Q3 2024 KB Financial Group Inc Earnings Call Transcript
Key Points
- KB Financial Group Inc (KB) reported a cumulative net profit of KRW4,395.3 billion for Q3 2024, marking a 0.4% year-over-year increase.
- The company has maintained a strong capital buffer with a CET1 ratio of 13.85%, which is among the highest in the industry.
- KB Financial Group Inc (KB) has implemented a shareholder return policy linked to the CET1 ratio, enhancing predictability and sustainability of returns.
- The company has announced a quarterly cash dividend of KRW795 per share and an additional share buyback and cancellation of KRW100 billion.
- Despite macroeconomic uncertainties, KB Financial Group Inc (KB) has managed to improve its credit cost by 11 basis points year-over-year, maintaining robust control over credit costs.
- Net profit for Q3 2024 was KRW1,614 billion, showing a decline on a quarter-over-quarter basis.
- The company's net interest income decreased by 1.3% quarter-over-quarter due to interest rate cuts affecting loan asset yields.
- Group and Bank NIM decreased by 13 basis points quarter-over-quarter, reflecting market rate adjustments and lower loan yields.
- G&A expenses increased by 3.6% quarter-over-quarter, impacting overall cost efficiency.
- Non-operating profit declined by KRW140 billion quarter-over-quarter due to the base effect of last quarter's sizable provisioning for compensation costs.
Greetings, I am Peter Kwon, the head of IR at KBFG. We will now begin the 2024 Q3 business results presentation and thank you very much for participating in today's earnings release. We have here with us Group co and EVP Chew Kim as well as executives from our group. Regarding today's agenda. First, there will be a video of our group CEO and Chairman Ji Yang explaining our company's value of plan which was disclosed today and then our group CFO will cover 2024 Q3 major earnings results. After that, we will have a Q&A session. We will now watch a video covering KB Financial group, sustainable value of plan.
Greetings, I am Jong-Hee Yang, Chairman and CEO of KB Financial Group. I will briefly cover kbfg's sustainable value of plan to our shareholders and investors in and out of Korea who support and love KB KB has the significant responsibility of both utilizing the capital that our shareholders have invested to maximize
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