KB Financial to buy back $359 bn shares after record net profit in 2024

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KB Financial to buy back $359 bn shares after record net profit in 2024 - Korea Economic Daily

Quick Summary:

It announced the shareholder-friendly policy, which was heralded late last year as part of its efforts to improve its corporate value, after reporting a record-high net profit for 2024.KB Financial posted 5.08 trillion won in net profit on a consolidated basis in 2024, becoming the industry’s first to break the threshold in the country, with a 10.5% on-year gain.

KB Financial Group Inc., South Korea’s largest financial holding group, will spend nearly 1.8 trillion won ($1.2 billion) to boost shareholder returns after reporting more than 5 trillion won in net profit last year on higher interest and fee gains across the board.

Its flagship banking unit Kookmin Bank posted 3.25 trillion won in net profit last year, down a mere 0.3% from the previous year despite hefty loan loss reserves to cover massive losses from HSCEI-tied equity-linked securities investments early last year.