KB Financial Group said on Sept. 22 that its net profit in the first quarter was 1.27 trillion won ($1.14 billion), its biggest quarterly performance since its establishment.
This is an increase of 74.1% year-on-year, proving more robust fundamentals based on balanced growth of banking and non-banking sectors.
An official from KB Financial Group said, "Over the past year, the group's profit-generating power has been more stable and soundly managed by meaningfully expanding its profit-making power across all sectors and securing additional growth momentum in capital market and insurance business."
KB Financial Group's non-banking sector accounted for 48.6% of net profit in the first quarter.
In addition to brokerage, this is the result of continuous efforts to strengthen market dominance in all business sectors, including WM, IB, and capital markets, and insurance affiliates to regain profitability and expand the competitiveness of the life insurance industry through the acquisition of Prudential Life Insurance.
"KB Financial Group has more than 10 million digital customers, 44% of the group's total active customers as of the end of last year. KB Star Banking, the group's representative digital platform, currently maintains its leading position by securing about 8 million monthly actual users (MAU)."
Its net interest income for the first quarter of 2021 increased by 12.5 percent year-on-year to 2.64 trillion won. It rose 12.5 percent year-on-year on the back of strong loan growth by M&A and banks, including the acquisition of Prudential Life Insurance.
