KB Financial (KB) 6-K Current report (foreign)

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 April 2024

Commission File Number: 000-53445

KB Financial Group Inc.

(Translation of registrant’s name into English)

26, Gukjegeumyung-ro 8-gil, Yeongdeungpo-gu, Seoul 07331, 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 ☐

Preliminary Operating Results for the First Quarter of 2024

On April 25, 2024, KB Financial Group Inc. (“KB Financial Group”) held an earnings conference and released its preliminary operating results for the first quarter of fiscal year 2024. 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 reviewed by KB Financial Group’s independent auditors and are therefore subject to change.

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

(Won in millions, %)		1Q 2024		4Q 2023		% Change Increase (Q to Q)		1Q 2023		% Change Increase (Decrease) (Y to Y)
Operating revenue	Specified Quarter		23,352,449		18,315,635		27.50		24,832,735		(5.96	)
	Cumulative		23,352,449		77,640,222		—		24,832,735		(5.96	)
Net operating profit	Specified Quarter		2,355,448		295,972		695.83		2,140,027		10.07
	Cumulative		2,355,448		6,435,319		—		2,140,027		10.07
Profit before income tax	Specified Quarter		1,407,484		263,036		435.09		2,043,866		(31.14	)
	Cumulative		1,407,484		6,170,449		—		2,043,866		(31.14	)
Profit for the period	Specified Quarter		1,063,214		211,404		402.93		1,510,291		(29.60	)
	Cumulative		1,063,214		4,563,431		—		1,510,291		(29.60	)
Profit attributable to shareholders of the parent company	Specified Quarter		1,049,133		255,418		310.75		1,508,708		(30.46	)
	Cumulative		1,049,133		4,631,932		—		1,508,708		(30.46	)

Notes:	1)	“Operating revenue” represents the sum of interest income, fee and commission income, insurance income, reinsurance income, gain on financial assets/liabilities at fair value through profit or loss, other insurance finance income and other operating income.
	2)	KB Financial Group’s preliminary operating results for the first quarter of 2024 and the operating results for the fourth quarter of 2023 reflect the application of the variable fee approach for measuring insurance liabilities, which was adopted in the fourth quarter of 2023 in accordance with the Financial Supervisory Service’s guidelines on actuarial assumptions. For comparison purposes, the figures for the first quarter of 2023 above have been restated retrospectively to reflect the application of the variable fee approach for measuring insurance liabilities.

2. Preliminary Operating Results of Kookmin Bank (Consolidated)

(Won in millions, %)		1Q 2024		4Q 2023		% Change Increase (Decrease) (Q to Q)			1Q 2023		% Change Increase (Decrease) (Y to Y)
Operating revenue	Specified Quarter		14,403,010		10,411,048		38.34			14,919,122		(3.46	)
	Cumulative		14,403,010		45,032,120		—			14,919,122		(3.46	)
Net operating profit	Specified Quarter		1,440,393		474,594		203.50			1,268,140		13.58
	Cumulative		1,440,393		4,327,990		—			1,268,140		13.58
Profit before income tax	Specified Quarter		496,625		447,856		10.89			1,235,164		(59.79	)
	Cumulative		496,625		4,229,777		—			1,235,164		(59.79	)
Profit for the period	Specified Quarter		377,253		344,200		9.60			921,924		(59.08	)
	Cumulative		377,253		3,149,952		—			921,924		(59.08	)
Profit attributable to shareholders of the parent company	Specified Quarter		389,535		406,127		(4.09	)		931,516		(58.18	)
	Cumulative		389,535		3,261,499		—			931,516		(58.18	)

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, %)		1Q 2024		4Q 2023		% Change Increase (Q to Q)		1Q 2023		% Change Increase (Decrease) (Y to Y)
Operating revenue	Specified Quarter		3,460,114		2,875,997		20.31		4,324,249		(19.98	)
	Cumulative		3,460,114		11,585,140		—		4,324,249		(19.98	)
Net operating profit	Specified Quarter		253,337		68,839		268.01		264,199		(4.11	)
	Cumulative		253,337		680,154		—		264,199		(4.11	)
Profit before income tax	Specified Quarter		243,044		10,585		2,196.12		188,813		28.72
	Cumulative		243,044		492,761		—		188,813		28.72
Profit for the period	Specified Quarter		198,853		22,483		784.46		141,950		40.09
	Cumulative		198,853		388,028		—		141,950		40.09
Profit attributable to shareholders of the parent company	Specified Quarter		199,335		29,840		568.01		141,894		40.48
	Cumulative		199,335		395,015		—		141,894		40.48

Notes:	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 the first quarter of 2024, which are based on KB Financial Group’s consolidated financial statements.
	2)	“Operating revenue” represents operating income based on KB Securities’ financial statements.

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: April 25, 2024	By: /s/ Jae Kwan Kim
	(Signature)
	Name: Jae Kwan Kim
	Title: Senior Executive Vice President and Chief Finance Officer