SEOUL, Major financial holding firm KB Financial Group Inc. on Thursday reported that its second-quarter earnings expanded 8.3 percent to 1.3 trillion won (US$1 billion), thanks to a sharp increase in interest income and cost-cutting.
Operating income for the April-June period was 1.6 trillion won, down 4.4 percent from a year ago, the company said in a regulatory filing. Revenue more than doubled to 25.73 trillion won.
In the first half of this year, KB Financial’s net profit came to 2.77 trillion won, up 11.2 percent from a year earlier, according to the filing.
During the cited six-month period, operating profit rose 2.38 percent to 3.5 trillion won, with revenue jumping 55.6 percent to 46.4 trillion won.
The tally fell short of market consensus, however, largely due to uncertainties in the financial markets.
The market estimate of the second-quarter net profit stood at 1.33 trillion won, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
KB Financial Group closed at 48,650 won per share at the main bourse on Thursday, up 0.31 percent from the previous closing.
Key affiliates of KB Financial Group logged mixed performances in the second quarter earnings.
Net profit at KB Kookmin Bank edged up 1.67 percent to 750 billion won, while operating profit decreased by 2.84 percent on-year to 996 billion won. Revenue jumped 220 percent to 15 trillion won.
Source: Yonhap News Agency