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KB Financial's Q1 profit jumps 60.1 pct

All News 16:31 April 20, 2017

SEOUL, April 20 (Yonhap) -- KB Financial Group said Thursday its net profit jumped 60.1 percent on-year for the first quarter, helped by higher interest income and commission fees.

KB Financial posted a net profit of 887.5 billion won (US$777.4 million) for the January-March quarter, compared with a profit of 554.2 billion won a year earlier.

The result exceeded analysts' forecasts. A survey of six brokerages by Yonhap Infomax, the financial news arm of Yonhap News Agency, predicted that KB Financial would post a net profit of 631.1 billion won for the quarter.

First-quarter operating profit gained 32.7 percent on year to 886.8 billion won and sales rose 37.4 percent to 9.6 trillion won, KB Financial said in a regulatory filing.

Although household lending growth slowed during the quarter due to the government's measures to curb household debt, the healthy profits came on the back of higher commission fees from its brokerage unit, KB Financial said.

KB Financial's net interest margin rose 0.06 percentage point to 1.95 percent for the quarter.

Commission fees earned by KB Financial climbed 41.4 percent on year to 520.6 billion won for the quarter.

Kookmin Bank, the group's flagship and the nation's largest retail bank, saw its net profit jump 71.4 percent on year to 663.5 billion won for the quarter.

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