Exhibit 99.2

KB Financial Group Inc.

Separate Interim Financial Statements

September 30, 2025 and 2024

(Unaudited)

KB Financial Group Inc.

 

		Page(s)
Report on Review of Condensed Separate Interim Financial Statements			1-2
Separate Interim Financial Statements
Separate Interim Statements of Financial Position			3
Separate Interim Statements of Comprehensive Income			4
Separate Interim Statements of Changes in Equity			5
Separate Interim Statements of Cash Flows			6
Notes to the Separate Interim Financial Statements			7-50

Report on Review of Condensed Separate Interim Financial Statements

(English Translation of a Report Originally Issued in Korean)

To the Shareholders and the Board of Directors of

KB Financial Group Inc.

Reviewed Financial Statements

We have reviewed the accompanying condensed separate interim financial statements of KB Financial Group Inc. (the “Company”). These condensed separate interim financial statements consist of the separate interim statement of financial position of the Company as at September 30, 2025, and the related separate interim statements of comprehensive income for the three-month and nine-month periods ended September 30, 2025 and 2024, and separate interim statements of changes in equity and cash flows for the nine-month periods ended September 30, 2025 and 2024, and material accounting policy information and other selected explanatory notes, expressed in Korean Won.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and presentation of these condensed separate interim financial statements in accordance with International Financial Reporting Standards as adopted by the Republic of Korea (“Korean IFRS”) No. 1034 Interim Financial Reporting, and for such internal control as management determines is necessary to enable the preparation of condensed separate interim financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express a conclusion on these condensed separate interim financial statements based on our review.

We conducted our review in accordance with quarterly or semi-annual review standards established by the Securities and Futures Commission of the Republic of Korea. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Korean Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe the accompanying condensed separate interim financial statements are not prepared, in all material respects, in accordance with Korean IFRS No. 1034 Interim Financial Reporting.

 

1

Other Matters

We have audited the separate statement of financial position of the Company as at December 31, 2024, and the related separate statements of comprehensive income, changes in equity and cash flows for the year then ended, not presented herein, in accordance with Korean Standards on Auditing. We expressed an unqualified opinion on those financial statements in our audit report dated March 5, 2025. The separate statement of financial position as at December 31, 2024, presented herein for comparative purposes, is consistent, in all material respects, with the above audited statement of financial position as at December 31, 2024.

Review standards and their application in practice vary among countries. The procedures and practices used in the Republic of Korea to review such financial statements may differ from those generally accepted and applied in other countries.

/s/ Samil PricewaterhouseCoopers

Seoul, Korea

November 14, 2025

 

 

2

KB Financial Group Inc.

Separate Interim Statements of Financial Position

September 30, 2025 and December 31, 2024

(In millions of Korean won)

 

		Notes				September 30, 2025 (Unaudited)				December 31, 2024
Assets
Cash and due from financial institutions			4,5,6,23			W	633,461			W	398,391
Financial assets at fair value through profit or loss			4,5,7				1,359,345				1,243,471
Loans measured at amortized cost			4,5,8				568,581				359,054
Investments in subsidiaries			9				26,867,817				26,867,817
Property and equipment							2,870				2,800
Intangible assets							13,027				14,497
Net defined benefit assets			13				1,773				2,902
Deferred income tax assets			10				3,586				5,257
Other assets			4,5				1,274,389				912,634
Total assets						W	30,724,849			W	29,806,823
Liabilities
Borrowings			4,5,11				250,000				965,000
Debentures			4,5,12				4,370,039				2,962,032
Current income tax liabilities							691,965				502,705
Other liabilities			4,5				619,142				388,528
Total liabilities							5,931,146				4,818,265
Equity			14
Share capital							2,090,558				2,090,558
Hybrid securities							4,793,174				5,082,359
Capital surplus							14,741,159				14,754,475
Accumulated other comprehensive loss							(8,184	)			(8,316	)
Retained earnings							4,643,385				4,305,542
Treasury shares							(1,466,389	)			(1,236,060	)
Total equity							24,793,703				24,988,558
Total liabilities and equity						W	30,724,849			W	29,806,823

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

 

3

KB Financial Group Inc.

Separate Interim Statements of Comprehensive Income

Three-Month and Nine-Month Periods Ended September 30, 2025 and 2024

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

 

		Notes				2025 (Unaudited)								2024 (Unaudited)
						Three months				Nine months				Three months				Nine months
Interest income						W	8,220			W	24,296			W	10,045			W	32,408
Interest income from financial instruments at amortized cost							7,483				21,701				9,331				30,291
Interest income from financial instruments at fair value through profit or loss							737				2,595				714				2,117
Interest expense							(28,343	)			(87,248	)			(25,387	)			(73,787	)
Net interest expense			16				(20,123	)			(62,952	)			(15,342	)			(41,379	)
Fee and commission income							483				1,473				387				1,381
Fee and commission expense							(1,959	)			(6,292	)			(1,580	)			(6,140	)
Net fee and commission expense			17				(1,476	)			(4,819	)			(1,193	)			(4,759	)
Net gains (losses) on financial instruments at fair value through profit or loss			18				18,240				66,152				26,821				70,155
Net other operating income			19				—				2,355,586				—				2,243,250
General and administrative expenses			20				(23,127	)			(73,460	)			(21,845	)			(69,875	)
Operating income before provision for credit losses							(26,486	)			2,280,507				(11,559	)			2,197,392
Provision for credit losses							32				26				470				125
Net operating income							(26,454	)			2,280,533				(11,089	)			2,197,517
Net non-operating income (expense)							308				201				281				202
Profit before tax							(26,146	)			2,280,734				(10,808	)			2,197,719
Income tax benefit (expense)			21				(191	)			(6,772	)			278				1,810
Profit for the period							(26,337	)			2,273,962				(10,530	)			2,199,529
Items that will not be reclassified to profit or loss:
Remeasurements of net defined benefit liabilities							107				132				27				63
Other comprehensive income(loss) for the period, net of tax							107				132				27				63
Total comprehensive income for the period						W	(26,230	)		W	2,274,094			W	(10,503	)		W	2,199,592
Earnings per share			22
Basic earnings per share						W	(213	)		W	5,774			W	(159	)		W	5,392
Diluted earnings per share							(211	)			5,719				(157	)			5,327

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

 

4

KB Financial Group Inc.

Separate Interim Statements of Changes in Equity

Nine-Month Periods Ended September 30, 2025 and 2024

(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, 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 period
Profit for the period			—				—				—				—				2,199,529				—				2,199,529
Remeasurements of net defined benefit liabilities			—				—				—				63				—				—				63
Total comprehensive income for the period			—				—				—				63				2,199,529				—				2,199,592
Transactions with shareholders
Annual dividends			—				—				—				—				(587,006	)			—				(587,006	)
Quarterly dividends			—				—				—				—				(600,086	)			—				(600,086	)
Acquisition of treasury shares			—				—				—				—				—				(490,679	)			(490,679	)
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			—				—				—				—				(150,165	)			—				(150,165	)
Others			—				—				(17,391	)			—				—				—				(17,391	)
Total transactions with shareholders			—				49,841				(25,349	)			—				(1,852,434	)			259,098				(1,568,844	)
Balance as of September 30, 2024 (Unaudited)		W	2,090,558			W	5,082,359			W	14,729,398			W	(6,746	)		W	4,683,993			W	(906,739	)		W	25,672,823
Balance as of January 1, 2025		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
Comprehensive income for the period
Profit for the period			—				—				—				—				2,273,962				—				2,273,962
Remeasurements of net defined benefit liabilities			—				—				—				132				—				—				132
Total comprehensive income for the period			—				—				—				132				2,273,962				—				2,274,094
Transactions with shareholders
Annual dividends			—				—				—				—				(298,285	)			—				(298,285	)
Quarterly dividends			—				—				—				—				(668,990	)			—				(668,990	)
Acquisition of treasury shares			—				—				—				—				—				(1,044,851	)			(1,044,851	)
Retirement of treasury shares			—				—				—				—				(814,522	)			814,522				—
Issuance of hybrid securities			—				404,013				—				—				—				—				404,013
Redemption of hybrid securities			—				(693,198	)			—				—				—				—				(693,198	)
Dividends on hybrid securities			—				—				—				—				(154,322	)			—				(154,322	)
Others			—				—				(13,316	)			—				—				—				(13,316	)
Total transactions with shareholders			—				(289,185	)			(13,316	)			—				(1,936,119	)			(230,329	)			(2,468,949	)
Balance as of September 30, 2025 (Unaudited)		W	2,090,558				4,793,174				14,741,159				(8,184	)			4,643,385				(1,466,389	)			24,793,703

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

 

5

KB Financial Group Inc.

Separate Interim Statements of Cash Flows

Nine-Month Periods Ended September 30, 2025 and 2024

(In millions of Korean won)

 

		Notes				2025 (Unaudited)				2024 (Unaudited)
Cash flows from operating activities
Profit for the period						W	2,273,962			W	2,199,529
Adjustment for non-cash items
Depreciation and amortization expense							4,120				4,325
Provision for credit losses							(26	)			(125	)
Share-based payments							14,111				11,729
Net interest expense							11,899				14,435
Valuation losses (gains) on financial assets at fair value through profit or loss							(14,498	)			(26,358	)
Net other income (expense)							1,250				1,839
							16,856				5,845
Changes in operating assets and liabilities
Due from financial institutions							40,000				60,000
Deferred income tax assets							1,623				(1,810	)
Other assets							572,893				260,232
Other liabilities							(556,855	)			(287,347	)
							57,661				31,075
Net cash inflow from operating activities							2,348,479				2,236,449
Cash flows from investing activities
Acquisition of financial assets at fair value through profit or loss							(100,029	)			(150,000	)
Disposal of financial assets at fair value through profit of loss							—				316,080
Acquisition of Subsidiaries							—				(150,000	)
Increase in loans measured at amortized cost							(219,500	)			(105,000	)
Decrease in loans measured at amortized cost							10,000				155,000
Acquisition of property and equipment							(785	)			(609	)
Acquisition of intangible assets							(498	)			(700	)
Disposal of intangible assets							134				—
Net increase in guarantee deposits paid							3,646				1,597
Net cash inflow(outflow) from investing activities							(307,032	)			66,368
Cash flows from financing activities
Increase in borrowings							250,000				965,000
Decrease in debentures							(965,000	)			(100,000	)
Increase in debentures							2,006,470				—
Decrease in debentures							(600,000	)			(925,000	)
Redemption of principal of lease liabilities							(442	)			(443	)
Dividends paid to shareholders							(967,275	)			(1,187,092	)
Acquisition of treasury shares							(1,044,851	)			(490,679	)
Issuance of hybrid securities							404,013				399,045
Redemption of hybrid securities							(695,000	)			(349,204	)
Dividends paid on hybrid securities							(154,322	)			(150,164	)
Other financing activities							30				(786	)
Net cash outflow from financing activities							(1,766,377	)			(1,839,323	)
Net increase in cash and cash equivalents							275,070				463,494
Cash and cash equivalents at the beginning of the period			23				318,388				116,334
Cash and cash equivalents at the end of the period			23			W	593,458			W	579,828

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

 

6

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

1. The Company

KB Financial Group Inc. (the “Company”) was incorporated on September 29, 2008, under the Financial Holding Companies Act of Korea, through stock transfers from the former shareholders of Kookmin Bank, KB Investment & Securities Co., Ltd., KB Asset Management Co., Ltd., KB Real Estate Trust Co., Ltd., KB Investment Co., Ltd., KB Futures Co., Ltd., KB Credit Information Co., Ltd., and KB Data Systems Co., Ltd., and the Company’s main business purpose is to control subsidiaries that engage in the financial business or subsidiaries closely related to the financial business through the stock ownership. The headquarter is located at 26, Gukjegeumyung-ro 8-gil, Yeongdeungpo-gu, Seoul. The Company’s share capital as of September 30, 2025, is W 2,090,558 million. In 2011, Kookmin Bank spun off its credit card business segment and established a new separate credit card company, KB Kookmin Card Co., Ltd., and KB Investment & Securities Co., Ltd. merged with KB Futures Co., Ltd. The Company established KB Savings Bank Co., Ltd. in January 2012, acquired Yehansoul Savings Bank Co., Ltd. in September 2013, and KB Savings Bank Co., Ltd. merged with Yehansoul Savings Bank Co., Ltd. in January 2014. In March 2014, the Company acquired Woori Financial Co., Ltd. and changed its name to KB Capital Co., Ltd. Meanwhile, the Company included LIG Insurance Co., Ltd. as an associate and changed its name to KB Insurance Co., Ltd. in June 2015, and KB Insurance Co., Ltd. became one of the subsidiaries through a tender offer in May 2017. Also, the Company included Hyundai Securities Co., Ltd. as an associate in June 2016 and included it as a subsidiary in October 2016 by comprehensive exchange of shares. Hyundai Securities Co., Ltd. merged with KB Investment & Securities Co., Ltd. in December 2016 and changed its name to KB Securities Co., Ltd. in January 2017. In August 2020, the Company and subsidiaries (the “Group”) acquired Prudential Life Insurance Company of Korea Ltd. which was classified as a subsidiary and the name was changed to KB Life Insurance Co., Ltd. in December 2022. Then in January 2023, it merged with another existing KB Life Insurance Co., Ltd. The Company sold 100% of the shares of KB Credit Information Co., Ltd. to KB Kookmin Card Co., Ltd. on June 30, 2023.

The Company has been listed on the Korea Exchange (“KRX”) since October 10, 2008, and on the New York Stock Exchange (“NYSE”) for its American Depositary Shares (“ADS”) since September 29, 2008. The number of shares authorized in its Articles of Incorporation is 1,000 million.

2. Basis of Preparation

2.1 Application of Korean IFRS

The Company maintains its accounting records in Korean won and prepares statutory financial statements in the Korean language (Hangul) in accordance with International Financial Reporting Standards as adopted by the Republic of Korea (“Korean IFRS”). The accompanying separate financial statements have been translated into English from the Korean language separate financial statements.

The separate financial statements of the Company have been prepared in accordance with Korean IFRS. Korean IFRS are the standards and related interpretations issued by the International Accounting Standards Board (“IASB”) that have been adopted by the Republic of Korea.

The preparation of separate financial statements requires the use of certain critical accounting estimates. Management also needs to exercise judgment in applying the Company’s accounting policies. The areas that require more complex and higher level of judgment or areas that require significant assumptions and estimates are disclosed in Note 2.4.

The separate financial statements have been prepared in accordance with Korean IFRS No.1027 Separate Financial Statements.

 

7

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

 

2.1 Application of Korean IFRS (cont’d)

 

The Company’s condensed separate interim financial statements for the nine-month period ended September 30, 2025, have been prepared in accordance with Korean IFRS No.1034 Interim Financial Reporting and contain less information than is required in annual separate financial statements. Selected explanatory notes include descriptions of transactions or events that are significant in understanding changes in the financial position and financial performance of the Company since the end of the previous annual reporting period. These separate interim financial statements have been prepared in accordance with Korean IFRS that is effective or early adopted as of September 30, 2025.

2.1.1 The Company has applied the following new and amended standards for the first time for its annual reporting period commencing on January 1, 2025.

 

-

Amendment of Korean IFRS No.1021 “The Effects of Changes in Foreign Exchange Rates” and Korean IFRS No.1101 “First-time Adoption of International Financial Reporting Standards” - Lack of exchangeability

The amendments require the Company to determine a spot exchange rate when exchangeability is lacking, and to disclose information on the nature and financial effects of the currency not being exchangeable into another currency, the spot exchange rate(s) used, the estimation process, and the risks to which the Company is exposed. These amendments do not have a significant impact on the financial statements.

2.1.2 The following are the accounting standards that have been established or announced but have not yet been implemented, which the Company has not applied

 

-

Amendment of Korean IFRS No.1109 “Financial Instruments” and No.1107 “Financial Instruments”

The amendments respond to recent questions arising in practice. These amendment will be applied to the financial statements for the accounting year beginning on or after January 1, 2026. These amendments do not have a significant impact on the financial statements.

 

-

clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system;

 

-

clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion;

 

-

add new disclosures for certain instruments with contractual terms that can change cash flows; and

 

-

update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI).

 

-

Korean IFRS Accounting Standards Annual Improvements Volume 11

Korean IFRS Accounting Standards Annual Improvements Volume 11 will be effective for annual reporting periods beginning on or after January 1, 2026. These amendments do not have a significant impact on the financial statements.

 

•

Korean IFRS No.1101 “First-time adoption of International Financial Reporting Standards”: Hedge accounting by a first-time adopter

 

•

Korean IFRS No.1107 “Financial Instruments: Disclosures”: Gain or loss on derecognition, Application guidance

 

•

Korean IFRS No.1109 “Financial Instruments”: Derecognition of lease liabilities, Definition of transaction price

 

•

Korean IFRS No.1110 “Consolidated Financial Statements”: Determination of a ‘de facto agent’

 

•

Korean IFRS No.1007 “Statement of Cash Flows”: Cost method

 

8

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

 

2.2 Measurement Basis

The separate financial statements have been prepared under the historical cost convention unless otherwise specified.

2.3 Functional and Presentation Currency

Items included in the separate financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (“functional currency”). The separate financial statements are presented in Korean won, which is the Company’s functional and presentation currency.

2.4 Critical Accounting Estimates

The Company applies accounting policies and uses judgements, accounting estimates, and assumptions that may have a significant impact on the assets (liabilities) and incomes (expenses) in preparing the separate financial statements. Management’s estimates of outcomes may differ from actual outcomes if management’s estimates and assumptions based on management’s best judgment are different from the actual environment.

Estimates and underlying assumptions are continually evaluated, and changes in accounting estimates are recognized in the period in which the estimates are changed and in any future periods affected.

Uncertainties in estimates and assumptions with significant risks used in the preparation of these condensed separate interim financial statements are the same as 2024 financial statements, except for the method of estimating income tax expense.

3. Material Accounting Policies

The material accounting policies and calculation methods applied in the preparation of these condensed separate interim financial statements are the same as those applied to the separate financial statements for the year ended December 31, 2024, except for the impact of changes due to adopting new and amended standards and interpretations, as described in Note 2.1 and below paragraph.

The Company is subject to Pillar 2 income taxes, and has applied the temporary exemption provision regarding the recognition and disclosure of deferred taxes related to the Pillar 2 rules.

Income tax expense for the interim period is measured by applying the expected average annual income tax rate applicable on expected total annual income.

 

9

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

 

4. Financial Risk Management

4.1 Summary

4.1.1 Overview of financial risk management policy

The financial risks that the Company is exposed to are credit risk, market risk, liquidity risk and others.

This note regarding financial risk management provides information about the risks that the Company is exposed to and about its objectives, policies, risk assessment and management procedures, and capital management. Additional quantitative information is disclosed throughout the separate financial statements.

The Company’s risk management system focuses on efficiently supporting long-term strategy and management decisions of the Company by increasing risk transparency, preventing risk transfer between subsidiaries and preemptive response to rapidly changing financial environments. Credit risk, market risk, liquidity risk, operational risk, interest rate risk, insurance risk, credit concentration risk, strategy risk, reputation risk and foreign exchange settlement risk are recognized as significant risks.

4.1.2 Risk management organization

4.1.2.1 Risk Management Committee

The Risk Management Committee, as the ultimate decision-making body, deals with risk-related issues, such as establishing risk management strategies in accordance with the strategic direction determined by the Board of Directors, determining the affordable level of risk appetite, reviewing the level of risk and the status of risk management activities, approving the application of risk management systems, methodologies, and major improvements, and establishing and approving risk management policies and procedures to timely recognize, measure, monitor, and control risks arising from various transactions by the Group.

4.1.2.2 Risk Management Council

The Risk Management Council is responsible for consulting on matters delegated by the Risk Management Committee and requests for review by the Group Management Executive Committee, consulting on details of each subsidiary’s risk management policies and procedures, monitoring the Group’s risk management status, and establishing and implementing necessary measures.

4.1.2.3 Risk Management Department

The Risk Management Department performs the Company’s risk management detailed policies, procedures, and business processes, and is responsible for calculating the Group’s risk-weighted assets, monitoring and managing internal capital limits.

 

10

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

 

4.2 Credit Risk

4.2.1 Overview of credit risk

Credit risk is the risk of loss from a portfolio of assets held due to a counterparty’s default, breach of contract, and deterioration in credit quality. For risk management purposes, the Company considers the default risk of individual borrowers.

4.2.2 Credit risk management

The Company measures the expected losses on assets subject to credit risk management and uses them as a management indicator.

4.2.3 Maximum exposure to credit risk

The Company’s maximum exposures to credit risk without consideration of collateral values in relation to financial instruments other than equity securities as of September 30, 2025 and December 31, 2024, are as follows:

 

(In millions of Korean won)		September 30, 2025				December 31, 2024
Due from financial institutions		W	633,461			W	398,391
Loans measured at amortized cost *			568,581				359,054
Loans measured at fair value through profit or loss			55,260				53,952
Other financial assets *			50,402				48,614
		W	1,307,704			W	860,011

 

*	After netting of allowance

4.2.4 Credit risk of loans

The Company maintains allowances for loan losses associated with credit risk of loans to manage its credit risk.

The Company assesses expected credit losses and recognizes loss allowances of financial assets at amortized cost and financial assets at fair value through other comprehensive income. Financial assets at fair value through profit or loss are excluded. Expected credit losses are probability-weighted estimate of possible credit losses occurring within a certain range by reflecting reasonable and supportable information that is reasonably available at the end of the reporting period without undue cost or effort, including information about past events, current conditions, and forecasts of future economic conditions. The Company measures the expected credit losses on loans classified as financial assets at amortized cost, by deducting allowances for credit losses. The expected credit losses on loans classified as financial assets at fair value through other comprehensive income are presented in other comprehensive income in the financial statements.

 

11

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

 

4.2.4 Credit risk of loans (cont’d)

 

Credit qualities of loans measured at amortized cost as of September 30, 2025 and December 31 2024, are classified as follows:

(In millions of Korean won)

 

		September 30, 2025
		12-month expected credit losses				Lifetime expected credit losses								Not applying expected credit losses				Total
						Not impaired				Impaired
Loans measured at amortized cost *
Corporate
Grade 1		W	569,500			W	—			W	—			W	—			W	569,500
Grade 2			—				—				—				—				—
Grade 3			—				—				—				—				—
Grade 4			—				—				—				—				—
Grade 5			—				—				—				—				—
		W	569,500			W	—			W	—			W	—			W	569,500

(In millions of Korean won)

 

		December 31, 2024
		12-month expected credit losses				Lifetime expected credit losses								Not applying expected credit losses				Total
						Not impaired				Impaired
Loans measured at amortized cost *
Corporate
Grade 1		W	360,000			W	—			W	—			W	—			W	360,000
Grade 2			—				—				—				—				—
Grade 3			—				—				—				—				—
Grade 4			—				—				—				—				—
Grade 5			—				—				—				—				—
		W	360,000			W	—			W	—			W	—			W	360,000

 

*	Before netting of allowance

Credit qualities of loans graded according to the probability of default as of September 30, 2025 and December 31 2024, are as follows:

 

		Range of probability of default (%)
Grade 1		0.0 ~ 1.0
Grade 2		1.0 ~ 5.0
Grade 3		5.0 ~ 15.0
Grade 4		15.0 ~ 30.0
Grade 5		30.0 ~

 

12

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

 

4.2.5 Credit risk of due from financial institutions

Credit qualities of due from financial institutions as of September 30, 2025, and December 31, 2024, are as follows:

(In millions of Korean won)

 

		September 30, 2025
		12-month expected credit losses				Lifetime expected credit losses								Not applying expected credit losses				Total
						Not impaired				Impaired
Due from financial institutions measured at amortized cost
Grade 1		W	633,461			W	—			W	—			W	—			W	633,461
Grade 2			—				—				—				—				—
Grade 3			—				—				—				—				—
Grade 4			—				—				—				—				—
Grade 5			—				—				—				—				—
		W	633,461			W	—			W	—			W	—			W	633,461

(In millions of Korean won)

 

		December 31, 2024
		12-month expected credit losses				Lifetime expected credit losses								Not applying expected credit losses				Total
						Not impaired				Impaired
Due from financial institutions measured at amortized cost
Grade 1		W	398,391			W	—			W	—			W	—			W	398,391
Grade 2			—				—				—				—				—
Grade 3			—				—				—				—				—
Grade 4			—				—				—				—				—
Grade 5			—				—				—				—				—
		W	398,391			W	—			W	—			W	—			W	398,391

 

13

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

 

4.2.6 Credit risk concentration analysis

4.2.6.1 Classifications of corporate loans by industry as of September 30, 2025, and December 31, 2024, are as follows:

 

(In millions of Korean won)		September 30, 2025
		Corporate loans *				%				Allowances				Carrying amount
Financial institutions		W	624,760				100.00			W	(919	)		W	623,841
(In millions of Korean won)		December 31, 2024
		Corporate loans *				%				Allowances				Carrying amount
Financial institutions		W	413,952				100.00			W	(946	)		W	413,006

 

*	Amount includes loans measured at fair value through profit or loss and amortized cost.

4.2.6.2 Classifications of due from financial institutions by industry as of September 30, 2025, and December 31 2024, are as follows:

 

(In millions of Korean won)

September 30, 2025

Amount

%

Allowances

Carrying amount

Due from financial institutions measured at amortized cost

Financial institutions

W

633,461

100.00

W

—

W

633,461

(In millions of Korean won)

December 31, 2024

Amount

%

Allowances

Carrying amount

Due from financial institutions measured at amortized cost

Financial institutions

W

398,391

100.00

W

—

W

398,391

 

14

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

 

4.3 Liquidity Risk

4.3.1 Overview of liquidity risk

Liquidity risk is the risk that the Company becomes insolvent due to the mismatch between the inflow and outflow of funds, unexpected cash outflows, or a risk of loss due to financing funds at a high interest rate or disposing of securities at an unfavorable price due to lack of available funds. The Company manages its liquidity risk through analysis of the contractual maturity of all financial assets and liabilities and discloses in six categories such as on demand, less than one month, between one month to three months, between three months to one year, between one year to five years, and over five years.

4.3.2. Liquidity risk management

The liquidity risk is managed through risk management policies and liquidity risk management guidelines set forth in these policies that apply to all risk management policies and procedures that may arise throughout the overall business of the Company.

4.3.3. Analysis of remaining contractual maturity of financial liabilities

The cash flows disclosed in the maturity analysis are undiscounted contractual amounts including principal and future interest payments; as such, amounts in the table below do not match with those in the statements of financial position which are based on discounted cash flows(DCFs). The future interest payments for floating-rate liabilities are calculated on the assumption that the current interest rate is the same until maturity.

Remaining contractual maturity of financial liabilities as of September 30, 2025 and December 31, 2024, are as follows:

 

(In millions of Korean won)		September 30, 2025
		On Demand				Up to 1 month				1-3 months				3-12 months				1-5 years				Over 5 years				Total
Financial liabilities
Borrowings		W	—			W	250,000			W	—			W	—			W	—			W	—			W	250,000
Debentures			—				90,923				17,285				591,076				3,737,585				236,277				4,673,146
Lease liabilities			—				52				96				386				371				—				905
Other financial liabilities			—				19,026				15,987				—				—				—				35,013
		W	—			W	360,001			W	33,368			W	591,462			W	3,737,956			W	236,277			W	4,959,064
(In millions of Korean won)		December 31, 2024
		On Demand				Up to 1 month				1-3 months				3-12 months				1-5 years				Over 5 years				Total
Financial liabilities
Borrowings		W	—			W	—			W	365,000			W	600,000			W	—			W	—			W	965,000
Debentures			—				105,451				13,009				626,993				1,662,628				774,560				3,182,641
Lease liabilities			—				48				91				362				375				—				876
Other financial liabilities			—				2,088				462				—				—				—				2,550
		W	—			W	107,587			W	378,562			W	1,227,355			W	1,663,003			W	774,560			W	4,151,067

 

15

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

 

4.4 Market Risk

4.4.1 Concept

Market risk refers to risks that can result in losses due to changes in market factors such as interest rate, stock price, and foreign exchange rate, etc. The Company manages the market risks by dividing them into those arising from the trading position and those arising from the non-trading position.

4.4.2 Trading position

In accordance with Financial Holding Companies Act, the Company’s main business is to control financial companies or companies closely related to the financial service. And the Company cannot perform any other business other than managing activities as a holding company, therefore there is no risk of trading position.

4.4.3 Non-trading position

Non-trading position refers to the part except trading position, and the main risk the Company is managing is interest rate risk.

4.4.3.1 Interest rate risk

(a) Definition of interest rate risk

Interest rate risk refers to the risk of changes in the value (fair value) of the items in the statement of financial position due to changes in interest rate and the risk of changes in cash flows related to interest income and interest expense arising from investment and financing activities.

(b) Observation method and management indicator on interest rate risk

The main objective of interest rate risk management is to protect the value changes from interest rate fluctuations. In addition to the Interest Rate Risk in the Banking Book (“IRRBB”) standard methodology required for disclosure to measure interest rate risk.

 

16

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

 

5. Financial Assets and Financial Liabilities

5.1 Classification and Fair Value of Financial Instruments

5.1.1 Carrying amount and fair value of financial assets and liabilities by category as of September 30, 2025 and December 31, 2024, are as follows:

 

(In millions of Korean won)		September 30, 2025
		Carrying amount				Fair value
Financial assets
Financial assets at fair value through profit or loss
Hybrid securities		W	1,203,365			W	1,203,365
Beneficiary certificates			100,720				100,720
Loans			55,260				55,260
Financial assets at amortized cost
Due from financial institutions			633,461				633,461
Loans			568,581				568,581
Other financial assets			50,402				50,402
		W	2,611,789			W	2,611,789
Financial liabilities
Financial liabilities at amortized cost
Borrowings		W	250,000			W	250,000
Debentures			4,370,039				4,350,472
Other financial liabilities			49,668				49,668
		W	4,669,707			W	4,650,140
(In millions of Korean won)		December 31, 2024
		Carrying amount				Fair value
Financial assets
Financial assets at fair value through profit or loss
Hybrid securities		W	1,189,519			W	1,189,519
Loans			53,952				53,952
Financial assets at amortized cost
Due from financial institutions			398,391				398,391
Loans			359,054				359,054
Other financial assets			48,614				48,614
		W	2,049,530			W	2,049,530
Financial liabilities
Financial liabilities at amortized cost
Borrowings		W	965,000			W	965,000
Debentures			2,962,032				2,906,349
Other financial liabilities			11,402				11,402
		W	3,938,434			W	3,882,751

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The Company discloses the fair value of each class of assets and liabilities in a way that permits it to be compared with its carrying amount at the end of each reporting period. The best evidence of fair value of financial instruments is quoted price in an active market.

 

17

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2025 and 2024 (Unaudited), and December 31, 2024

 

5.1.1 Carrying amount and fair value of financial assets and liabilities by category as of September 30, 2025 and December 31, 2024, are as follows: (cont’d)

 

Methods of determining fair value of financial instruments are as follows:

 

Cash and due from financial institutions		Fair value of cash is same as carrying amount. Carrying amount of demand deposit and settlement deposit is a reasonable approximation of fair value because these financial instruments do not have a fixed maturity and are receivable on demand. Fair value of general deposit is measured using DCF Model.
Securities		Fair value of financial instruments that are quoted in an active market is determined using the quoted prices. If there is no quoted price, fair value is determined using external professional valuation institutions. The institutions use one or more valuation techniques that are deemed appropriate considering the characteristics of the financial instruments among DCF Model, Imputed Market Value Model, Free Cash Flow to Equity Model, Dividend Discount Model, Risk Adjusted Discount Rate Method, and Net Asset Value Method.
Derivatives		Fair value of exchange traded derivatives is determined using quoted price in an active market, and fair value of OTC derivatives is determined using valuation techniques. The Company uses internally developed valuation models that are widely used by market participants to determine fair value of plain vanilla OTC derivatives including options, interest rate swaps, and currency swaps, based on observable market parameters. However, some complex financial instruments are valued using appropriate models developed from generally accepted market valuation models including the Finite Difference Method (“FDM”), and the MonteCarlo Simulation or valuation results from independent external professional valuation institution.
Loans		Fair value of loans is determined using DCF model discounting the expected cash flows, which are contractual cash flows adjusted by the expected prepayment rate, at an appropriate discount rate.
Borrowings		DCF model is used to determine the fair value of borrowings, but in the case of short-term maturity, carrying amount is a reasonable approximation of fair value.
Debentures		Fair value is determined by using valuation results of external professional valuation institutions, which are calculated using market inputs.
Other financial assets and other financial liabilities		Carrying amount is a reasonable approximation of fair value because other financial assets and other financial liabilities are temporary accounts used for other various transactions and their maturities are either relatively short or not defined.

 

18