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KB KB Financial

Filed: 4 Feb 21, 1:13pm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of February 2021

Commission File Number: 000-53445

 

 

KB Financial Group Inc.

(Translation of registrant’s name into English)

 

 

141, Uisadang-daero, Yeongdeungpo-gu, Seoul 07332, Korea

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☒                     Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

 

 

 


Preliminary Operating Results for Fiscal Year 2020

On February 4, 2021, KB Financial Group Inc. (“KB Financial Group”) held an earnings conference and released its preliminary operating results for fiscal year 2020. The following tables reflect the key figures released during the conference. The presentation materials for the conference, which contain further details, are available at KB Financial Group’s website (http://www.kbfg.com).

The preliminary figures presented herein are based on International Financial Reporting Standards as adopted by the Republic of Korea (“K-IFRS”) and are currently being audited by KB Financial Group’s independent auditors and are subject to change.

1. Preliminary Operating Results of KB Financial Group (Consolidated)

 

(Won in millions, %)  4Q 2020   3Q 2020   % Change
Increase
(Decrease)
(Q to Q)
  4Q 2019   

% Change
Increase
(Decrease)

(Y to Y)

 

Operating revenue

  Specified Quarter   15,093,914    10,533,000    43.30   9,230,463    63.52 
  Cumulative   55,623,822    40,529,908    —     47,169,682    17.92 

Net operating profit

  Specified Quarter   769,893    1,416,525    (45.65  773,052    (0.41
  Cumulative   4,615,992    3,846,099    —     4,490,649    2.79 

Profit before income tax

  Specified Quarter   795,156    1,570,874    (49.38  749,091    6.15 
  Cumulative   4,761,632    3,966,476    —     4,533,986    5.02 

Profit for the period

  Specified Quarter   576,647    1,194,220    (51.71  535,117    7.76 
  Cumulative   3,502,281    2,925,634    —     3,313,199    5.71 

Profit attributable to shareholders of the parent company

  Specified Quarter   577,228    1,166,583    (50.52  534,700    7.95 
  Cumulative   3,455,151    2,877,923    —     3,311,828    4.33 

 

Note:

“Operating revenue” represents the sum of interest income, fee and commission income, insurance income, gain on financial assets/liabilities at fair value through profit or loss and other operating income.


2. Preliminary Operating Results of Kookmin Bank (Consolidated)

 

(Won in millions, %)  4Q 2020   3Q 2020   % Change
Increase
(Decrease)
(Q to Q)
  4Q 2019   

% Change
Increase
(Decrease)

(Y to Y)

 

Operating revenue

  Specified Quarter   6,987,024    4,000,617    74.65   3,194,040    118.75 
  Cumulative   24,519,818    17,532,794    —     21,166,968    15.84 

Net operating profit

  Specified Quarter   503,510    911,296    (44.75  606,768    (17.02
  Cumulative   3,151,137    2,647,627    —     3,328,119    (5.32

Profit before income tax

  Specified Quarter   553,395    867,866    (36.23  594,036    (6.84
  Cumulative   3,131,823    2,578,428    —     3,318,472    (5.62

Profit for the period

  Specified Quarter   415,437    646,804    (35.77  432,358    (3.91
  Cumulative   2,319,519    1,904,082    —     2,439,079    (4.90

Profit attributable to shareholders of the parent company

  Specified Quarter   415,817    635,624    (34.58  432,358    (3.83
  Cumulative   2,298,195    1,882,378    —     2,439,079    (5.78

 

Note:

“Operating revenue” represents the sum of interest income, fee and commission income, gain on financial assets/liabilities at fair value through profit or loss and other operating income.


3. Preliminary Operating Results of KB Securities Co., Ltd. (“KB Securities”) (Consolidated)

 

(Won in millions, %)  4Q 2020   3Q 2020   % Change
Increase
(Decrease)
(Q to Q)
  4Q 2019   

% Change
Increase
(Decrease)

(Y to Y)

 

Operating revenue

  Specified Quarter   2,086,157    1,466,448    42.26   1,610,521    29.53 
  Cumulative   9,999,213    7,913,056    —     8,088,988    23.62 

Net operating profit (loss)

  Specified Quarter   136,809    232,566    (41.17  66,630    105.33 
  Cumulative   578,796    441,987    —     360,468    60.57 

Profit (Loss) before income tax

  Specified Quarter   118,142    280,718    (57.91  64,023    84.53 
  Cumulative   593,236    475,094    —     398,557    48.85 

Profit (Loss) for the period

  Specified Quarter   88,701    208,448    (57.45  48,231    83.91 
  Cumulative   433,951    345,250    —     290,071    49.60 

Profit (Loss) attributable to shareholders of the parent company

  Specified Quarter   88,693    208,442    (57.45  48,229    83.90 
  Cumulative   433,926    345,233    —     290,057    49.60 

 

Note: 1)

Based on KB Securities’ consolidated financial statements, as a result of which the figures differ from KB Securities’ earnings results to be released at KB Financial Group’s earnings conference for fiscal year 2020, which are based on KB Financial Group’s consolidated financial statements.

 2)

“Operating revenue” represents operating income based on KB Securities’ financial statements.


Declaration of Cash Dividends by KB Financial Group

On February 4, 2021, the board of directors of KB Financial Group passed a resolution to declare a cash dividend of KRW1,770 per common share (total dividend amount: KRW689,652,772,950), subject to shareholder approval.

The record date is December 31, 2020, and in accordance with the Korean Commercial Code, the payment for such dividends is expected to be made within one month following shareholder approval at the annual general meeting of shareholders of KB Financial Group. The date of the annual meeting of shareholders of KB Financial Group will be decided and made publicly available upon the resolution of the board of directors of KB Financial Group to convene such meeting.

The contents of the above declaration remain subject to change pending the results of the audit by KB Financial Group’s independent auditors and the approval at the annual general meeting of shareholders.

The total number of common shares that are eligible for payment of dividends is 389,634,335 shares.


Declaration of Cash Dividends by Kookmin Bank

On February 3, 2021, the board of directors of Kookmin Bank, a wholly-owned subsidiary of KB Financial Group, passed a resolution to declare a cash dividend of KRW2,270 per common share (total dividend amount: KRW917,940,593,320), subject to shareholder approval.

The record date is December 31, 2020, and in accordance with the Korean Commercial Code, the payment for such dividends is expected to be made within one month following shareholder approval at the annual general meeting of shareholders of Kookmin Bank, which is expected to be held on March 25, 2021.

The entire dividend amount is to be paid to KB Financial Group, which holds all of the common shares of Kookmin Bank.

The contents of the above declaration remain subject to change pending the results of the audit by Kookmin Bank’s independent auditors and the approval at the annual general meeting of shareholders of Kookmin Bank.


Declaration of Cash Dividends by KB Securities

On February 3, 2021, the board of directors of KB Securities, a wholly-owned subsidiary of KB Financial Group, passed a resolution to declare a cash dividend of KRW435 per common share (total dividend amount: KRW130,000,000,000), subject to shareholder approval.

The record date is December 31, 2020, and in accordance with the Korean Commercial Code, the payment for such dividends is expected to be made within one month following shareholder approval at the annual general meeting of shareholders of KB Securities, which is expected to be held on March 24, 2021. The entire dividend amount is to be paid to KB Financial Group, which holds all of the common shares of KB Securities.

The contents of the above declaration remain subject to change pending the results of the audit by KB Securities’ independent auditors and the approval at the annual general meeting of shareholders of KB Securities.


Report of Change in Revenue or Profit of More than 15% (KB Financial Group)

On February 4, 2021, KB Financial Group reported changes in its revenue and profit as described below.

Key Details

 

(Won in thousands)  FY 2020   FY 2019   Change
(Amount)
   Change
(%)
 

Revenue and Profit

                    

- Operating revenue

   55,623,822,626    47,169,681,811    8,454,140,815    17.92 

- Net operating profit

   4,615,992,565    4,490,648,813    125,343,752    2.79 

- Profit from continuing operations before income tax

   4,761,632,504    4,533,985,890    227,646,614    5.02 

- Profit for the period

   3,502,281,656    3,313,198,880    189,082,776    5.71 

Other Financial Data

              

- Total assets

   610,728,437,016    518,538,116,921     

- Total liabilities

   567,366,978,246    479,418,791,876     

- Total equity

   43,361,458,770    39,119,325,045     

- Capital stock

   2,090,557,685    2,090,557,685     

- Total equity / Capital stock ratio (%)

   2,074.2    1,871.2     

 

Note: 1)

The preliminary figures presented above are based on K-IFRS and are subject to change pending the results of the audit by KB Financial Group’s independent auditors.

 2)

“Operating revenue” represents the sum of interest income, fee and commission income, insurance income, gain on financial assets/liabilities at fair value through profit or loss and other operating income.

 3)

“Profit for the period” comprises the total profit for the period, including profit attributable to both controlling interests and non-controlling interests.


Report of Change in Revenue or Profit of More than 15% (Kookmin Bank)

On February 4, 2021, KB Financial Group reported changes in the revenue and profit of Kookmin Bank as described below.

Key Details

 

(Won in thousands)  FY 2020   FY 2019   Change
(Amount)
   Change
(%)
 

Revenue and Profit

                    

- Operating revenue

   24,519,819,514    21,166,968,392    3,352,851,122    15.84 

- Net operating profit

   3,151,136,692    3,328,119,497    (176,982,805   (5.32

- Profit from continuing operations before income tax

   3,131,822,441    3,318,472,709    (186,650,268   (5.62

- Profit for the period

   2,319,518,439    2,439,079,051    (119,560,612   (4.90

Other Financial Data

              

- Total assets

   438,444,114,262    387,425,038,232     

- Total liabilities

   408,036,040,336    358,420,805,903     

- Total equity

   30,408,073,926    29,004,232,329     

- Capital stock

   2,021,895,580    2,021,895,580     

- Total equity / Capital stock ratio (%)

   1,503.9    1,434.5     

 

Note: 1)

The preliminary figures presented above are based on K-IFRS and are subject to change pending the results of the audit by Kookmin Bank’s independent auditors.

 2)

“Operating revenue” represents the sum of interest income, fee and commission income, gain on financial assets/liabilities at fair value through profit and loss and other operating income.

 3)

“Profit for the period” comprises the total profit for the period, including profit attributable to both controlling interests and non-controlling interests.


Report of Change in Revenue or Profit of More than 15% (KB Securities)

On February 4, 2021, KB Financial Group reported changes in the revenue and profit of KB Securities as described below.

Key Details

 

(Won in thousands)  FY 2020   FY 2019   Change
(Amount)
   Change
(%)
 

Revenue and Profit

                    

- Operating revenue

   9,999,213,095    8,088,988,173    1,910,224,922    23.62 

- Net operating profit

   578,796,038    360,468,324    218,327,714    60.57 

- Profit from continuing operations before income tax

   593,236,070    398,556,837    194,679,233    48.85 

- Profit for the period

   433,951,364    290,071,004    143,880,360    49.60 

Other Financial Data

              

- Total assets

   57,558,666,553    47,763,650,588     

- Total liabilities

   52,560,646,447    43,143,339,372     

- Total equity

   4,998,020,106    4,620,311,216     

- Capital stock

   1,493,102,120    1,493,102,120     

- Total equity / Capital stock ratio (%)

   334.7    309.4     

 

Note: 1)

The preliminary figures presented above are based on K-IFRS and are subject to change pending the results of the audit by KB Securities’ independent auditors.

 2)

“Operating revenue” represents operating income based on KB Securities’ financial statements.

 3)

“Profit for the period” comprises the total profit for the period, including profit attributable to both controlling interests and non-controlling interests.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  

KB Financial Group Inc.

  (Registrant)
Date: February 4, 2021  By: 

/s/ Hwan-Ju Lee

  (Signature)
  Name: Hwan-Ju Lee
  Title: Senior Executive Vice President and Chief Finance Officer