KB Financial Q3 net reaches 568 bln won

SEOUL, Oct. 30 (Yonhap) -- KB Financial Group Inc., South Korea's third-largest
financial services group, said Thursday its net profit reached 568 billion won
(US$449 million) in the third quarter.
Revenue amounted to 11.77 trillion won in the July-September period, and
operating income came to 593 billion won, the company said in a regulatory
filing.
No yearly or quarterly comparable figures were available as the financial group
was launched last month with eight affiliates, including flagship Kookmin Bank,
under its wing.
Shares of KB Financial rose 9.38 percent to close at 35,000 won on the Seoul
bourse.
Its non-performing loan ratio stood at 0.82 percent and its delinquency ratio for
loans at 0.68 percent.
The financial group's total assets reached 317.8 trillion won, it said. Kookmin
Bank accounts for almost 94 percent of KB Financial's assets.
Meanwhile, Kookmin Bank's third-quarter profit fell 29 percent on-year to 553
billion won as it repurchased shares to shift into a holding company.
Kookmin Bank's operating income also dropped 36.4 percent to 563 billion won
over the cited period, while revenues more than doubled to 11.4 trillion won.
Shares of KB Financial have lost more than 25 percent since their market debut
on Oct. 10 on concerns that local banks are extremely vulnerable to the global
credit crunch due to their heavy borrowing from overseas investors.