EX-99.1 2 d891293dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

KB Financial Group Inc.

Separate Statements of Financial Position

December 31, 2024 and 2023

 

(In millions of Korean won)

 

     Notes      December 31, 2024     December 31, 2023  

Assets

        

Cash and due from financial institutions

      4,5,6,29      W 398,391     W 256,337  

Financial assets at fair value through profit or loss

      4,5,7        1,243,471       1,376,423  

Loans measured at amortized cost

      4,5,8        359,054       608,286  

Investments in subsidiaries

      9        26,867,817       26,717,817  

Property and equipment

      10        2,800       3,080  

Intangible assets

      11        14,497       15,954  

Net defined benefit assets

      17        2,902       3,694  

Deferred income tax assets

      13        5,257       4,492  

Other assets

      4,5,14        912,634       542,815  
     

 

 

    

 

 

  

Total assets

       W 29,806,823     W 29,528,898  
     

 

 

    

 

 

  

Liabilities

        

Borrowings

      4,5,15        965,000       100,000  

Debentures

      4,5,16        2,962,032       3,871,820  

Current income tax liabilities

         502,705       104,299  

Other liabilities

      4,5,18        388,528       410,704  
     

 

 

    

 

 

  

Total liabilities

         4,818,265       4,486,823  
     

 

 

    

 

 

  

Equity

      19       

Share capital

         2,090,558       2,090,558  

Hybrid securities

         5,082,359       5,032,518  

Capital surplus

         14,754,475       14,754,747  

Accumulated other comprehensive loss

         (8,316 )      (6,809 ) 

Retained earnings

         4,305,542       4,336,898  

Treasury shares

         (1,236,060 )      (1,165,837 ) 
     

 

 

    

 

 

  

Total equity

         24,988,558       25,042,075  
     

 

 

    

 

 

  

Total liabilities and equity

       W 29,806,823     W 29,528,898  
     

 

 

    

 

 

  

The above separate statements of financial position should be read in conjunction with the accompanying notes.

 

1

KB Financial Group Inc.

Separate Statements of Comprehensive Income

Years Ended December 31, 2024 and 2023

 

(In millions of Korean won, except per share amounts)

 

     Notes      2024     2023  

Interest income

       W 38,702     W 35,127  

Interest income from financial instruments at amortized cost

         35,860       31,932  

Interest income from financial instruments at fair value through profit or loss

         2,842       3,195  

Interest expense

         (101,073 )      (99,980 ) 
     

 

 

    

 

 

  

Net interest expense

      21        (62,371 )      (64,853 ) 
     

 

 

    

 

 

  

Fee and commission income

         2,213       2,585  

Fee and commission expense

         (9,460 )      (12,972 ) 
     

 

 

    

 

 

  

Net fee and commission expense

      22        (7,247 )      (10,387 ) 
     

 

 

    

 

 

  

Net gains on financial instruments at fair value through profit or loss

      23        91,892       108,399  
     

 

 

    

 

 

  

Net other operating income

      24        2,243,253       2,192,385  
     

 

 

    

 

 

  

General and administrative expenses

      25        (95,655 )      (92,603 ) 
     

 

 

    

 

 

  

Operating income before provision for credit losses

         2,169,872       2,132,941  

Provision (Reversal) for credit losses

         773       (546 ) 
     

 

 

    

 

 

  

Net operating income

         2,170,645       2,132,395  

Net non-operating income

      26        10       4,606  
     

 

 

    

 

 

  

Profit before tax

         2,170,655       2,137,001  

Income tax expense

      27        (58 )      (15,757 ) 
     

 

 

    

 

 

  

Profit for the year

         2,170,597       2,121,244  
     

 

 

    

 

 

  

Items that will not be reclassified to profit or loss:

        

Remeasurements of net defined benefit liabilities

         (1,507 )      (962 ) 
     

 

 

    

 

 

  

Other comprehensive loss for the year, net of tax

         (1,507 )      (962 ) 
     

 

 

    

 

 

  

Total comprehensive income for the year

       W 2,169,090     W 2,120,282  
     

 

 

    

 

 

  

Earnings per share

      28       

Basic earnings per share

       W 5,203     W 5,042  

Diluted earnings per share

         5,142       4,929  

The above separate statements of comprehensive income should be read in conjunction with the accompanying notes.

 

2

KB Financial Group Inc.

Separate Statements of Changes in Equity

Years Ended December 31, 2024 and 2023

 

 

(In millions of Korean won)

 

     Share
capital		      Hybrid
securities		     Capital
surplus		     Accumulated
other
comprehensive
income		     Retained
earnings		     Treasury
shares		     Total
equity		  

Balance as of January 1, 2023

    W 2,090,558      W 4,433,981     W 14,754,747     W (5,847 )    W 3,794,565     W (836,188 )    W 24,231,816  
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Comprehensive income for the year

                

Profit for the year

      —         —        —        —        2,121,244       —        2,121,244  

Remeasurements of net defined benefit liabilities

      —         —        —        (962 )      —        —        (962 ) 
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total comprehensive income for the year

      —         —        —        (962 )      2,121,244       —        2,120,282  
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Transactions with shareholders

                

Annual dividends

      —         —        —        —        (564,970 )      —        (564,970 ) 

Quarterly dividends

      —         —        —        —        (586,931 )      —        (586,931 ) 

Acquisition of treasury shares

      —         —        —        —        —        (571,745 )      (571,745 ) 

Retirement of treasury shares

      —         —        —        —        (242,096 )      242,096       —   

Issuance of hybrid securities

      —         598,537       —        —        —        —        598,537  

Dividends on hybrid securities

      —         —        —        —        (184,914 )      —        (184,914 ) 
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total transactions with shareholders

      —         598,537       —        —        (1,578,911 )      (329,649 )      (1,310,023 ) 
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Balance as of December 31, 2023

    W 2,090,558      W 5,032,518     W 14,754,747     W (6,809 )    W 4,336,898     W (1,165,837 )    W 25,042,075  
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Balance as of January 1, 2024

    W 2,090,558      W 5,032,518     W 14,754,747     W (6,809 )    W 4,336,898     W (1,165,837 )    W 25,042,075  
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Comprehensive income for the year

                

Profit for the year

      —         —        —        —        2,170,597       —        2,170,597  

Remeasurements of net defined benefit liabilities

      —         —        —        (1,507 )      —        —        (1,507 ) 
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total comprehensive income for the year

      —         —        —        (1,507 )      2,170,597       —        2,169,090  
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Transactions with shareholders

                

Annual dividends

      —         —        —        —        (587,006 )      —        (587,006 ) 

Quarterly dividends

      —         —        —        —        (899,972 )      —        (899,972 ) 

Acquisition of treasury shares

      —         —        —        —        —        (820,000 )      (820,000 ) 

Disposal of treasury shares

      —         —        3,975       —        —        234,600       238,575  

Retirement of treasury shares

      —         —        —        —        (515,177 )      515,177       —   

Consideration for exchange right of exchangeable bonds

      —         —        (11,933 )      —        —        —        (11,933 ) 

Issuance of hybrid securities

      —         399,045       —        —        —        —        399,045  

Redemption of hybrid securities

      —         (349,204 )      —        —        —        —        (349,204 ) 

Dividends on hybrid securities

      —         —        —        —        (199,798 )      —        (199,798 ) 

Others

      —         —        7,686       —        —        —        7,686  
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total transactions with shareholders

      —         49,841       (272 )      —        (2,201,953 )      (70,223 )      (2,222,607 ) 
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Balance as of December 31, 2024

    W 2,090,558      W 5,082,359     W 14,754,475     W (8,316 )    W 4,305,542     W (1,236,060 )    W 24,988,558  
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

The above separate statements of changes in equity should be read in conjunction with the accompanying notes.

 

3

KB Financial Group Inc.

Separate Statements of Cash Flows

Years Ended December 31, 2024 and 2023

 

 

(In millions of Korean won)

 

     Notes      2024     2023  

Cash flows from operating activities

        

Profit for the year

       W 2,170,597     W 2,121,244  
     

 

 

    

 

 

  

Adjustment for non-cash items

        

Depreciation and amortization expense

         6,051       5,630  

Provision (Reversal) for credit losses

         (773 )      546  

Share-based payments

         14,998       8,551  

Net interest expense

         22,898       4,187  

Valuation gains on financial assets at fair value through profit or loss

         (31,403 )      (52,472 ) 

Disposal gains of subsidiaries

         —        (3,917 ) 

Net other expense

         2,216       1,857  
     

 

 

    

 

 

  
        13,987       (35,618 ) 
     

 

 

    

 

 

  

Changes in operating assets and liabilities

        

Due from financial institutions

         60,000       (20,000 ) 

Deferred income tax assets

         (413 )      15,757  

Other assets

         260,420       (13,379 ) 

Other liabilities

         (297,859 )      (13,025 ) 
     

 

 

    

 

 

  
        22,148       (30,647 ) 
     

 

 

    

 

 

  

Net cash inflow from operating activities

         2,206,732       2,054,979  
     

 

 

    

 

 

  

Cash flows from investing activities

        

Acquisition of financial assets at fair value through profit or loss

         (150,000 )      (100,000 ) 

Disposal of financial assets at fair value through profit of loss

 

      316,080       300,000  

Acquisition of subsidiaries

         (150,000 )      —   

Disposal of subsidiaries

         —        27,539  

Increase in loans measured at amortized cost

         (105,000 )      (100,000 ) 

Decrease in loans measured at amortized cost

         355,000       13,500  

Acquisition of property and equipment

         (1,627 )      (455 ) 

Acquisition of intangible assets

         (1,481 )      (3,229 ) 

Disposal of intangible assets

         173       1,277  

Net increase in guarantee deposits paid

         1,597       (7,747 ) 

Other investing activities

         —        (52 ) 
     

 

 

    

 

 

  

Net cash inflow from investing activities

         264,742       130,833  
     

 

 

    

 

 

  

Cash flows from financing activities

        

Increase in borrowings

         965,000       100,000  

Decrease in borrowings

         (100,000 )      —   

Increase in debentures

         398,945       —   

Decrease in debentures

         (1,075,000 )      (1,090,000 ) 

Dividends paid to shareholders

         (1,486,978 )      (1,151,901 ) 

Redemption of principal of lease liabilities

         (644 )      (617 ) 

Acquisition of treasury shares

         (820,000 )      (571,745 ) 

Issuance of hybrid securities

         399,045       598,537  

Redemption of hybrid securities

         (350,000 )      —   

Dividends paid on hybrid securities

         (199,798 )      (184,914 ) 

Other financing activities

         10       109  
     

 

 

    

 

 

  

Net cash outflow from financing activities

         (2,269,420 )      (2,300,531 ) 
     

 

 

    

 

 

  

Net increase (decrease) in cash and cash equivalents

 

      202,054       (114,719 ) 

Cash and cash equivalents at the beginning of the year

      28        116,334       231,053  
     

 

 

    

 

 

  

Cash and cash equivalents at the end of the year

      28      W 318,388     W 116,334  
     

 

 

    

 

 

  

The above separate statements of cash flows should be read in conjunction with the accompanying notes.

 

4