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| ▲ A corporate logo of KB Kookmin Bank (PHOTO NOT FOR SALE) (Yonhap) |
(LEAD) KB Financial Group-Q2 earnings
(LEAD) KB Financial Group Q2 net profit up over 20 pct on-year
(ATTN: RECASTS headline, lead; UPDATES throughout with details; ADDS photo)
SEOUL, July 25 (Yonhap) -- KB Financial Group Inc. on Tuesday reported its net profit jumped more than 20 percent in the second quarter from a year earlier on higher interest and non-interest income.
Net profit for the three months ended in June rose to 1.5 trillion won (US$1.18 billion) from 1.25 trillion won during the same period last year, the company said in a regulatory filing.
The net profit for the first half rose 10.6 percent on-year to 3 trillion won.
Operating profit for the April-June period was 2.05 trillion won, up 37.4 percent from a year ago, while revenue fell 35.1 percent to 15.9 trillion won.
The earnings beat market expectations. The average estimate of net profit by analysts stood at 1.35 trillion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
KB Financial Group attributed the increased net profit to a rise in interest income and a recovery in the profitability of its non-banking businesses.
In the first half, KB Financial Group said it earned 5.76 billion won worth of interest income, up 5.2 percent on-year, thanks to an expansion in its net interest margin, or the difference between interest paid and interest received.
The group also raised 1.03 trillion won of profit in securities, derivatives, foreign exchange and insurance businesses, making a turnaround from a loss a year ago.
The flagship KB Kookmin Bank registered a net profit of 920 billion won in the second quarter, posting a 22.7 percent on-year increase, and KB Securities Co. saw its net profit jump 57.2 percent on-year to 110 billion won, according to the regulatory filing.
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