Seoul: KB Financial Group announced on Thursday that its net profit saw a nearly 15 percent increase in the second quarter compared to the same period last year, reaching a new record high. This surge was attributed to growth in both interest income and non-interest income.
According to Yonhap News Agency, the group's net income for the April-June period amounted to 1.99 trillion won (US$1.36 billion), marking a 14.6 percent rise from the previous year, as detailed in the company's regulatory filing. Over the first half of the year, KB Financial's net profit increased by 13 percent year-on-year, totaling 3.88 trillion won.
In the second quarter, the group's interest income experienced a 1.2 percent year-on-year growth, reaching 3.14 trillion won. Meanwhile, non-interest income saw a significant rise of 38.2 percent, amounting to 1.97 trillion won during the same timeframe.
The operating income for the April-June period was reported at 2.71 trillion won, which is a 27.2 percent increase from the previous year. Additionally, the group's revenue rose by 31.2 percent, reaching 31.75 trillion won.
However, the net profit of its flagship unit, KB Kookmin Bank, decreased by 3.2 percent in the second quarter, totaling 1.12 trillion won. This decline was primarily due to an increased loan-loss reserve from the previous year.