IR Division		2,325	December 31, 2024
Hyo Ik Park	January 1970	Senior Managing Director and Chief Business Officer of Insurance		811	December 31, 2024
Shin Dong Jeung	January 1966	Senior Managing Director and Head of KB Research		504	December 31, 2024
Dae Hyun Cha	January 1966	Senior Managing Director and Chief Officer of Audit Department		1,322	December 31, 2024
Keoung Nam Kim	August 1967	Managing Director and Head of the ESG Division		1,291	December 31, 2024
Sang Rock Na	August 1972	Managing Director and General Manager of the Financial Planning Department		779	December 31, 2025
Hyo Sung Jeon	March 1971	Managing Director and Chief Human Resources Officer		1,299	December 31, 2025
Ki Won Seo	November 1972	Managing Director and General Manager of the Office of Board of Directors		1,015	December 31, 2025
Jin Young Park	September 1972	Chief Public Relation Officer		1,712	December 31, 2024
Jin Ho Jeong	October 1967	Head of the DT Division		2,138	December 31, 2024
Chang Hwa Yook	December 1967	Head of the AI Division		652	December 31, 2024
Sang Won Oh	December 1967	Head of the IT Division		704	December 31, 2024
Youngsei Park	January 1968	Head of Consumer Protection Division		549	December 31, 2024
Yoon Ha	March 1971	Head of the Customer Experience Design Center		—	December 31, 2024
Ki Eun Park	September 1970	Head of the Group Architecture Center		261	December 31, 2024
Joo Hyun Kim	November 1970	Head of the Group Cloud Center		319	December 31, 2024
Chan Yong Park	September 1965	Head of the Planning & Coordination Department		1,180	December 31, 2024

Note: (1)

The numbers of common shares owned are as of September 30, 2024 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.

As of September, 2024, the following management also served as senior management at our subsidiaries.


Name	Subsidiary	Position	Appointment Date
Jae Keun Lee	Kookmin Bank	Chief Executive Officer	January 2022
Keoung Nam Kim	Kookmin Bank	Managing Director, ESG Division	January 2024
Jin Young Park	Kookmin Bank	Managing Director, Brand & PR Group	January 2024
Jin Ho Jeong	Kookmin Bank	Senior Executive Vice President, DT Initiative Division	January 2024
Chang Hwa Yook	Kookmin Bank	Senior Executive Vice President	January 2024
		AI/Data Innovation Division	June 2024
Sang Won Oh	Kookmin Bank	Senior Executive Vice President, Tech Development Division	January 2024
Youngsei Park	Kookmin Bank	Senior Executive Vice President, Consumer Protection Group	January 2024
Yoon Ha	Kookmin Bank	Head of the Customer Experience Design Center	January 2022
Ki Eun Park	Kookmin Bank	Senior Executive Vice President, Tech Development Division	January 2024
Joo Hyun Kim	Kookmin Bank	Head of the Cloud Platform Department	February 2022
Chan Yong Park	Kookmin Bank	Senior Executive Vice President; Planning & Coordination Department	January 2024
Seung Jong Lee	KB Securities	Non-standing Director	March 2024
	KB Life Insurance	Non-standing Director	March 2024
Jae Kwan Kim	KB Insurance	Non-standing Director	March 2024
	KB Kookmin Card	Non-standing Director	March 2024
Sang Rock Na	KB Capital	Non-standing Director	March 2021
	KB Investment	Non-standing Director	August 2020

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

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

After August 14, 2024: 393,528,423

(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.

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]

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

March 27, 2015

6.548

%⁽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

September 24, 2015

5.989

%⁽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

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.

(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

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

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

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

3.376

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

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

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⁾

July 14, 2017

2.653%

July 12, 2025

Notes:

(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⁾

July 13, 2018

2.653%

July 12, 2025

Notes:

(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⁾

March 8, 2019

2.694%

March 7, 2025

Notes:

(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⁾

March 9, 2020

2.694%

March 7, 2025

Notes:

(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⁾

July 13, 2020

2.653%

July 12, 2025

Notes:

(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⁾

December 20, 2021

2.685%

December 19, 2024

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⁾

July 13, 2022

2.653%

July 12, 2025

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⁾

July 13, 2023

2.653%

July 12, 2025

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 Capital Co., Ltd.

Subsidiary

Loans⁽¹⁾

200

November 25, 2022

2.470%

November 24, 2024

Note:

(1) Unsecured credit loans.

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, 2024	By:	/s/ Jae Kwan Kim
	(Signature)
	Name:	Jae Kwan Kim
	Title:	Senior Executive Vice President and Chief Finance Officer

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Date	Price Target	Rating	Analyst
12/12/2024		Equal-Weight → Overweight	Morgan Stanley
10/5/2023		Outperform → Buy	CLSA

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