KB Financial Group’s net profit soars nearly 60% in Q1 on-year

KB Financial Group, the second-largest banking group in net assets, posted 870.1 billion won ($763.7 million) of net profit in the first quarter, a 59.7 percent rise on-year, according to the group’s earnings report Thursday.

The net profit of the holding company, which operates financial units including Kookmin Bank, the second-largest commercial lender in market cap, skyrocketed 91.7 percent compared to the previous quarter, the report indicated Thursday

Kookmin Bank in the first quarter posted a net profit of 663.5 billion won, up 71.4 percent on-year.

The report also showed that the BIS ratio of both the group and its bank surpassed 15 percent, recording 15.75 percent and 16.71 percent, respectively.

KB Financial Group eyes outsizing Shinhan Financial Group, the largest financial group in Korea, by bringing KB Insurance and KB Capital completely under it this year.

By Son Ji-hyoung (consnow@heraldcorp.com)