KB Financial net jumps in Q3

SEOUL, Oct. 29 (Yonhap) -- KB Financial Group Inc., South Korea's top financial
services company, said Thursday its third-quarter earnings jumped 58 percent from
three months earlier on higher profit margins and increased non-interest income.

Net income amounted to 173.7 billion won (US$144.9 million) in the July-September
period, compared with 109.9 billion won the previous quarter, the group said in a
regulatory filing.
Revenue inched up 0.7 percent on-quarter to 6.68 trillion won and operating
profit rose over 10 fold to 145.1 billion won, it added.
No comparable year-earlier figures were available as the financial group was
launched in late September with eight affiliates, including flagship Kookmin
Bank, under its wing.
"The group's bottom line rose from three months earlier as its net interest
margin improved and non-interest income climbed," said an official at the group.
Despite strong earnings reports, shares of KB Financial Group closed down 2.61
percent to 59,700 won on the main bourse.
Kookmin Bank, the flagship unit of the group, posted a net profit of 231.1
billion won, down 58.2 percent from the previous year.
sooyeon@yna.co.kr
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