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(LEAD) KB Financial Group net profit jumps 8.2 pct in 2019

All News 16:41 February 06, 2020

(ATTN: RECASTS headline, lead; UPDATES with more details from 3rd para)

SEOUL, Feb. 6 (Yonhap) -- KB Financial Group Inc. said Thursday that its net income in 2019 rose sharply from a year earlier due in part to increased returns from investment banking.

The group's net profit came to a little over 3.31 trillion won (US$2.8 billion) in 2019, up 8.2 percent from a year earlier, it said in a regulatory filing.

Its operating profit rose 5.4 percent to 4.49 trillion won from 4.26 trillion won over the cited period, while its annual sales jumped 11.8 percent on-year to 46.96 trillion won.

Its fourth-quarter net came to 534.7 billion won, down 43.1 percent from three months earlier but up 177.9 percent from the same period a year earlier.

The increase in annual net profit was partly attributed to a rise in income from commission fees, which grew 5.0 percent on-year to 2.35 trillion won last year.

By subsidiary, KB Kookmin Bank's net profit soared 8.0 percent on-year to nearly 2.44 trillion won in 2019, while KB Securities' net leaped 44.2 percent to 257.9 billion won.

KB Insurance's net profit dipped 10.7 percent on-year to 234.3 billion won due to a rise in costs.

KB Card posted annual net income of 316.5 billion won, up 10.4 percent from a year earlier.

The KB Financial Group's total assets were tallied at 518.6 trillion won. Its return on equity ratio stood at 8.93 percent, while its return on assets ratio came to 9.51 percent.

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