6-K 1 d867416d6k.htm FORM 6-K Form 6-K
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of 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 ☐

 

 
 

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Table of Contents

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

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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.

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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        —         —   

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(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.

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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  

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                       $                        $                        $                       

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]

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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).

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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).

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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)

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).

Table of Contents

2.3. Other Information to Consider in Making an Investment Decision

2.3.1. Capital Adequacy

 

KB Financial Group      (Unit: in billions of Won, except percentages)  
     As of 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]

Table of Contents

2.3.4. Early Retirement Program

To enhance productivity by improving its labor structure, Kookmin Bank implemented a voluntary early retirement program following negotiations with its labor union.

 

Subsidiary

   

Date of Retirement

   

Number of Retired Persons

Kookmin Bank    January 28, 2019    615
   January 20, 2020    462
   January 30, 2021    800
   January 21, 2022    674
   January 18, 2023    713
   January 19, 2024    674
   January 18, 2025    647

2.3.5. Other Factors Affecting the Group’s Financial Condition and Results of Operations

The economic outlook for Korea and its financial services sector in 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.

Table of Contents
3.

Financial Information

 

3.1.

Consolidated Financial Information

3.1.1. Consolidated Statements of Financial Position

 

(Unit: in millions of Won)  
     As of 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  

Table of Contents
     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  
  

 

 

    

 

 

  

Table of Contents

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 ) 

Table of Contents
     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).

Table of Contents
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  
  

 

 

    

 

 

  

Table of Contents

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  

Table of Contents
3.3.

Other Selected Financial Data

3.3.1. Won-denominated Liquidity Ratio

 

     (Unit: in millions of Won, except percentages)  
     As of 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  
  

 

 

  

Table of Contents

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  
     

 

 

     

 

 

  

Table of Contents
3.4.

Other Financial Information

See Exhibits 99.1 and 99.2 attached hereto for our consolidated and separate financial statements and relevant notes, which have been prepared in accordance with K-IFRS and reviewed by our independent auditors as stated in their review reports included therein. The review reports will also be available on our website at www.kbfg.com.

Table of Contents
4.

Independent Public Accountants

 

4.1.

Audit / Review Services

 

                      (Unit: in millions of Won)

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.

Table of Contents
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]

Table of Contents
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

Table of Contents
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.

Table of Contents

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]

Table of Contents
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]

Table of Contents
7.5.

Related Party Transactions

7.5.1. Purchase of capital securities issued by KB Securities Co., Ltd.

 

                  (Unit: in billions of Won)

Issuer

   

Relationship

   

Type

   

Issue
Amount

   

 Issue Date 

   

Interest
Rate

   

Maturity Date

   

Use of
Proceeds

KB Securities Co., Ltd.

    Subsidiary    No. 1 Private Placement of Capital Securities in Won    200    March 31, 2022    4.300%    

March 31,

2052 (may be extended)

    Working capital
                              (Unit: in billions of Won)

Issuer

   

Relationship

   

Type

   

Issue
Amount

   

 Issue Date 

   

Interest
Rate

   

Maturity Date

   

Use of
Proceeds

KB Securities Co., Ltd.

    Subsidiary    No. 3 Private Placement of Capital Securities in Won    230    September 30, 2022    5.500%    

September 30,

2052 (may be extended)

    Working capital
                              (Unit: in billions of Won)

Issuer

   

Relationship

   

Type

   

Issue
Amount

   

 Issue Date 

   

Interest
Rate

   

Maturity Date

   

Use of
Proceeds

KB Securities Co., Ltd.

    Subsidiary    No. 4 Private Placement of Capital Securities in Won    100    May 8, 2023    5.350%    

May 8,

2053 (may be extended)

    Working capital

7.5.2. Purchase of capital securities issued by KB Capital Co., Ltd.

 

                              (Unit: in billions of Won)

Issuer

   

Relationship

   

Type

   

Issue
Amount

   

 Issue Date 

   

Interest
Rate

   

Maturity Date

   

Use of
Proceeds

KB Capital Co., Ltd.

    Subsidiary    No. 299 Private Placement of Capital Securities in Won    50    March 27, 2015    7.840%(1)   

March 27,

2045 (may be extended)

    Working capital

 

Note:

(1) The interest rate has increased from its initial rate due to the non-exercise of the call option.

 

                              (Unit: in billions of Won)

Issuer

   

Relationship

   

Type

   

Issue
Amount

   

 Issue Date 

   

Interest
Rate

   

Maturity Date

   

Use of
Proceeds

KB Capital Co., Ltd.

    Subsidiary    No. 320 Private Placement of Capital Securities in Won    50   

September 24,

2015

    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    50    March 29, 2016        6.305%(1)   

March 29,

2046 (may be extended)

    Working capital

 

Note:

(1) The interest rate has increased from its initial rate due to the non-exercise of the call option.

Table of Contents
                              (Unit: in billions of Won)

Issuer

   

Relationship

   

Type

   

Issue
Amount

   

 Issue Date 

   

Interest
Rate

   

Maturity Date

   

Use of
Proceeds

KB Capital Co., Ltd.

    Subsidiary    No. 352 Private Placement of Capital Securities in Won    50    June 28, 2016    6.466%(1)   

June 28,

2046 (may be extended)

    Working capital

 

Note: (1) The interest rate has increased from its initial rate due to the non-exercise of the call option.

 

                              (Unit: in billions of Won)

Issuer

   

Relationship

   

Type

   

Issue
Amount

   

 Issue Date 

   

Interest
Rate

   

Maturity Date

   

Use of
Proceeds

KB Capital Co., Ltd.

    Subsidiary    No. 367 Private Placement of Capital Securities in Won    50    November 28, 2016    6.952%(1)    November 28, 2046 (may be extended)    Working capital

 

Note: (1) The interest rate has increased from its initial rate due to the non-exercise of the call option.

 

                              (Unit: in billions of Won)

Issuer

   

Relationship

   

Type

   

Issue
Amount

   

 Issue Date 

   

Interest
Rate

   

Maturity Date

   

Use of
Proceeds

KB Capital Co., Ltd.

    Subsidiary    No. 378 Private Placement of Capital Securities in Won    50    April 27, 2017    7.664%(1)   

April 27,

2047 (may be extended)

    Working capital

 

Note: (1) The interest rate has increased from its initial rate due to the non-exercise of the call option

 

                              (Unit: in billions of Won)

Issuer

   

Relationship

   

Type

   

Issue
Amount

   

 Issue Date 

   

Interest
Rate

   

Maturity Date

   

Use of
Proceeds

KB Capital Co., Ltd.

    Subsidiary    No. 460 Private Placement of Capital Securities in Won    100    September 25, 2020    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

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7.5.4. Purchase of subordinated bonds issued by KB Savings Bank Co., Ltd.

 

                              (Unit: in billions of Won)

Issuer

   

Relationship

   

Type

   

Issue
Amount

   

Issue Date

   

Interest
Rate

   

Maturity Date

   

Use of
Proceeds

KB Savings Bank Co., Ltd.

    Subsidiary    No. 1 Subordinated Bonds in Won    70    June 25, 2021    1.600%    June 25, 2031    Working capital

7.5.5. Prepayments and Loans to Subsidiaries

 

                                   (Unit: in billions of Won)

Name

   

Relationship

   

Account

   

Loan Amount

   

Current
Balance

   

Credit Offering
Date

   

Interest
Rate

    Maturity Date

KB Investment Co., Ltd.

   

Subsidiary

   

Loans(1)

    10    10   

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)

    40    40   

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)

    70    70   

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)

    30    30   

March 9, 2020

    3.165%    March 6, 2026

 

Note: (1) Unsecured credit loans.

                                   (Unit: in billions of Won)

Name

   

Relationship

   

Account

   

Loan Amount

   

Current
Balance

   

Credit Offering
Date

   

Interest
Rate

    Maturity Date

KB Investment Co., Ltd.

   

Subsidiary

   

Loans(1)

    30    30   

July 13, 2020

    2.653%    July 12, 2025

 

Note: (1) Unsecured credit loans.

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                              (Unit: in billions of Won)

Name

   

Relationship

   

Account

   

Loan Amount

   

Current
Balance

   

Credit Offering

Date

   

Interest
Rate

    Maturity Date

KB Investment Co., Ltd.

   

Subsidiary

   

Loans(1)

    70    70   

December 20, 2021

    2.858%    December 19, 2025

 

Note: (1) Unsecured credit loans.

                              (Unit: in billions of Won)

Name

   

Relationship

   

Account

   

Loan Amount

   

Current
Balance

   

Credit Offering

Date

   

Interest
Rate

    Maturity Date

KB Investment Co., Ltd.

   

Subsidiary

   

Loans(1)

    60    60   

July 13, 2022

    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)

    50    50   

July 13, 2023

    2.653%    July 12, 2025

Note: (1) Unsecured credit loans.

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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]

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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