KB Financial Group's Q2 net more than halves on loan provisions

SEOUL, July 30 (Yonhap) -- KB Financial Group Inc., South Korea's No. 3 financial
services company, said Thursday its earnings more than halved in the second
quarter from three months earlier, weighed down by slumping net interest margins.

Net profit stood at 109.9 billion won (US$88.9 million) in the April-June period,
falling 54 percent from three months earlier, KB Financial said in a regulatory
filing.
Revenue also plunged 45 percent on-quarter to 6.6 trillion won while operating
profit plummeted 97 percent to 14.4 billion won, the company said.
Figures for on-year comparisons were not available as the financial group went
into operation in late September after converting to a holding company.
Shares of KB Financial closed 1.62 percent lower at 54,500 won on the Seoul
bourse. The results were delivered after the market closed.
The net income of Kookmin Bank, the group's flagship unit, surged 43 percent to
227.7 billion won in the second quarter from three months earlier, KB Financial
said.
pbr@yna.co.kr
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