Q2 2024 KB Financial Group Inc Earnings Call Transcript
Key Points
- KB Financial Group Inc (KB) reported a CET1 ratio of 13.59%, the highest in the domestic market.
- The company has implemented a progressive dividend policy, with quarterly cash payouts and share buybacks to enhance shareholder returns.
- First half 2024 Group net profit was KRW2,781.5 billion, with a strong second quarter net profit of KRW1,732.4 billion.
- Group net interest income for the first half of 2024 was KRW6,357.7 billion, showing a 9% year-over-year increase.
- The Group's cost income ratio (CIR) was maintained at 36.4%, indicating strong cost efficiency.
- First half net profit declined by 7.5% year-over-year due to sizable ELS compensation costs in Q1.
- Group's G&A expenses increased by 2% year-over-year, reaching KRW3,222.1 billion.
- Provision for credit losses in Q2 increased to KRW552.6 billion, reflecting conservative provisioning for potential economic slowdowns.
- Net interest margin (NIM) for the Group and bank declined by 3 basis points quarter-over-quarter.
- Q2 Group net fee income decreased slightly quarter-over-quarter due to a decline in IB fees following real estate PF market contraction.
Greetings. I am Peter Kweon, the Head of IR at KBFG. We will now begin the 2024 first half business results presentation. I would like to express my deepest gratitude to everyone for participating today. We have here with us our Group CFO and SEVP, Jae Kwan Kim, as well as other members from our group management. We will first hear the 2024 first half major financial highlights from CFO and SEVP, Jae Kwan Kim, and then engage in a Q&A session. I would like to invite our SEVP to deliver 2024 first half earnings results.
Good afternoon. I am Jae Kwan Kim, CFO of KB Financial Group. Thank you for joining KBFG's 2024 first half earnings presentation. Before going into the second quarter earnings result, I will first go over the company's first half shareholder return plan, which was resolved by today's BoD meeting.
Please turn to page 4 of the presentation deck. Despite difficult operational
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