SEC Form 6-K filed by KB Financial Group Inc

5/15/25 8:35:59 AM ET

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6-K 1 d867416d6k.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 May 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 ☐

Index

1. Summary of the 2025 First Quarter Business Report

2. Exhibit 99.1 KB Financial Group Review Report for the First Quarter of 2025 (Consolidated)

3. Exhibit 99.2 KB Financial Group Review Report for the First Quarter of 2025 (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

8.		Internal Controls

8.1.		Management’s Assessment of the Effectiveness of the Internal Accounting Management System

8.2.		Audit Committee’s Assessment of the Effectiveness of the Internal Accounting Management System

8.3.		External Auditor’s Audit Opinion (Review Report) on the Effectiveness of the Internal Accounting Management System

Summary of 2025 First Quarter Business Report

On May 15, 2025, KB Financial Group Inc. (“KB Financial Group,” the “Company” or the “Group”) filed its business report for the first 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.

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 March 31, 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⁾

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 March 31, 2025)

(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

25,623,213

Treasury shares

Preferred shares

—


(As of March 31, 2025)				(Unit: shares)
Items		Number of Shares		Notes
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		367,905,210		—
	Preferred shares		—		—

Notes: (1)

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 commenced the acquisition of treasury shares on August 27, 2024, and completed such acquisition on November 5, 2024, acquiring a total of 4,575,874 treasury shares. Following the termination of the trust agreement on March 4, 2025, the Company expects to commence the cancellation process for such shares. For more information, please refer to the Company’s report on Form 6-K furnished to the Securities and Exchange Commission on March 4, 2025.

(2)

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 commenced the acquisition of treasury shares on November 29, 2024, and completed such acquisition on December 17, 2024, acquiring a total of 1,089,097 treasury shares. Following the termination of the trust agreement on April 30, 2025, the Company expects to commence the cancellation process for such shares. For more information, please refer to the Company’s report on Form 6-K furnished to the Securities and Exchange Commission on April 30, 2025.

(3)

On February 5, 2025, 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 commenced the acquisition of treasury shares on February 6, 2025, and completed such acquisition on April 14, 2025, acquiring a total of 6,401,349 treasury shares. The Company expects to commence the cancellation process for such shares as disclosed in the Company’s report on Form 6-K furnished to the Securities and Exchange Commission on April 14, 2025. For the avoidance of doubt, treasury shares acquired after March 28, 2025, are not included in the number of “Shares without voting rights” as of March 31, 2025 above.

(4)

On April 24, 2025, 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 commenced the acquisition of treasury shares on April 28, 2025, and is currently in the process of acquiring such shares. The cancellation process is expected to begin upon completion of the acquisition. Such shares are not included in the number of “Shares without voting rights” as of March 31, 2025 above.

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 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.

According to the Company’s Articles of Incorporation, the amount of its annual dividends are determined through a meeting of shareholders, while the amount of its quarterly dividends are determined through a resolution of the Board of Directors. The Articles of Incorporation allows the record date for annual dividends to be set after the amount of such dividends has been determined.

KB Financial Group’s progress report on its Corporate Value Enhancement Plan is available on its website (www.kbfg.com).

1.5.1. Dividend Confirmation and Record Date Schedule


Items	Fiscal Year-End	Dividend Payment Status	Dividend Amount Confirmation Date⁽¹⁾	Record Date⁽²⁾	Remarks
Annual Dividend	December 2022	Yes	February 7, 2023	December 31, 2022	Separate from quarterly dividends
	December 2023	Yes	February 7, 2024	February 29, 2024	Separate from quarterly dividends
	December 2024	Yes	February 5, 2025	February 28, 2025	Quarterly cash dividends to be distributed in equal amounts based on the total dividend amount

Notes: (1)

The dividend amount confirmation dates refer to the disclosure dates of such dividend amounts following resolutions of the Board of Directors.

(2)

With respect to the dividends for the fiscal year 2022, KB Financial Group’s Articles of Incorporation had, at the time, specified the record date to be the end of each fiscal year. To ensure the predictability of the dividends for investors, the record date had been announced in advance through a notice on the Company’s website on December 14, 2022. Subsequently, the Articles of Incorporation were amended on March 24, 2023 to allow the Company’s Board of Directors to determine the record date through a resolution, and such record date is now publicly announced at least two weeks in advance.

1.5.2. Key Dividend Indicators

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

Items		January 1, 2025 to March 31, 2025		January 1, 2024 to December 31, 2024⁽¹⁾		January 1, 2023 to December 31, 2023⁽²⁾
Par value per share (Won)			5,000		5,000		5,000
(Consolidated) Net income			1,697,267		5,078,221		4,631,932
(Consolidated) Earnings per share (Won)			4,429		12,880		11,483
Total cash dividends			334,339		1,198,257		1,173,937
Total stock dividends			—		—		—
(Consolidated) Cash dividend payout ratio (%)			19.7		23.6		25.3

		$		$		$
Cash dividend yield (%)	Common shares		1.1		3.5		4.9
	—		—		—		—
Stock dividend yield (%)	Common shares		—		—		—
	—		—		—		—
Cash dividend per share (Won)	Common shares		912		3,174		3,060
	—		—		—		—
Stock dividend per share	Common shares		—		—		—
	—		—		—		—

Notes: (1)

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, and a quarterly dividend amount of Won 299,886 million (Won 795 per common share) in the third quarter of fiscal year 2024, and an expected annual dividend amount of Won 298,285 million (Won 804 per common share).

(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).

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 three months ended March 31, 2025			For the three months ended March 31, 2024			For the year ended December 31, 2024			For the year ended December 31, 2023
Net interest income		3,262,165			3,169,885			12,826,714			12,180,860
Interest income		7,454,941			7,613,573			30,491,385			29,142,024
Interest expense		(4,192,776	)		(4,443,688	)		(17,664,671	)		(16,961,164	)
Net fee and commission income		934,048			990,093			3,849,627			3,673,524
Fee and commission income		1,330,233			1,396,300			5,481,843			5,368,074
Fee and commission expense		(396,185	)		(406,207	)		(1,632,216	)		(1,694,550	)
Insurance service result		437,753			542,971			1,649,761			1,446,852
Insurance income		3,107,811			2,732,740			11,456,191			11,005,471
Insurance expense		(2,670,058	)		(2,189,769	)		(9,806,430	)		(9,558,619	)
Net gains (losses) on financial assets/liabilities at fair value through profit or loss		546,218			249,133			1,012,081			2,163,065
Other insurance finance income (expense)		(139,570	)		(145,307	)		(437,001	)		(572,476	)
Net other operating expenses		(486,424	)		(404,710	)		(1,873,011	)		(2,712,989	)
General and administrative expenses		(1,605,565	)		(1,628,236	)		(6,938,624	)		(6,647,406	)
Operating profit before provision for credit losses		2,948,625			2,773,829			10,089,547			9,531,430
Provision for credit losses		(655,597	)		(428,270	)		(2,044,286	)		(3,146,409	)
Net operating profit		2,293,028			2,345,559			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 year ended December 31, 2023 and for the three months ended March 31, 2024 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).

2.2.

Sources and Uses of Funds

2.2.1. Sources of Funds


(Unit: in millions of Won)
		For the three months ended March 31, 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		369,872,297		2.28		48.74		359,346,604		2.45		48.87		337,478,959		2.53		48.52
	Certificate of deposit		9,716,877		3.38		1.28		11,148,293		3.84		1.52		10,417,992		4.07		1.5
	Borrowings		34,423,454		2.99		4.54		32,774,664		3.47		4.46		32,807,456		3.38		4.72
	Call money		2,174,957		2.86		0.29		1,747,858		3.43		0.24		1,384,033		3.52		0.2
	Debentures		59,927,516		3.72		7.9		58,497,966		3.67		7.96		56,245,329		3.34		8.09
	Others		25,967,499		3.68		3.42		24,034,767		4.09		3.26		21,767,083		4.49		3.13

Subtotal			502,082,600		2.59		66.17		487,550,152		2.78		66.31		460,100,852		2.82		66.16

Foreign Currency	Deposits		41,542,409		3.65		5.47		37,798,747		4.12		5.14		35,675,306		3.97		5.13
	Borrowings		17,291,860		4.05		2.28		18,638,964		4.6		2.54		21,094,988		4.3		3.03
	Call money		2,522,628		4.7		0.33		1,796,999		5.16		0.24		1,348,423		4.76		0.19
	Debentures		15,738,941		3.15		2.07		14,573,073		3.29		1.98		12,884,157		3.31		1.85
	Others		1,535,492		3.98		0.21		1,166,042		4.38		0.16		1,067,253		3.51		0.15

Subtotal			78,631,330		3.68		10.36		73,973,825		4.11		10.06		72,070,127		3.96		10.35

Others	Total shareholders’ equity		60,043,046		—		7.91		59,062,845		—		8.03		56,740,649		—		8.16
	Allowances		1,005,152		—		0.13		1,530,852		—		0.21		1,055,315		—		0.15
	Others		117,042,666		—		15.43		113,145,013		—		15.39		105,610,633		—		15.18

Subtotal			178,090,864		—		23.47		173,738,710		—		23.63		163,406,597		—		23.49

Total			758,804,794		—		100.00		735,262,687		—		100.00		695,577,576		—		100.00

Notes:

(1)

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

(2)

KB Financial Group’s results of operations for the year ended December 31, 2023 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).

2.2.2. Uses of Funds


																		(Unit: in millions of Won)
		For the three months ended March 31, 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		13,971,443			0.94		1.84			15,397,433			0.83		2.09			14,595,696			1.04		2.10
	Securities		186,532,658			4.00		24.58			180,330,525			3.22		24.53			166,163,329			3.27		23.89
	Loans		403,170,642			4.43		53.13			390,097,807			4.67		53.06			369,004,854			4.82		53.05
	Guarantee payments under payment guarantee		8,461			2.62		—			5,835			0.99		—			5,114			0.81		—
	Call loan		199,664			2.98		0.03			264,716			3.56		0.04			286,735			3.62		0.04
	Private placement corporate bonds		1,137,048			5.11		0.15			1,127,090			5.79		0.15			1,161,338			3.08		0.17
	Credit cards		23,458,372			8.26		3.09			23,320,536			8.12		3.17			22,738,818			7.95		3.27
	Others		4,828,463			15.33		0.64			3,829,387			17.76		0.53			3,235,831			18.40		0.47
	Allowance		(4,244,757	)		—		(0.56	)		(4,193,334	)		0.00		(0.57	)		(3,559,486	)		0.00		(0.51	)

Subtotal			629,061,994			4.49		82.90			610,179,995			4.39		83.00			573,632,229			4.51		82.48

Foreign Currency	Due from banks		10,182,942			2.73		1.34			9,494,397			2.92		1.29			8,868,559			2.39		1.27
	Securities		24,290,151			5.14		3.20			23,085,246			5.60		3.14			22,373,470			4.81		3.22
	Loans		37,491,080			7.31		4.94			37,007,504			7.60		5.03			36,723,273			7.48		5.28
	Call loan		7,130,957			4.45		0.94			6,018,342			5.33		0.82			6,393,291			5.19		0.92
	Bills bought		2,070,504			4.91		0.27			1,979,563			5.52		0.27			2,047,390			5.58		0.29
	Allowance		(1,607,932	)		—		(0.21	)		(1,515,396	)		—		(0.21	)		(1,319,579	)		—		(0.19	)
	Others		2,677,752			—		0.36			2,346,259			—		0.32			2,742,464			—		0.39

Subtotal			82,235,454			5.79		10.84			78,415,915			6.23		10.66			77,828,868			5.84		11.18

Others	Cash		1,574,666			—		0.21			1,576,791			—		0.21			1,681,170			—		0.24
	Fixed assets held for business		9,355,262			—		1.23			9,391,370			—		1.28			8,788,637			—		1.26
	Others		36,577,418			—		4.82			35,698,616			—		4.85			33,646,672			—		4.84

Subtotal			47,507,346			—		6.26			46,666,777			—		6.34			44,116,479			—		6.34

Total			758,804,794			—		100.00			735,262,687			—		100.00			695,577,576			—		100.00

Notes:

(1)

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

(2)

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 March 31, 2025		As of December 31, 2024		As of December 31, 2023
Total capital (A)		57,640		56,849		53,744
Risk-weighted assets (B)		348,293		345,981		321,319
BIS ratio (A/B)		16.55%		16.43%		16.73%

Note:

(1) Calculated in accordance with Basel III.


Kookmin Bank			(Unit: in billions of Won, except percentages)
	As of March 31, 2025		As of December 31, 2024		As of December 31, 2023
Total capital (A)		41,287		40,574		39,040
Risk-weighted assets (B)		235,978		234,436		215,962
BIS ratio (A/B)		17.50%		17.31%		18.08%

Notes:

(1) Calculated in accordance with Basel III.

(2) The figures as of March 31, 2025 are preliminary.


KB Securities Co., Ltd.			(Unit: in billions of Won, except percentages)
	As of March 31, 2025		As of December 31, 2024		As of December 31, 2023
Net operating capital (A)		5,321		5,397		5,058
Total amount at risk (B)		2,984		3,176		2,934
Maintenance equity margin (C)		134		134		134
Net capital ratio (A-B)/(C)		1,741.29%		1,654.45%		1,582.09%
Capital surplus (A-B)		2,337		2,221		2,124


KB Insurance Co., Ltd.			(Unit: in billions of Won, except percentages)
	As of March 31, 2025		As of December 31, 2024		As of December 31, 2023
Available capital (A)		11,583		11,319		11,669
Required capital (B)		6,360		6,072		5,404
Solvency ratio (A/B)⁽²⁾		182.10%		186.42%		215.94%

Notes:

(1) The figures as of March 31, 2025 are preliminary.

(2) Capital adequacy system changed from the Risk-Based Capital (“RBC”) system to the Korean Insurance Capital Standard (“K-ICS”) system in 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]

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 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 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, changes in the global policies of the United States, the ongoing war between Russia and Ukraine, and accelerating de-globalization trends.

3.	Financial Information

3.1.

Consolidated Financial Information

3.1.1. Consolidated Statements of Financial Position


(Unit: in millions of Won)
	As of March 31, 2025		As of December 31, 2024
Cash and due from financial institutions		30,657,613		29,869,111
Financial assets at fair value through profit or loss		84,218,327		79,450,093
Derivative financial assets		10,057,025		11,730,767
Loans measured at amortized cost		474,870,495		472,071,840
Financial investments		130,499,362		131,009,464
Investments in associates and joint ventures		865,714		947,390
Insurance assets		301,214		276,191
Reinsurance assets		1,603,616		1,497,147
Property and equipment		5,424,795		5,390,015
Investment property		3,880,886		3,759,176
Intangible assets		1,925,304		1,966,684
Net defined benefit assets		254,187		258,500
Current income tax assets		328,985		339,855
Deferred income tax assets		231,794		278,824
Assets held for sale		130,051		136,838
Other assets		25,077,769		18,863,637

Total assets		770,327,137		757,845,532

Financial liabilities at fair value through profit or loss		10,904,572		10,720,231
Derivative financial liabilities		10,152,203		11,783,494
Deposits		434,357,614		435,687,897
Borrowings		69,150,886		68,077,012
Debentures		75,289,027		76,171,257
Insurance contract liabilities		59,243,225		55,863,701
Reinsurance contract liabilities		64,620		56,266
Provisions		859,446		927,632
Net defined benefit liabilities		104,504		100,187
Current income tax liabilities		608,452		530,720
Deferred income tax liabilities		1,622,258		1,682,292
Other liabilities		47,835,566		36,429,662

Total liabilities		710,192,373		698,030,351

Equity attributable to shareholders of the parent company		58,234,952		57,888,952


	As of March 31, 2025			As of December 31, 2024
Share capital		2,090,558			2,090,558
Hybrid securities		5,486,582			5,082,578
Capital surplus		16,603,176			16,646,734
Accumulated other comprehensive income		(401,586	)		496,922
Retained earnings		36,156,396			34,808,220
Treasury shares		(1,700,174	)		(1,236,060	)
Non-controlling interests		1,899,812			1,926,229

Total equity		60,134,764			59,815,181

Total liabilities and equity		770,327,137			757,845,532

Number of companies included as a consolidated entity		347			347

3.1.2. Consolidated Statements of Comprehensive Income


(Unit: in millions of Won, except per share amounts)
	First Quarter of 2025						First Quarter of 2024
	Specified Quarter			Cumulative			Specified Quarter			Cumulative
Net interest income		3,262,165			3,262,165			3,169,885			3,169,885
Interest income		7,454,941			7,454,941			7,613,573			7,613,573
Interest income from financial instruments at fair value through other comprehensive income and amortized cost		7,082,796			7,082,796			7,228,877			7,228,877
Interest income from financial instruments at fair value through profit or loss		362,055			362,055			376,753			376,753
Insurance finance interest income		10,090			10,090			7,943			7,943
Interest expense		(4,192,776	)		(4,192,776	)		(4,443,688	)		(4,443,688	)
Interest expense		(3,810,634	)		(3,810,634	)		(4,066,526	)		(4,066,526	)
Insurance finance interest expense		(382,142	)		(382,142	)		(377,162	)		(377,162	)
Net fee and commission income		934,048			934,048			990,093			990,093
Fee and commission income		1,330,233			1,330,233			1,396,300			1,396,300
Fee and commission expense		(396,185	)		(396,185	)		(406,207	)		(406,207	)
Net insurance income		437,753			437,753			542,971			542,971
Insurance income		3,107,811			3,107,811			2,732,740			2,732,740
Insurance income		2,835,068			2,835,068			2,694,656			2,694,656
Reinsurance income		272,743			272,743			38,084			38,084
Insurance expense		(2,670,058	)		(2,670,058	)		(2,189,769	)		(2,189,769	)
Insurance service expense		(2,464,199	)		(2,464,199	)		(1,975,583	)		(1,975,583	)
Reinsurance expense		(205,859	)		(205,859	)		(214,186	)		(214,186	)
Net gains on financial assets/liabilities at fair value through profit or loss		546,218			546,218			249,133			249,133
Other insurance finance expenses		(139,570	)		(139,570	)		(145,307	)		(145,307	)
Net other operating expenses		(486,424	)		(486,424	)		(404,710	)		(404,710	)
General and administrative expenses		(1,605,565	)		(1,605,565	)		(1,628,236	)		(1,628,236	)
Operating income before provision for credit losses		2,948,625			2,948,625			2,773,829			2,773,829
Provision for credit losses		(655,597	)		(655,597	)		(428,270	)		(428,270	)
Net operating income		2,293,028			2,293,028			2,345,559			2,345,559
Net non-operating income (expenses)		13,578			13,578			(947,964	)		(947,964	)
Share of loss of associates and joint ventures		5,448			5,448			(1,419	)		(1,419	)
Net other non-operating expenses		8,130			8,130			(946,545	)		(946,545	)
Profit before income tax expense		2,306,606			2,306,606			1,397,595			1,397,595
Income tax expense		(607,484	)		(607,484	)		(341,532	)		(341,532	)
Profit for the period		1,699,122			1,699,122			1,056,063			1,056,063
Other comprehensive loss for the period, net of tax		(907,740	)		(907,740	)		(737,571	)		(737,571	)


	First Quarter of 2025						First Quarter of 2024
	Specified Quarter			Cumulative			Specified Quarter			Cumulative
Items that will not be reclassified to profit or loss:
Remeasurements of net defined benefit liabilities		(7,427	)		(7,427	)		8,995			8,995
Gains (losses) on equity securities at fair value through other comprehensive income		44,423			44,423			(12,566	)		(12,566	)
Fair value changes of financial liabilities designated at fair value through profit or loss due to own credit risk		(5,845	)		(5,845	)		(8,843	)		(8,843	)
Items that may be reclassified subsequently to profit or loss:
Currency translation differences		(14,466	)		(14,466	)		162,945			162,945
Gains (losses) on debt securities at fair value through other comprehensive income		911,031			911,031			(657,227	)		(657,227	)
Share of other comprehensive income (loss) of associates and joint ventures		124			124			(142	)		(142	)
Gains (losses) on cash flow hedging instruments		31,501			31,501			(36,797	)		(36,797	)
Gains (losses) on hedging instruments of net investments in foreign operations		3,524			3,524			(51,203	)		(51,203	)
Insurance finance expenses		(1,870,605	)		(1,870,605	)		(142,733	)		(142,733	)
Total comprehensive income for the period		791,382			791,382			318,492			318,492
Profit attributable to:
Shareholders of the parent company		1,697,271			1,697,271			1,041,982			1,041,982
Non-controlling interests		1,851			1,851			14,081			14,081
Total comprehensive income for the period attributable to:
Shareholders of the parent company		797,586			797,586			296,359			296,359
Non-controlling interests		(6,204	)		(6,204	)		22,133			22,133
Earnings per share
Basic earnings per share (Won)		4,429			4,429			2,608			2,608
Diluted earnings per share (Won)		4,384			4,384			2,565			2,565

Note: (1)

The figures for the first quarter of 2024 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).

3.2.

Separate Financial Information

3.2.1. Separate Statements of Financial Position


(Unit: in millions of Won)
	As of March 31, 2025			As of December 31, 2024
Cash and due from financial institutions		2,439,971			398,391
Financial assets at fair value through profit or loss		1,852,371			1,243,471
Loans measured at amortized cost		359,054			359,054
Investments in subsidiaries		26,867,817			26,867,817
Property and equipment		3,450			2,800
Intangible assets		14,134			14,497
Net defined benefit assets		2,474			2,902
Deferred income tax assets		700			5,257
Other assets		982,820			912,634

Total assets		32,522,791			29,806,823

Borrowings		600,000			965,000
Debentures		3,690,782			2,962,032
Current income tax liabilities		579,086			502,705
Other liabilities		789,261			388,528

Total liabilities		5,659,129			4,818,265

Share capital		2,090,558			2,090,558
Hybrid securities		5,486,372			5,082,359
Capital surplus		14,711,017			14,754,475
Accumulated other comprehensive loss		(8,327	)		(8,316	)
Retained earnings		6,284,216			4,305,542
Treasury Shares		(1,700,174	)		(1,236,060	)

Total equity		26,863,662			24,988,558

Total liabilities and equity		32,522,791			29,806,823

3.2.2. Separate Statements of Comprehensive Income


(Unit: in millions of Won, except per share amounts)
	First Quarter of 2025						First Quarter of 2024
	Specified Quarter			Cumulative			Specified Quarter			Cumulative
Net interest expense		(23,164	)		(23,164	)		(13,725	)		(13,725	)
Interest income		5,527			5,527			9,817			9,817
Interest income from financial instruments at amortized cost		4,685			4,685			9,115			9,115
Interest income from financial instruments at fair value through profit or loss		842			842			702			702
Interest expense		(28,691	)		(28,691	)		(23,542	)		(23,542	)
Net fee and commission expense		(1,790	)		(1,790	)		(1,142	)		(1,142	)
Fee and commission income		472			472			378			378
Fee and commission expense		(2,262	)		(2,262	)		(1,520	)		(1,520	)
Net gains on financial assets at fair value through profit or loss		25,451			25,451			15,579			15,579
Net other operating income		2,355,586			2,355,586			2,243,250			2,243,250
General and administrative expenses		(22,168	)		(22,168	)		(24,187	)		(24,187	)
Operating profit before provision for credit losses		2,333,915			2,333,915			2,219,775			2,219,775
Reversal of (provision for) credit losses		1			1			(96	)		(96	)
Operating profit		2,333,916			2,333,916			2,219,679			2,219,679
Net non-operating income (expense)		67			67			(646	)		(646	)
Profit before income tax		2,333,983			2,333,983			2,219,033			2,219,033
Income tax income (expense)		(7,390	)		(7,390	)		3,586			3,586
Profit for the year		2,326,593			2,326,593			2,222,619			2,222,619
Other comprehensive income (loss) for the year, net of tax		(11	)		(11	)		47			47
Items that will not be reclassified to profit or loss:
Remeasurements of net defined benefit liabilities		(11	)		(11	)		47			47

Total comprehensive income for the year		2,326,582			2,326,582			2,222,666			2,222,666

Earnings per share
Basic earnings per share (Won)		6,121			6,121			5,706			5,706
Diluted earnings per share (Won)		6,058			6,058			5,612			5,612

3.3.

Other Selected Financial Data

3.3.1. Won-denominated Liquidity Ratio


	(Unit: in millions of Won, except percentages)
	As of March 31, 2025			As of December 31, 2024			As of December 31, 2023
Current assets in Won (A)		3,896,353			592,591			656,555
Current liabilities in Won (B)		957,559			383,862			255,693
Liquidity ratio (A/B)		406.90	%		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 three months ended March 31, 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)		0.90	0.68	0.64
Net income as a percentage of average shareholders’ equity (ROE)		11.86	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 March 31, 2025)


	(Unit: in billions of Won)
Company	Credit Extended
KB Kookmin Card Co., Ltd.		1,379
Samsung Heavy Industries Co., Ltd.		1,375
Samsung Electronics Co., Ltd.		1,338
E-MART Inc.		1,328
HD Hyundai Heavy Industries Co., Ltd.		1,269
Construction Guarantee Cooperative		1,265
LG Display Co., Ltd.		1,152
Hanwha Solutions Corporation		1,089
Samsung SDI Co., Ltd.		989
Strada Holdco L.P.		926
SK On Co., Ltd.		919
Lotte Chemical Corporation		860
LS MnM Inc.		840
SK Innovation Co., Ltd.		797
Posco International Corporation		785
HD Hyundai Samho Co., Ltd.		732
Shinhan Financial Group Co., Ltd.		729
Hanwha Ocean Co., Ltd.		706
NH-Amundi Asset Management Co., Ltd.		704
GS Caltex Corporation		669

Total		19,851

3.3.4. 10 Largest Exposures of Kookmin Bank by Chaebol Group (As of March 31, 2025)


	(Unit: in billions of Won)
Group	Credit Extended
Samsung		5,687
SK		5,265
Hanwha		4,566
Hyundai Motor		3,837
Lotte		3,771
HD Hyundai (former Hyundai Heavy Industries)		3,510
LG		2,954
Shinsegae		1,824
GS		1,752
POSCO		1,674

Total		34,840

3.3.5. Kookmin Bank’s Loan Concentration by Industry (As of March 31, 2025)


(Unit: in billions of Won, except percentages)
Industry	Total Credit		Percentage of Total Credit
Manufacturing		58,806		26.0
Construction		4,929		2.2
Real estate activities		58,691		25.9
Wholesale and retail trade		31,661		14.0
Accommodation and food service activities		11,639		5.1
Financial activities		10,091		4.5
Others		50,705		22.4

Total		226,522		100.0

3.3.6. Top 20 Non-Performing Loans of Kookmin Bank (As of March 31, 2025)


		(Unit: in billions of Won)
Borrower	Industry	Total Credit		Allowance for Loan Losses
Borrower A	Real estate activities		207		92
Borrower B	Real estate activities		60		14
Borrower C	Wholesale and retail trade		54		54
Borrower D	Real estate activities		40		9
Borrower E	Construction		38		37
Borrower F	Real estate activities		32		19
Borrower G	Wholesale and retail trade		20		13
Borrower H	Real estate activities		16		10
Borrower I	Real estate activities		15		4
Borrower J	Wholesale and retail trade		12		12
Borrower K	Manufacturing		12		4
Borrower L	Real estate activities		11		2
Borrower M	Construction		10		10
Borrower N	Construction		10		10
Borrower O	Manufacturing		9		9
Borrower P	Manufacturing		8		2
Borrower Q	Construction		8		3
Borrower R	Wholesale and retail trade		7		4
Borrower S	Water supply, sewerage, waste management and remediation activities		7		1
Borrower T	Construction		7		7

—	—		583		316

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 March 31, 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

475

1,430

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

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 March 31, 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 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

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 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 ended December 31, 2025 continues to be 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 March 31, 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 March 31, 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 March 31, 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 March 31, 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 March 31, 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 March 31, 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

6.4.

Senior Management

Members of our senior management as of March 31, 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		1,793	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
Hongsun 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		1,448	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		1,991	December 31, 2025
Keoung Nam Kim	August 1967	Managing Director and Head of the ESG Division		2,294	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		2,073	December 31, 2025
Jin Young Park	September 1972	Chief Public Relation Officer		2,609	December 31, 2025
Youngsei Park	January 1968	Chief Consumer Protection Officer		576	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		1,024	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		182	December 31, 2025
Byoung Ha Choi	September 1972	Head of the Group Architecture Center		548	December 31, 2025
Joo Hyun Kim	November 1970	Head of the Group Cloud Center		344	December 31, 2025
Myoung Hwa Park	December 1969	Head of the Planning & Coordination Department		837	December 31, 2025

Note:

(1)

The numbers of common shares owned are as of March 31, 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.

Subsequent to the end of the first quarter of 2025, the following individual joined as a member of our senior management in April 2025.


Name	Date of Birth	Position	Common Shares Owned⁽³⁾		End of Term
Young Gi Seo⁽¹⁾	August 1965	Senior Managing Director and the Head of Financial Policy and Institution Research Center under KB Research		—	December 31, 2026

Note:

(1)

Newly appointed on April 7, 2025.

As of March 31, 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	Head of the ESG Division	January 2025
Jin Young Park	Kookmin Bank	Managing Director and Head of the Brand & PR Group	January 2024
Youngsei Park	Kookmin Bank	Senior Executive Vice President, Head of the Consumer Protection Group	January 2024
Young Suh Cho	Kookmin Bank	Senior Executive Vice President, Head of the AI • DT Initiative Group	January 2025
Sang Won Oh	Kookmin Bank	Senior Executive Vice President, Head of the Tech Group	January 2024
Byoung Jip Kim	Kookmin Bank	Managing Director and Head of the Financial AI Center 1	January 2025
Kyeong Jong Lee	Kookmin Bank	Managing Director and 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 Rok 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 Investment	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			8.37

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

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

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

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, 2018

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⁾

March 8, 2019

3.165%

March 7, 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⁾

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⁾

July 13, 2020

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⁾

December 20, 2021

2.858%

December 19, 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, 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.

8.	Internal Controls

8.1.

Management’s Assessment of the Effectiveness of the Internal Accounting Management System

[Not required to be disclosed in quarterly reports]

8.2.

Audit Committee’s Assessment of the Effectiveness of the Internal Accounting Management System

[Not required to be disclosed in quarterly reports]

8.3.

External Auditor’s Audit Opinion (Review Report) on the Effectiveness of the Internal Accounting Management System

[Not required to be disclosed in quarterly reports]

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: May 15, 2025	By: /s/ Sang Rok Na

	(Signature)

	Name:	Sang Rok Na

	Title:	Managing Director and Chief Financial Officer

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

SEC Form 6-K filed by KB Financial Group Inc

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