UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of
August 2017
Commission
File Number: 000-53445
KB Financial Group Inc.
(Translation of registrant’s name into English)
84, Namdaemoon-ro, Jung-gu, Seoul 04534, Korea
(Address of principal executive office)
Indicate by
check mark whether the registrant files or will file annual reports under cover of
Form 20-F
or
Form 40-F.
Form 20-F ☒
Form 40-F ☐
Indicate by check mark if the registrant is submitting the
Form 6-K
in paper as permitted by
Regulation S-T
Rule 101(b)(1): ☐
Note
: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached
annual report to security holders.
Indicate by check mark if the registrant is submitting the
Form 6-K
in paper as permitted by
Regulation S-T
Rule 101(b)(7): ☐
Note
: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other
document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under
the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security
holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
In
dex
2
TABLE OF CONTENTS
3
Summary of 2017 First Half Business Report
On August 14, 2017, KB Financial Group Inc. (“KB Financial Group”) filed its business report for the first half of 2017 (the “Business
Report”) with the Financial Services Commission of Korea and the Korea Exchange. This is a summary of the Business Report translated into English.
Except where indicated otherwise, financial information contained in this summary has been prepared in accordance with the Korean equivalent of International
Financial Reporting Standards (“K-IFRS”), which differ in certain important respects from generally accepted accounting principles in the United States.
All references to “KB Financial Group,” “we,” “us” or the “Company” are to KB Financial Group and, unless the context
requires otherwise, its subsidiaries. In addition, all references to “Won” or “KRW” in this document are to the currency of the Republic of Korea.
4
|
1.
|
Introduction to the Company
|
KB Financial Group is a financial holding company that was established in September
2008. Its main business purpose is to hold shares in companies that are engaged in financial or related services, as well as govern and manage such companies. Its consolidated subsidiaries are primarily engaged in the banking business, as well as
the credit card business, the financial investment business, the insurance business and other related businesses.
Obtained final approval from the Financial Services Commission to
establish a financial holding company
Establishment of the Company through a comprehensive stock transfer
and listing on the New York Stock Exchange
Listing on the Korea Exchange
The largest shareholder of the Company changed from the Korean National
Pension Service to ING Bank N.V.
The largest shareholder of the Company changed from ING Bank N.V. to the
Korean National Pension Service
Added Kookmin Bank Cambodia PLC as a second-tier subsidiary
Added KB Life Insurance Co., Ltd., formerly a second-tier subsidiary, as a
first-tier subsidiary
Added Burrill-KB Life Sciences Fund as a second-tier subsidiary
Added KB-Glenwood Private Equity Fund No.1 as a second-tier subsidiary
The largest shareholder of the Company changed from the
Korean National Pension Service to ING Bank N.V.
Added KBIC No.3 PEF as a second-tier subsidiary
5
Added KoFC KBIC Frontier Champ 2010-5 PEF as a second-tier subsidiary
Added KB Kookmin Card Co., Ltd. as a first-tier subsidiary
KB Futures Co., Ltd. was merged into KB Investment & Securities
Co., Ltd.
The largest shareholder of the Company changed from ING Bank N.V. to the
Korean National Pension Service
Closed KB Investment & Securities Hong Kong
Ltd.
Added KB Savings Bank Co., Ltd. as a first-tier subsidiary
Added KoFC POSCO HANWHA KB Shared Growth No. 2. Private Equity Fund as
a second-tier subsidiary
Liquidated Burrill-KB Life Sciences Fund Ltd.
Added KoFC Value-up Private Equity Fund as a second-tier subsidiary
Added Kookmin Bank (China) Ltd. as a second-tier subsidiary
Acquired the remaining shares of KB Life Insurance Co., Ltd., which
increased the Company’s shareholding to 100%
Added Yehansoul Savings Bank as a first-tier subsidiary
Yehansoul Savings Bank was merged into KB Savings Bank Co., Ltd.
Added KB Capital Co., Ltd. (“KB Capital”) as a first-tier
subsidiary
Added Korea GCC Global Cooperation Private Equity Fund as a second-tier
subsidiary
Added KB Insurance Co., Ltd. (“KB Insurance”) as a
non-consolidated first-tier subsidiary
Acquired additional shares of KB Insurance, which increased the
Company’s shareholding from 19.47% to 33.29%
Added Hyundai Securities Co., Ltd. (“Hyundai Securities”) as a
non-consolidated first-tier subsidiary
6
Disposed of LIG Investment & Securities, Co., Ltd., a second-tier subsidiary
Acquired treasury shares of Hyundai Securities, which increased the
Company’s equity ownership in Hyundai Securities from 22.56% to 29.62%
Liquidated NPS-KBIC No. 1 Private Equity Fund
Established KB Golden Life Care Co., Ltd. as a second-tier subsidiary
Established KB Private Equity Fund III as a second-tier subsidiary
Purchased new shares of KB Insurance in a rights offering, which
increased the Company’s shareholding in KB Insurance from 33.29% to 39.81%
Merged KB Investment & Securities with and into Hyundai
Securities, with Hyundai Securities as the surviving entity, then changed its name to KB Securities Co., Ltd.
Added KB KOLAO LEASING Co., Ltd. as a second-tier subsidiary
Added KB Microfinance Myanmar Co., Ltd. as a second-tier subsidiary
Liquidated KBIC Private Equity Fund No. 3, a second-tier subsidiary
Conducted a tender offer, which increased the Company’s shareholding in
KB Insurance from 39.81% to 94.30%
Conducted a tender offer, which increased the Company’s shareholding in
KB Capital from 52.02% to 79.70%
|
1.3.
|
Overview of the Business Group
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(As of June 30, 2017)
|
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Type
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Name of Company
|
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Controlling Company
|
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Remarks
|
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Holding Company
|
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KB Financial Group
|
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—
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Listed
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1st Tier Subsidiaries
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Kookmin Bank
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KB Financial Group
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Not listed
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KB Securities Co., Ltd.
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KB Financial Group
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Not listed
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KB Insurance Co., Ltd.
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KB Financial Group
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Listed
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KB Kookmin Card Co., Ltd.
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KB Financial Group
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Not listed
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KB Life Insurance Co., Ltd.
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KB Financial Group
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Not listed
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KB Asset Management Co., Ltd.
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KB Financial Group
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Not listed
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KB Capital Co., Ltd.
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KB Financial Group
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Listed
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KB Savings Bank Co., Ltd.
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KB Financial Group
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Not listed
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KB Real Estate Trust Co., Ltd.
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KB Financial Group
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Not listed
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7
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KB Investment Co., Ltd.
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KB Financial Group
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Not listed
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KB Credit Information Co., Ltd.
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KB Financial Group
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Not listed
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KB Data Systems Co., Ltd.
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KB Financial Group
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Not listed
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2nd Tier Subsidiaries
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Kookmin Bank International Ltd.
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Kookmin Bank
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Not listed (Overseas)
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Kookmin Bank Cambodia PLC
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Kookmin Bank
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Not listed
(Overseas)
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Kookmin Bank (China) Ltd.
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Kookmin Bank
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Not listed
(Overseas)
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KB Microfinance Myanmar Co., Ltd.
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Kookmin Bank
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Not listed
(Overseas)
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Hyundai Savings Bank Co., Ltd.
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KB Securities
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Not listed
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Hyundai Asset Management Co., Ltd.
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KB Securities
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Not listed
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KBFG Securities America Inc.
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KB Securities
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Not listed
(Overseas)
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KB Securities Hong Kong Ltd.
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KB Securities
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Not listed
(Overseas)
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Hyundai-Tongyang Agrifood Private Equity Fund
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KB Securities
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Not listed
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Keystone-Hyundai Securities No. 1 Private Equity Fund
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KB Securities
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Not listed
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KB-IGen Private Equity Fund No.1
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KB Securities
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Not listed
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KB Private Equity Fund III
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KB Securities
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Not listed
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KB Claims Survey & Adjusting Co., Ltd.
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KB Insurance
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Not listed
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KB Sonbo CNS
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KB Insurance
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Not listed
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Leading Insurance Services, Inc.
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KB Insurance
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Not listed
(Overseas)
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LIG Insurance (China) Co., Ltd.
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KB Insurance
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Not listed
(Overseas)
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PT. Kookmin Best Insurance Indonesia
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KB Insurance
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Not listed
(Overseas)
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KB Golden Life Care Co., Ltd.
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KB Insurance
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Not listed
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KB Kolao Leasing Co., Ltd.
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KB Capital
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Not listed (Overseas)
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KoFC KBIC Frontier Champ 2010-5 PEF
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KB Investment
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Not listed
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KoFC POSCO HANWHA KB Shared Growth No. 2. Private Equity Fund
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KB Investment
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Not listed
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KoFC Value-up Private Equity Fund
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KB Investment
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Not listed
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Capital Increase
Not included in half-year business reports.
Number of
Shares
8
|
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(As of June 30, 2017)
|
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(Unit: shares)
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Type
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Common Stock
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Other Stock
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Total
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Shares Authorized for Issuance
|
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1,000,000,000
|
|
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—
|
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1,000,000,000
|
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Shares Issued (A)
(1)
|
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418,111,537
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—
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418,111,537
|
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Treasury Stock (B)
(1) (2)
|
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|
21,546,313
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—
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21,546,313
|
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Shares Outstanding (A-B)
|
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396,565,224
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—
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396,565,224
|
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(1)
|
On July 7, 2017, the Company disposed of 4,438,230 treasury shares in connection with stock swaps conducted with respect to its subsidiaries KB Insurance and KB Capital.
|
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(As of June 30, 2017)
|
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Items
|
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|
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Number of Shares
|
|
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Notes
|
|
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Total number of issued shares
|
|
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Common shares
|
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418,111,537
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—
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Preferred shares
|
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—
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—
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Shares without voting rights
|
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Common shares
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|
|
|
21,546,313
|
|
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Treasury shares
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|
|
|
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Preferred shares
|
|
|
|
—
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—
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Shares for which voting rights cannot be exercised pursuant to the Articles of
Incorporation
|
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Common shares
|
|
|
|
—
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—
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Preferred shares
|
|
|
|
—
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|
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—
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|
Shares for which voting rights are restricted under relevant laws and
regulations
|
|
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Common shares
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—
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—
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Preferred shares
|
|
|
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—
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—
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Shares with restored voting rights
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Common shares
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—
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—
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Preferred shares
|
|
|
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—
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—
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Total shares for which voting rights may be exercised
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|
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Common shares
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396,565,224
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—
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|
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Preferred shares
|
|
|
|
—
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|
|
|
—
|
|
Not included in half-year business reports.
9
|
|
2.1.
|
Results of Operations
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(Unit: in millions of Won)
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For the six
months ended
June 30, 2017
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For the six
months ended
June 30, 2016
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For the year
ended December 31,
2016
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For the year
ended December 31,
2015
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Net interest income
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3,665,522
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3,050,925
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6,402,529
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6,203,199
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Interest income
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5,438,813
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4,930,908
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10,021,882
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10,375,823
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Interest expense
|
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(1,773,291
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)
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(1,879,983
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)
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(3,619,353
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)
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(4,172,624
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)
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Net fee and commission income
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1,030,848
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732,439
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1,584,892
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1,534,983
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Fee and commission income
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1,931,049
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1,479,541
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3,150,877
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2,971,095
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Fee and commission expense
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(900,201
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)
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(747,102
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)
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(1,565,985
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)
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(1,436,112
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)
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Net insurance income (expense)
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|
|
207,158
|
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(57,678
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)
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(117,803
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)
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(105,614
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)
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Insurance income
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3,175,417
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659,689
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1,201,352
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1,373,373
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Insurance expense
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|
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(2,968,259
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)
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(717,367
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)
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(1,319,155
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)
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(1,478,987
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)
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Net gains (losses) on financial assets/liabilities at fair value through profit or loss
|
|
|
355,333
|
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119,853
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(8,768
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)
|
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359,727
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Net other operating expenses
|
|
|
(458,584
|
)
|
|
|
(115,993
|
)
|
|
|
(415,908
|
)
|
|
|
(610,346
|
)
|
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General and administrative expenses
|
|
|
(2,489,592
|
)
|
|
|
(2,123,101
|
)
|
|
|
(5,228,711
|
)
|
|
|
(4,523,584
|
)
|
|
Operating profit before provision for credit losses
|
|
|
2,310,685
|
|
|
|
1,606,445
|
|
|
|
2,216,231
|
|
|
|
2,858,365
|
|
|
Provision for credit losses
|
|
|
(307,698
|
)
|
|
|
(313,500
|
)
|
|
|
(539,283
|
)
|
|
|
(1,037,231
|
)
|
|
Net operating profit
|
|
|
2,002,987
|
|
|
|
1,292,945
|
|
|
|
1,676,948
|
|
|
|
1,821,134
|
|
10
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2.2.
|
Sources and Uses of Funds
|
|
|
|
|
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|
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|
|
|
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|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unit: in millions of Won, %)
|
|
|
|
|
|
|
For the six months ended
June 30, 2017
|
|
|
For the year ended
December 31, 2016
|
|
|
For the year ended
December 31, 2015
|
|
|
|
|
|
|
Average
Balance
|
|
|
Interest Rate
(%)
|
|
|
Ratio
(%)
|
|
|
Average
Balance
|
|
|
Interest Rate
(%)
|
|
|
Ratio
(%)
|
|
|
Average
Balance
|
|
|
Interest Rate
(%)
|
|
|
Ratio
(%)
|
|
|
Won Currency
|
|
Deposits
|
|
|
216,982,637
|
|
|
|
1.21
|
|
|
|
55.21
|
|
|
|
207,194,480
|
|
|
|
1.32
|
|
|
|
60.76
|
|
|
|
193,725,814
|
|
|
|
1.69
|
|
|
|
62.62
|
|
|
|
Certificate of deposit
|
|
|
2,434,122
|
|
|
|
1.50
|
|
|
|
0.62
|
|
|
|
3,386,647
|
|
|
|
1.65
|
|
|
|
0.99
|
|
|
|
3,645,078
|
|
|
|
1.92
|
|
|
|
1.18
|
|
|
|
Borrowings
|
|
|
8,760,262
|
|
|
|
1.45
|
|
|
|
2.23
|
|
|
|
6,803,292
|
|
|
|
1.54
|
|
|
|
2.00
|
|
|
|
5,709,025
|
|
|
|
1.88
|
|
|
|
1.85
|
|
|
|
Call money
|
|
|
2,465,871
|
|
|
|
1.23
|
|
|
|
0.63
|
|
|
|
1,414,780
|
|
|
|
1.35
|
|
|
|
0.41
|
|
|
|
2,009,387
|
|
|
|
1.66
|
|
|
|
0.65
|
|
|
|
Debentures
|
|
|
33,521,472
|
|
|
|
2.22
|
|
|
|
8.53
|
|
|
|
30,075,804
|
|
|
|
2.49
|
|
|
|
8.82
|
|
|
|
27,365,637
|
|
|
|
2.78
|
|
|
|
8.85
|
|
|
|
Other
|
|
|
13,099,507
|
|
|
|
1.40
|
|
|
|
3.33
|
|
|
|
7,700,215
|
|
|
|
1.45
|
|
|
|
2.26
|
|
|
|
4,763,806
|
|
|
|
2.03
|
|
|
|
1.53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
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|
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|
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|
|
|
|
|
|
|
|
|
Subtotal
|
|
|
277,263,871
|
|
|
|
1.36
|
|
|
|
70.55
|
|
|
|
256,575,218
|
|
|
|
1.47
|
|
|
|
75.24
|
|
|
|
237,218,747
|
|
|
|
1.83
|
|
|
|
76.68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign Currency
|
|
Deposits
|
|
|
9,845,592
|
|
|
|
0.77
|
|
|
|
2.51
|
|
|
|
8,713,640
|
|
|
|
0.53
|
|
|
|
2.56
|
|
|
|
6,183,499
|
|
|
|
0.52
|
|
|
|
2.00
|
|
|
|
Borrowings
|
|
|
5,980,660
|
|
|
|
1.03
|
|
|
|
1.52
|
|
|
|
5,644,047
|
|
|
|
0.78
|
|
|
|
1.66
|
|
|
|
6,121,121
|
|
|
|
0.46
|
|
|
|
1.98
|
|
|
|
Call money
|
|
|
1,212,552
|
|
|
|
1.20
|
|
|
|
0.31
|
|
|
|
1,161,517
|
|
|
|
0.72
|
|
|
|
0.34
|
|
|
|
1,007,103
|
|
|
|
0.28
|
|
|
|
0.33
|
|
|
|
Debentures
|
|
|
3,181,631
|
|
|
|
2.65
|
|
|
|
0.81
|
|
|
|
4,139,036
|
|
|
|
2.55
|
|
|
|
1.21
|
|
|
|
3,520,324
|
|
|
|
3.00
|
|
|
|
1.14
|
|
|
|
Other
|
|
|
320,898
|
|
|
|
0.54
|
|
|
|
0.08
|
|
|
|
222,098
|
|
|
|
0.94
|
|
|
|
0.06
|
|
|
|
163,462
|
|
|
|
1.31
|
|
|
|
0.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal
|
|
|
20,541,333
|
|
|
|
1.16
|
|
|
|
5.23
|
|
|
|
19,880,338
|
|
|
|
1.04
|
|
|
|
5.83
|
|
|
|
16,995,509
|
|
|
|
1.01
|
|
|
|
5.50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
Total shareholders’
equity
|
|
|
34,087,852
|
|
|
|
—
|
|
|
|
8.67
|
|
|
|
30,308,008
|
|
|
|
—
|
|
|
|
8.89
|
|
|
|
28,252,594
|
|
|
|
—
|
|
|
|
9.13
|
|
|
|
Allowances
|
|
|
740,036
|
|
|
|
—
|
|
|
|
0.19
|
|
|
|
748,594
|
|
|
|
—
|
|
|
|
0.22
|
|
|
|
787,604
|
|
|
|
—
|
|
|
|
0.25
|
|
|
|
Other
|
|
|
60,349,990
|
|
|
|
—
|
|
|
|
15.36
|
|
|
|
33,476,080
|
|
|
|
—
|
|
|
|
9.82
|
|
|
|
26,126,546
|
|
|
|
—
|
|
|
|
8.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal
|
|
|
|
|
95,177,878
|
|
|
|
—
|
|
|
|
24.22
|
|
|
|
64,532,682
|
|
|
|
—
|
|
|
|
18.93
|
|
|
|
55,166,744
|
|
|
|
—
|
|
|
|
17.82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
392,983,082
|
|
|
|
—
|
|
|
|
100.00
|
|
|
|
340,988,238
|
|
|
|
—
|
|
|
|
100.00
|
|
|
|
309,381,000
|
|
|
|
—
|
|
|
|
100.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
Based on K-IFRS (on a consolidated basis)
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unit: in millions of Won, %)
|
|
|
|
|
For the six months ended
June 30, 2017
|
|
|
For the year ended
December 31, 2016
|
|
|
For the year ended
December 31, 2015
|
|
|
|
Average
Balance
|
|
|
Interest Rate
(%)
|
|
|
Ratio
(%)
|
|
|
Average
Balance
|
|
|
Interest Rate
(%)
|
|
|
Ratio
(%)
|
|
|
Average
Balance
|
|
|
Interest Rate
(%)
|
|
|
Ratio
(%)
|
|
|
Won Currency
|
|
Due from banks
|
|
|
5,997,713
|
|
|
|
1.43
|
|
|
|
1.53
|
|
|
|
6,075,873
|
|
|
|
1.52
|
|
|
|
1.78
|
|
|
|
7,197,739
|
|
|
|
1.83
|
|
|
|
2.33
|
|
|
|
Securities
|
|
|
76,340,541
|
|
|
|
1.88
|
|
|
|
19.43
|
|
|
|
55,999,995
|
|
|
|
2.12
|
|
|
|
16.42
|
|
|
|
45,372,914
|
|
|
|
3.22
|
|
|
|
14.67
|
|
|
|
Loans
|
|
|
241,136,254
|
|
|
|
3.24
|
|
|
|
61.36
|
|
|
|
225,153,667
|
|
|
|
3.15
|
|
|
|
66.03
|
|
|
|
207,499,414
|
|
|
|
3.48
|
|
|
|
67.07
|
|
|
|
Guarantee payments under payment guarantee
|
|
|
18,223
|
|
|
|
0.20
|
|
|
|
—
|
|
|
|
28,005
|
|
|
|
1.16
|
|
|
|
0.01
|
|
|
|
32,644
|
|
|
|
1.19
|
|
|
|
0.01
|
|
|
|
Call loan
|
|
|
286,851
|
|
|
|
1.28
|
|
|
|
0.07
|
|
|
|
399,843
|
|
|
|
1.43
|
|
|
|
0.12
|
|
|
|
314,179
|
|
|
|
1.79
|
|
|
|
0.10
|
|
|
|
Private placement corporate bonds
|
|
|
1,723,520
|
|
|
|
4.09
|
|
|
|
0.44
|
|
|
|
1,081,692
|
|
|
|
3.99
|
|
|
|
0.32
|
|
|
|
830,676
|
|
|
|
3.81
|
|
|
|
0.27
|
|
|
|
Credit cards
|
|
|
14,355,248
|
|
|
|
8.47
|
|
|
|
3.65
|
|
|
|
12,823,200
|
|
|
|
8.66
|
|
|
|
3.76
|
|
|
|
11,904,279
|
|
|
|
9.03
|
|
|
|
3.85
|
|
|
|
Other
|
|
|
4,329,177
|
|
|
|
3.98
|
|
|
|
1.11
|
|
|
|
5,061,229
|
|
|
|
4.96
|
|
|
|
1.48
|
|
|
|
7,154,906
|
|
|
|
5.15
|
|
|
|
2.31
|
|
|
|
|
Allowance
|
|
|
(2,240,761
|
)
|
|
|
—
|
|
|
|
(0.57
|
)
|
|
|
(2,182,313
|
)
|
|
|
—
|
|
|
|
(0.64
|
)
|
|
|
(2,316,563
|
)
|
|
|
—
|
|
|
|
(0.75
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal
|
|
|
341,946,766
|
|
|
|
3.16
|
|
|
|
87.02
|
|
|
|
304,441,191
|
|
|
|
3.21
|
|
|
|
89.28
|
|
|
|
277,990,188
|
|
|
|
3.70
|
|
|
|
89.86
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign Currency
|
|
Due from banks
|
|
|
2,757,075
|
|
|
|
0.96
|
|
|
|
0.70
|
|
|
|
2,553,722
|
|
|
|
0.75
|
|
|
|
0.75
|
|
|
|
1,782,048
|
|
|
|
1.12
|
|
|
|
0.58
|
|
|
|
Securities
|
|
|
7,758,080
|
|
|
|
3.45
|
|
|
|
1.97
|
|
|
|
3,792,545
|
|
|
|
2.61
|
|
|
|
1.11
|
|
|
|
1,285,058
|
|
|
|
2.06
|
|
|
|
0.42
|
|
|
|
Loans
|
|
|
7,229,849
|
|
|
|
2.12
|
|
|
|
1.84
|
|
|
|
8,125,102
|
|
|
|
1.76
|
|
|
|
2.38
|
|
|
|
9,009,829
|
|
|
|
1.52
|
|
|
|
2.91
|
|
|
|
Call loan
|
|
|
2,439,516
|
|
|
|
1.28
|
|
|
|
0.62
|
|
|
|
2,220,839
|
|
|
|
0.65
|
|
|
|
0.65
|
|
|
|
1,435,461
|
|
|
|
0.33
|
|
|
|
0.46
|
|
|
|
Bills bought
|
|
|
2,903,080
|
|
|
|
1.54
|
|
|
|
0.74
|
|
|
|
2,768,692
|
|
|
|
1.30
|
|
|
|
0.81
|
|
|
|
2,728,557
|
|
|
|
1.10
|
|
|
|
0.88
|
|
|
|
Allowance
|
|
|
(169,964
|
)
|
|
|
—
|
|
|
|
(0.04
|
)
|
|
|
(328,130
|
)
|
|
|
—
|
|
|
|
(0.10
|
)
|
|
|
(234,422
|
)
|
|
|
—
|
|
|
|
(0.08
|
)
|
|
|
Other
|
|
|
66,990
|
|
|
|
—
|
|
|
|
0.02
|
|
|
|
24,789
|
|
|
|
—
|
|
|
|
0.02
|
|
|
|
3,143
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal
|
|
|
22,984,626
|
|
|
|
2.31
|
|
|
|
5.85
|
|
|
|
19,157,559
|
|
|
|
1.64
|
|
|
|
5.62
|
|
|
|
16,009,674
|
|
|
|
1.37
|
|
|
|
5.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
Cash
|
|
|
1,701,960
|
|
|
|
—
|
|
|
|
0.43
|
|
|
|
1,724,701
|
|
|
|
—
|
|
|
|
0.51
|
|
|
|
1,715,237
|
|
|
|
—
|
|
|
|
0.55
|
|
|
|
Fixed assets held for business
|
|
|
4,800,724
|
|
|
|
—
|
|
|
|
1.22
|
|
|
|
3,464,031
|
|
|
|
—
|
|
|
|
1.02
|
|
|
|
3,230,133
|
|
|
|
—
|
|
|
|
1.04
|
|
|
|
Other
|
|
|
21,549,006
|
|
|
|
—
|
|
|
|
5.48
|
|
|
|
12,200,756
|
|
|
|
—
|
|
|
|
3.57
|
|
|
|
10,435,768
|
|
|
|
—
|
|
|
|
3.38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal
|
|
|
|
|
28,051,690
|
|
|
|
—
|
|
|
|
7.13
|
|
|
|
17,389,488
|
|
|
|
—
|
|
|
|
5.10
|
|
|
|
15,381,138
|
|
|
|
—
|
|
|
|
4.97
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
392,983,082
|
|
|
|
—
|
|
|
|
100.00
|
|
|
|
340,988,238
|
|
|
|
—
|
|
|
|
100.00
|
|
|
|
309,381,000
|
|
|
|
—
|
|
|
|
100.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
Based on K-IFRS (on a consolidated basis)
12
|
|
2.3.
|
Other Information to Consider in Making an Investment Decision
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KB Financial Group – Capital Adequacy Ratio
|
|
|
(Unit: in billions of Won, %)
|
|
|
|
|
|
|
|
|
|
As of June 30, 2017
(1)
|
|
|
As of December 31, 2016
|
|
|
As of December 31, 2015
|
|
|
Total capital (A)
|
|
|
32,487
|
|
|
|
31,103
|
|
|
|
29,140
|
|
|
Risk-weighted assets (B)
|
|
|
209,987
|
|
|
|
203,649
|
|
|
|
188,213
|
|
|
BIS ratio (A/B)
|
|
|
15.47
|
|
|
|
15.27
|
|
|
|
15.48
|
|
*Note: Calculated in accordance with Basel III
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kookmin Bank – Capital Adequacy Ratio
|
|
(Unit: in billions of Won, %)
|
|
|
|
|
|
|
|
|
|
As of June 30, 2017
(1)
|
|
|
As of December 31, 2016
|
|
|
As of December 31, 2015
|
|
|
Total capital (A)
|
|
|
25,607
|
|
|
|
24,579
|
|
|
|
23,686
|
|
|
Risk-weighted assets (B)
|
|
|
154,834
|
|
|
|
150,649
|
|
|
|
147,973
|
|
|
BIS ratio (A/B)
|
|
|
16.54
|
|
|
|
16.32
|
|
|
|
16.01
|
|
*Note: Calculated in accordance with Basel III
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KB Securities – Net Capital Ratio
|
|
(Unit: in billions of Won, %)
|
|
|
|
|
|
|
|
|
|
As of June 30, 2017
(1)
|
|
|
As of March 31, 2017
|
|
|
As of December 31, 2016
|
|
|
Net Operating Capital (A)
|
|
|
2,962
|
|
|
|
2,926
|
|
|
|
2,844
|
|
|
Total amount at risk (B)
|
|
|
952
|
|
|
|
899
|
|
|
|
866
|
|
|
Maintenance equity margin (C)
|
|
|
134
|
|
|
|
134
|
|
|
|
134
|
|
|
Net capital ratio (A-B)/(C)
|
|
|
1,495.80
|
%
|
|
|
1,507.82
|
%
|
|
|
1,471.73
|
%
|
|
Capital surplus (A-B)
|
|
|
2,010
|
|
|
|
2,027
|
|
|
|
1,978
|
|
*Note: Amended calculation standards apply starting in January 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KB Insurance – Risk-based Capital
(“RBC”) Ratio
|
|
(Unit: in billions of Won, %)
|
|
|
|
|
|
|
|
|
|
As of June 30, 2017
(1)
|
|
|
As of December 31, 2016
(1)
|
|
|
As of December 31, 2015
|
|
|
Available capital (A)
|
|
|
3,048
|
|
|
|
2,774
|
|
|
|
2,379
|
|
|
Required capital (B)
|
|
|
1,619
|
|
|
|
1,644
|
|
|
|
1,398
|
|
|
RBC ratio
(2)
(A/B)
|
|
|
188.3
|
%
|
|
|
168.7
|
%
|
|
|
170.2
|
%
|
|
(1)
|
Figures as of June 30, 2017 and December 31, 2016 are on a consolidated basis
|
|
(2)
|
RBC ratio = available capital / required capital x 100
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(As of June 30, 2017)
|
|
|
|
|
|
|
Date of
Rating
|
|
Type
|
|
Credit
Rating
|
|
Rating Company
(Rating Range)
|
|
|
|
|
|
|
6/5/2015
|
|
Debentures
|
|
AAA
|
|
Korea Ratings (AAA ~ D) / KIS Ratings (AAA ~ D) /
NICE Investors Service (AAA ~ D)
|
|
|
|
|
|
|
9/16/2015
|
|
Debentures
|
|
AAA
|
|
Korea Ratings (AAA ~ D) / KIS Ratings (AAA ~ D) /
NICE Investors Service (AAA ~ D)
|
|
|
|
|
|
|
11/18/2015
|
|
Commercial Paper
|
|
A1
|
|
Korea Ratings (A1 ~ D) / KIS Ratings (A1 ~ D) /
NICE Investors Service (A1 ~ D)
|
|
|
|
|
|
|
11/25/2015
|
|
Debentures
|
|
AAA
|
|
Korea Ratings (AAA ~ D) / KIS Ratings (AAA ~ D) /
NICE Investors Service (AAA ~ D)
|
|
|
|
|
|
|
5/11/2016
|
|
Debentures
|
|
AAA
|
|
Korea Ratings (AAA ~ D) / KIS Ratings (AAA ~ D) /
NICE Investors Service (AAA ~ D)
|
|
|
|
|
|
|
6/24/2016
|
|
Debentures
|
|
AAA
|
|
Korea Ratings (AAA ~ D) / KIS Ratings (AAA ~ D) /
NICE Investors Service (AAA ~ D)
|
|
|
|
|
|
|
6/30/2016
|
|
Commercial Paper
|
|
A1
|
|
Korea Ratings (A1 ~ D) / KIS Ratings (A1 ~ D) /
NICE Investors Service (A1 ~ D)
|
|
|
|
|
|
|
7/22/2016
|
|
Debentures
|
|
AAA
|
|
Korea Ratings (AAA ~ D) / KIS Ratings (AAA ~ D) /
NICE Investors Service (AAA ~ D)
|
|
|
|
|
|
|
8/24/2016
|
|
Debentures
|
|
AAA
|
|
Korea Ratings (AAA ~ D) / KIS Ratings (AAA ~ D) /
NICE Investors Service (AAA ~ D)
|
|
|
|
|
|
|
11/25/2016
|
|
Debentures
|
|
AAA
|
|
Korea Ratings (AAA ~ D) / KIS Ratings (AAA ~ D) /
NICE Investors Service (AAA ~ D)
|
|
|
|
|
|
|
1/24/2017
|
|
Debentures
|
|
AAA
|
|
Korea Ratings (AAA ~ D) / KIS Ratings (AAA ~ D) /
NICE Investors Service (AAA ~ D)
|
|
|
|
|
|
|
2/24/2017
|
|
Debentures
|
|
AAA
|
|
Korea Ratings (AAA ~ D) / KIS Ratings (AAA ~ D) /
NICE Investors Service (AAA ~ D)
|
|
|
|
|
|
|
4/5/2017
|
|
Debentures
|
|
AAA
|
|
Korea Ratings (AAA ~ D) / KIS Ratings (AAA ~ D) /
NICE Investors Service (AAA ~ D)
|
|
|
|
|
|
|
5/23/2017
|
|
Debentures
|
|
AAA
|
|
Korea Ratings (AAA ~ D) / KIS Ratings (AAA ~ D) /
NICE Investors Service (AAA ~ D)
|
|
|
|
|
|
|
6/23/2017
|
|
Debentures
|
|
AAA
|
|
Korea Ratings (AAA ~ D) / KIS Ratings (AAA ~ D) /
NICE Investors Service (AAA ~ D)
|
|
|
|
|
|
|
6/23/2017
|
|
Commercial Paper
|
|
A1
|
|
Korea Ratings (A1 ~ D) / KIS Ratings (A1 ~ D) /
NICE Investors Service (A1 ~ D)
|
14
|
|
2.3.3.
|
Early Retirement Program
|
To enhance productivity by improving its labor structure, Kookmin Bank
implemented a voluntary early retirement program following negotiations with its labor union.
|
|
|
|
|
Date of retirement
|
|
Number of retired persons
|
|
January 23, 2017
|
|
2,795
|
|
|
2.3.4.
|
Material Events Following the End of the Reporting Period
|
In order to convert KB Insurance and
KB Capital into our wholly-owned subsidiaries, we conducted tender offers for the common shares of each of KB Insurance and KB Capital in May 2017, pursuant to approval by our board of directors in April 2017. Subsequently, in July 2017, we
conducted comprehensive stock swaps pursuant to which we acquired the remaining common shares of KB Insurance and KB Capital in exchange for our common shares.
15
|
3.1.
|
Consolidated Condensed Financial Information
|
|
|
3.1.1.
|
Consolidated Statements of Financial Position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unit: in millions of Won)
|
|
|
|
|
|
|
|
|
|
As of June 30, 2017
|
|
|
As of December 31, 2016
|
|
|
As of December 31, 2015
|
|
|
Cash and due from financial institutions
|
|
|
19,166,122
|
|
|
|
17,884,863
|
|
|
|
16,316,066
|
|
|
Financial assets at fair value through profit or loss
|
|
|
31,758,525
|
|
|
|
27,858,364
|
|
|
|
11,174,064
|
|
|
Derivative financial assets
|
|
|
2,049,604
|
|
|
|
3,381,935
|
|
|
|
2,278,112
|
|
|
Loans
|
|
|
279,777,638
|
|
|
|
265,486,134
|
|
|
|
245,005,370
|
|
|
Financial investments
|
|
|
60,844,468
|
|
|
|
45,147,797
|
|
|
|
39,136,759
|
|
|
Investments in associates
|
|
|
347,425
|
|
|
|
1,770,673
|
|
|
|
1,737,840
|
|
|
Property and equipment
|
|
|
4,226,576
|
|
|
|
3,627,268
|
|
|
|
3,287,383
|
|
|
Investment property
|
|
|
954,495
|
|
|
|
755,011
|
|
|
|
211,815
|
|
|
Intangible assets
|
|
|
3,030,340
|
|
|
|
652,316
|
|
|
|
466,828
|
|
|
Current income tax assets
|
|
|
40,876
|
|
|
|
65,738
|
|
|
|
18,525
|
|
|
Deferred income tax assets
|
|
|
4,905
|
|
|
|
133,624
|
|
|
|
8,373
|
|
|
Assets held for sale
|
|
|
73,119
|
|
|
|
52,148
|
|
|
|
48,628
|
|
|
Assets of disposal group classified as held for sale
|
|
|
1,868,684
|
|
|
|
—
|
|
|
|
—
|
|
|
Other assets
|
|
|
18,106,650
|
|
|
|
8,857,785
|
|
|
|
9,375,704
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
422,249,427
|
|
|
|
375,673,656
|
|
|
|
329,065,467
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities at fair value through profit or loss
|
|
|
13,023,051
|
|
|
|
12,122,836
|
|
|
|
2,974,604
|
|
|
Derivative financial liabilities
|
|
|
2,146,808
|
|
|
|
3,807,128
|
|
|
|
2,325,756
|
|
|
Deposits
|
|
|
245,351,977
|
|
|
|
239,729,695
|
|
|
|
224,268,185
|
|
|
Debts
|
|
|
27,439,465
|
|
|
|
26,251,486
|
|
|
|
16,240,743
|
|
|
Debentures
|
|
|
40,309,288
|
|
|
|
34,992,057
|
|
|
|
32,600,603
|
|
|
Provisions
|
|
|
588,583
|
|
|
|
537,717
|
|
|
|
607,860
|
|
|
Net defined benefit liabilities
|
|
|
294,837
|
|
|
|
96,299
|
|
|
|
73,197
|
|
|
Current income tax liabilities
|
|
|
79,500
|
|
|
|
441,812
|
|
|
|
30,920
|
|
|
Deferred income tax liabilities
|
|
|
589,225
|
|
|
|
103,482
|
|
|
|
179,243
|
|
|
Insurance liabilities
|
|
|
30,781,768
|
|
|
|
7,290,844
|
|
|
|
6,924,699
|
|
|
Liabilities of disposal group classified as held for sale
|
|
|
1,600,158
|
|
|
|
—
|
|
|
|
—
|
|
|
Other liabilities
|
|
|
27,166,739
|
|
|
|
19,038,897
|
|
|
|
13,936,935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
389,371,399
|
|
|
|
344,412,253
|
|
|
|
300,162,745
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity attributable to shareholders of the parent company
|
|
|
32,571,235
|
|
|
|
30,998,044
|
|
|
|
28,680,621
|
|
|
Share capital
|
|
|
2,090,558
|
|
|
|
2,090,558
|
|
|
|
1,931,758
|
|
|
Capital surplus
|
|
|
16,988,891
|
|
|
|
16,994,902
|
|
|
|
15,854,510
|
|
|
Accumulated other comprehensive income
|
|
|
699,102
|
|
|
|
405,329
|
|
|
|
430,244
|
|
16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated other comprehensive income related to disposal group held for sale
|
|
|
(1,049
|
)
|
|
|
—
|
|
|
|
—
|
|
|
Retained earnings
|
|
|
13,594,934
|
|
|
|
12,229,228
|
|
|
|
10,464,109
|
|
|
Treasury shares
|
|
|
(801,201
|
)
|
|
|
(721,973
|
)
|
|
|
—
|
|
|
Non-controlling interests
|
|
|
306,793
|
|
|
|
263,359
|
|
|
|
222,101
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
32,878,028
|
|
|
|
31,261,403
|
|
|
|
28,902,722
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity
|
|
|
422,249,427
|
|
|
|
375,673,656
|
|
|
|
329,065,467
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of consolidated companies
|
|
|
221
|
|
|
|
196
|
|
|
|
83
|
|
17
|
|
3.1.2.
|
Consolidated Statements of Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unit: in millions of Won, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
For the six months
ended June 30, 2017
|
|
|
For the six months
ended June 30, 2016
|
|
|
For the year ended
December 31, 2016
|
|
|
For the year ended
December 31, 2015
|
|
|
Net interest income
|
|
|
3,665,522
|
|
|
|
3,050,925
|
|
|
|
6,402,529
|
|
|
|
6,203,199
|
|
|
Net fee and commission income
|
|
|
1,030,848
|
|
|
|
732,439
|
|
|
|
1,584,892
|
|
|
|
1,534,983
|
|
|
Net insurance income (expense)
|
|
|
207,158
|
|
|
|
(57,678
|
)
|
|
|
(117,803
|
)
|
|
|
(105,614
|
)
|
|
Net gains(losses) on financial assets/liabilities at fair value through profit or loss
|
|
|
355,333
|
|
|
|
119,853
|
|
|
|
(8,768
|
)
|
|
|
359,727
|
|
|
Net other operating expenses
|
|
|
(458,584
|
)
|
|
|
(115,993
|
)
|
|
|
(415,908
|
)
|
|
|
(610,346
|
)
|
|
General and administrative expenses
|
|
|
(2,489,592
|
)
|
|
|
(2,123,101
|
)
|
|
|
(5,228,711
|
)
|
|
|
(4,523,584
|
)
|
|
Operating profit before provision for credit losses
|
|
|
2,310,685
|
|
|
|
1,606,445
|
|
|
|
2,216,231
|
|
|
|
2,858,365
|
|
|
Provision for credit losses
|
|
|
(307,698
|
)
|
|
|
(313,500
|
)
|
|
|
(539,283
|
)
|
|
|
(1,037,231
|
)
|
|
Net operating income
|
|
|
2,002,987
|
|
|
|
1,292,945
|
|
|
|
1,676,948
|
|
|
|
1,821,134
|
|
|
Net non-operating income
|
|
|
209,282
|
|
|
|
177,215
|
|
|
|
951,707
|
|
|
|
343,561
|
|
|
Profit before income tax
|
|
|
2,212,269
|
|
|
|
1,470,160
|
|
|
|
2,628,655
|
|
|
|
2,164,695
|
|
|
Income tax expense
|
|
|
(319,931
|
)
|
|
|
(320,543
|
)
|
|
|
(438,475
|
)
|
|
|
(437,389
|
)
|
|
Profit for the period
|
|
|
1,892,338
|
|
|
|
1,149,617
|
|
|
|
2,190,180
|
|
|
|
1,727,306
|
|
|
Other comprehensive income (loss) for the period, net of tax
|
|
|
299,121
|
|
|
|
215,104
|
|
|
|
(24,937
|
)
|
|
|
(31,262
|
)
|
|
Total comprehensive income for the period
|
|
|
2,191,459
|
|
|
|
1,364,721
|
|
|
|
2,165,243
|
|
|
|
1,696,044
|
|
|
Profit attributable to:
|
|
|
1,892,338
|
|
|
|
1,149,617
|
|
|
|
2,190,180
|
|
|
|
1,727,306
|
|
|
Shareholders of the parent company
|
|
|
1,860,182
|
|
|
|
1,125,367
|
|
|
|
2,143,744
|
|
|
|
1,698,318
|
|
|
Non-controlling interests
|
|
|
32,156
|
|
|
|
24,250
|
|
|
|
46,436
|
|
|
|
28,988
|
|
|
Total comprehensive income for the period attributable to:
|
|
|
2,191,459
|
|
|
|
1,364,721
|
|
|
|
2,165,243
|
|
|
|
1,696,044
|
|
|
Shareholders of the parent company
|
|
|
2,156,398
|
|
|
|
1,340,342
|
|
|
|
2,118,829
|
|
|
|
1,666,883
|
|
|
Non-controlling interests
|
|
|
35,061
|
|
|
|
24,379
|
|
|
|
46,414
|
|
|
|
29,161
|
|
|
Earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share (Won)
|
|
|
4,688
|
|
|
|
2,944
|
|
|
|
5,588
|
|
|
|
4,396
|
|
|
Diluted earnings per share (Won)
|
|
|
4,665
|
|
|
|
2,931
|
|
|
|
5,559
|
|
|
|
4,376
|
|
18
|
3.2.
|
Separate Condensed Financial Information
|
|
|
3.2.1.
|
Separate Statements of Financial Position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unit: in millions of Won)
|
|
|
|
|
|
|
|
|
|
As of June 30, 2017
|
|
|
As of December 31, 2016
|
|
|
As of December 31, 2015
|
|
|
Cash and due from financial institutions
|
|
|
322,297
|
|
|
|
115,065
|
|
|
|
324,947
|
|
|
Financial assets at fair value through profit or loss
|
|
|
295,467
|
|
|
|
246,656
|
|
|
|
99,118
|
|
|
Loans
|
|
|
—
|
|
|
|
29,415
|
|
|
|
—
|
|
|
Investments in subsidiaries
|
|
|
23,808,157
|
|
|
|
21,392,745
|
|
|
|
18,557,566
|
|
|
Investments in associates
|
|
|
—
|
|
|
|
1,053,690
|
|
|
|
883,065
|
|
|
Property and equipment
|
|
|
387
|
|
|
|
469
|
|
|
|
578
|
|
|
Intangible assets
|
|
|
8,033
|
|
|
|
8,092
|
|
|
|
8,428
|
|
|
Deferred income tax assets
|
|
|
5,155
|
|
|
|
4,604
|
|
|
|
4,515
|
|
|
Other assets
|
|
|
189,083
|
|
|
|
519,223
|
|
|
|
137,954
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
24,628,579
|
|
|
|
23,369,959
|
|
|
|
20,016,171
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debts
|
|
|
700,000
|
|
|
|
350,000
|
|
|
|
—
|
|
|
Debentures
|
|
|
4,652,309
|
|
|
|
3,474,200
|
|
|
|
1,647,117
|
|
|
Net defined benefit liabilities
|
|
|
793
|
|
|
|
(193
|
)
|
|
|
591
|
|
|
Current income tax liabilities
|
|
|
—
|
|
|
|
419,607
|
|
|
|
17,178
|
|
|
Other liabilities
|
|
|
193,480
|
|
|
|
104,528
|
|
|
|
123,281
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
5,546,582
|
|
|
|
4,348,142
|
|
|
|
1,788,167
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share capital
|
|
|
2,090,558
|
|
|
|
2,090,558
|
|
|
|
1,931,758
|
|
|
Capital surplus
|
|
|
14,656,168
|
|
|
|
14,656,168
|
|
|
|
13,513,809
|
|
|
Accumulated other comprehensive loss
|
|
|
(4,798
|
)
|
|
|
(4,742
|
)
|
|
|
(4,979
|
)
|
|
Retained earnings
|
|
|
3,141,270
|
|
|
|
2,998,923
|
|
|
|
2,787,416
|
|
|
Treasury Shares
|
|
|
(801,201
|
)
|
|
|
(719,090
|
)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
19,081,997
|
|
|
|
19,021,817
|
|
|
|
18,228,004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity
|
|
|
24,628,579
|
|
|
|
23,369,959
|
|
|
|
20,016,171
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Evaluation method for investment securities in subsidiaries, affiliates and joint
ventures
|
|
|
Cost-method
|
|
|
|
Cost-method
|
|
|
|
Cost-method
|
|
19
|
|
3.2.2.
|
Separate Statements of Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unit: in millions of Won, except per share amounts)
|
|
|
|
|
For the six months
ended June 30, 2017
|
|
|
For the six months
ended June 30, 2016
|
|
|
For the year ended
December 31, 2016
|
|
|
For the year ended
December 31, 2015
|
|
|
Net interest expense
|
|
|
(42,994
|
)
|
|
|
(21,961
|
)
|
|
|
(55,924
|
)
|
|
|
(25,744
|
)
|
|
Net fee and commission expense
|
|
|
(5,001
|
)
|
|
|
(3,076
|
)
|
|
|
(7,214
|
)
|
|
|
(8,228
|
)
|
|
Net gains on financial assets at fair value through profit or loss
|
|
|
4,885
|
|
|
|
5,693
|
|
|
|
5,272
|
|
|
|
1,658
|
|
|
Net other operating income
|
|
|
709,544
|
|
|
|
694,908
|
|
|
|
694,908
|
|
|
|
315,527
|
|
|
General and administrative expenses
|
|
|
(26,611
|
)
|
|
|
(19,754
|
)
|
|
|
(46,734
|
)
|
|
|
(39,916
|
)
|
|
Operating profit before provision for credit losses
|
|
|
639,823
|
|
|
|
655,810
|
|
|
|
590,308
|
|
|
|
243,297
|
|
|
Provision for credit losses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Operating profit
|
|
|
639,823
|
|
|
|
655,810
|
|
|
|
590,308
|
|
|
|
243,297
|
|
|
Net non-operating expense
|
|
|
(40
|
)
|
|
|
(558
|
)
|
|
|
(340
|
)
|
|
|
(62
|
)
|
|
Profit before income tax
|
|
|
639,783
|
|
|
|
655,252
|
|
|
|
589,968
|
|
|
|
243,235
|
|
|
Income tax benefit (expense)
|
|
|
533
|
|
|
|
(1,867
|
)
|
|
|
164
|
|
|
|
190
|
|
|
Profit for the period
|
|
|
640,316
|
|
|
|
653,385
|
|
|
|
590,132
|
|
|
|
243,425
|
|
|
Other comprehensive income (loss) for the period, net of tax
|
|
|
(56
|
)
|
|
|
(56
|
)
|
|
|
237
|
|
|
|
(741
|
)
|
|
Total comprehensive income for the period
|
|
|
640,260
|
|
|
|
653,329
|
|
|
|
590,369
|
|
|
|
242,684
|
|
|
Earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share (Won)
|
|
|
1,614
|
|
|
|
1,709
|
|
|
|
1,538
|
|
|
|
630
|
|
|
Diluted earnings per share (Won)
|
|
|
1,606
|
|
|
|
1,702
|
|
|
|
1,530
|
|
|
|
627
|
|
20
|
3.3.
|
Other Selected Financial Data
|
|
|
3.3.1.
|
Won-denominated Liquidity Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unit: in millions of Won, %)
|
|
|
Category
|
|
As of June 30, 2017
|
|
|
As of December 31, 2016
|
|
|
As of December 31, 2015
|
|
|
Current assets in Won (A)
|
|
|
323,122
|
|
|
|
59,429
|
|
|
|
325,124
|
|
|
Current liabilities in Won (B)
|
|
|
7,338
|
|
|
|
5,554
|
|
|
|
4,565
|
|
|
Liquidity ratio (A/B)
|
|
|
4,403.41
|
|
|
|
1,070.02
|
|
|
|
7,122.10
|
|
Notes:
|
•
|
|
Based on K-IFRS (on a separate basis)
|
|
•
|
|
Calculated based on Won-denominated assets and liabilities due within one month
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unit: %)
|
|
|
|
|
|
|
|
Category
|
|
For the six months ended
June 30, 2017
|
|
|
For the year ended
December 31, 2016
|
|
|
For the year ended
December 31, 2015
|
|
|
Net income as a percentage of average total assets (ROA)
|
|
|
0.96
|
|
|
|
0.63
|
|
|
|
0.54
|
|
|
Net income as a percentage of average shareholders’ equity (ROE)
|
|
|
11.76
|
|
|
|
7.26
|
|
|
|
6.06
|
|
Note:
Based on K-IFRS (on a consolidated basis)
21
|
|
3.3.3.
|
20 Largest Exposures of Kookmin Bank by Borrower
|
|
|
|
|
|
|
|
(As of June 30, 2017)
|
|
(Unit: in billions of Won)
|
|
|
Company
|
|
Credit extended
|
|
|
Samsung Electronics Co., Ltd.
|
|
|
1,409
|
|
|
Korea Securities Finance Corp.
|
|
|
952
|
|
|
Kia Motors Corporation
|
|
|
766
|
|
|
Hyundai Motor Company
|
|
|
719
|
|
|
Hyundai Capital Services, Inc.
|
|
|
614
|
|
|
LG Electronics Inc
|
|
|
605
|
|
|
S-Oil Corporation
|
|
|
524
|
|
|
Samsung Display Co., Ltd.
|
|
|
497
|
|
|
GS Caltex Corporation
|
|
|
484
|
|
|
Hyundai Steel Co., Ltd.
|
|
|
475
|
|
|
Samsung Heavy Industries Co., Ltd.
|
|
|
461
|
|
|
Shinhan Financial Group Co., Ltd.
|
|
|
461
|
|
|
Airport Railroad Co., Ltd
|
|
|
458
|
|
|
Hanwha Corporation.
|
|
|
405
|
|
|
Hyundai Heavy Industries Co., Ltd.
|
|
|
402
|
|
|
Shinsegae Inc.
|
|
|
377
|
|
|
SK Energy Co., Ltd.
|
|
|
376
|
|
|
LS-Nikko Copper Inc.
|
|
|
371
|
|
|
Hankook Tire Co., Ltd.
|
|
|
367
|
|
|
Posco Daewoo Corporation
|
|
|
365
|
|
|
|
|
|
|
|
|
Total
|
|
|
11,087
|
|
|
|
|
|
|
|
22
|
|
3.3.4.
|
10 Largest Exposures of Kookmin Bank by Chaebol Group
|
|
|
|
|
|
|
|
(As of June 30, 2017)
|
|
(Unit: in billions of Won)
|
|
|
Group
|
|
Credit extended
|
|
|
Hyundai Motor
|
|
|
4,552
|
|
|
Samsung
|
|
|
3,394
|
|
|
SK
|
|
|
1,715
|
|
|
Lotte
|
|
|
1,678
|
|
|
Hanwha
|
|
|
1,360
|
|
|
LG
|
|
|
1,302
|
|
|
POSCO
|
|
|
1,054
|
|
|
GS
|
|
|
1,038
|
|
|
LS
|
|
|
817
|
|
|
Hyundai Heavy
|
|
|
782
|
|
|
|
|
|
|
|
|
Total
|
|
|
17,692
|
|
|
|
|
|
|
|
|
|
3.3.5.
|
Kookmin Bank’s Loan Concentration by Industry
|
|
|
|
|
|
|
|
|
|
|
|
(As of June 30, 2017)
|
|
(Unit: in billions of Won, %)
|
|
|
Industry
|
|
Total Credit
|
|
|
Percentage of
Total Credit
|
|
|
Manufacturing
|
|
|
40,234
|
|
|
|
34.75
|
|
|
Real estate
|
|
|
23,804
|
|
|
|
20.56
|
|
|
Retail and wholesale
|
|
|
15,815
|
|
|
|
13.66
|
|
|
Hotel, lodging and food service
|
|
|
7,469
|
|
|
|
6.45
|
|
|
Construction
|
|
|
3,390
|
|
|
|
2.93
|
|
|
Financial institutions
|
|
|
1,944
|
|
|
|
1.68
|
|
|
Other
|
|
|
23,115
|
|
|
|
19.97
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
115,771
|
|
|
|
100.00
|
|
|
|
|
|
|
|
|
|
|
|
23
|
|
3.3.6.
|
Top 20 Non-Performing Loans of Kookmin Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(As of June 30, 2017)
|
|
|
|
(Unit: in billions of Won)
|
|
|
|
|
|
|
|
|
|
Industry
|
|
Total Credit
|
|
|
Allowance
for Loan Losses
|
|
|
Borrower A
|
|
Construction
|
|
|
99.1
|
|
|
|
97.2
|
|
|
Borrower B
|
|
Construction
|
|
|
68.1
|
|
|
|
69.2
|
|
|
Borrower C
|
|
Publishing, Media, Broadcasting and Information Services
|
|
|
55.3
|
|
|
|
50.4
|
|
|
Borrower D
|
|
Shipbuilding
|
|
|
51.5
|
|
|
|
36.4
|
|
|
Borrower E
|
|
Real estate and leasing
|
|
|
41.8
|
|
|
|
41.7
|
|
|
Borrower F
|
|
Construction
|
|
|
41.2
|
|
|
|
40.3
|
|
|
Borrower G
|
|
Transportation
|
|
|
39.1
|
|
|
|
15.1
|
|
|
Borrower H
|
|
Shipping
|
|
|
23.8
|
|
|
|
23.5
|
|
|
Borrower I
|
|
Real estate and leasing
|
|
|
18.2
|
|
|
|
2.6
|
|
|
Borrower J
|
|
Manufacturing
|
|
|
17.7
|
|
|
|
6.1
|
|
|
Borrower K
|
|
Retail and wholesale
|
|
|
14.8
|
|
|
|
11.6
|
|
|
Borrower L
|
|
Publishing, Media, Broadcasting and Information Services
|
|
|
14.3
|
|
|
|
12.9
|
|
|
Borrower M
|
|
Retail and wholesale
|
|
|
11.6
|
|
|
|
5.8
|
|
|
Borrower N
|
|
Manufacturing
|
|
|
11.5
|
|
|
|
11.4
|
|
|
Borrower O
|
|
Construction
|
|
|
10.7
|
|
|
|
9.9
|
|
|
Borrower P
|
|
Manufacturing
|
|
|
10.0
|
|
|
|
9.6
|
|
|
Borrower Q
|
|
Manufacturing
|
|
|
8.3
|
|
|
|
0.5
|
|
|
Borrower R
|
|
Manufacturing
|
|
|
8.3
|
|
|
|
4.1
|
|
|
Borrower S
|
|
Manufacturing
|
|
|
6.6
|
|
|
|
2.5
|
|
|
Borrower T
|
|
Manufacturing
|
|
|
6.4
|
|
|
|
4.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
558.3
|
|
|
|
455.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.4.
|
Other Financial Information
|
See Exhibits 99.1 and 99.2 attached hereto for our consolidated and
separate financial statements and relevant notes, which have been prepared in accordance with K-IFRS and reviewed by our independent auditors as stated in their review reports. The review reports will also be available on our website at
www.kbfg.com
.
24
|
4.
|
Independent Public Accountants
|
|
4.1.
|
Audit / Review Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period
|
|
Auditor
|
|
Activity
|
|
Compensation
(1)
(in millions of Won)
|
|
Accrued Time
(hours)
|
|
|
January 1 to June 30,
2017
|
|
Samil PricewaterhouseCoopers
|
|
Quarterly / first half and annual review & audit, review of internal accounting management system (including audit of internal control over financial reporting)
|
|
856
|
|
|
3,440
|
|
|
January 1 to December 31, 2016
|
|
Samil PricewaterhouseCoopers
|
|
Quarterly / first half and annual review & audit, review of internal accounting management system (including audit of internal control over financial reporting)
|
|
760
|
|
|
10,505
|
|
|
January 1 to December 31, 2015
|
|
Samil PricewaterhouseCoopers
|
|
Quarterly / first half and annual review & audit, review of internal accounting management system (including audit of internal control over financial reporting)
|
|
760
|
|
|
9,947
|
|
|
(1)
|
Excluding value-added taxes.
|
4.2. Public Company Accounting Oversight Board
(
“
PCAOB
”
) Audit Services
|
|
|
|
|
|
|
|
|
|
|
|
|
Period
|
|
Auditor
|
|
Activity
|
|
Service Period
|
|
Compensation
(1)
|
|
|
|
|
|
|
(in millions of Won)
|
|
|
January 1 to June 30, 2017
|
|
Samil
PricewaterhouseCoopers
|
|
PCAOB audit of
consolidated financial
statements and internal
control over financial
reporting
|
|
May 1, 2017 to
April 30, 2018
|
|
|
540
|
|
|
January 1 to December 31,
2016
|
|
Samil
PricewaterhouseCoopers
|
|
PCAOB audit of
consolidated financial
statements and internal
control over financial
reporting
|
|
May 1, 2016 to
April 30, 2017
|
|
|
459
|
|
|
January 1 to December 31,
2015
|
|
Samil
PricewaterhouseCoopers
|
|
PCAOB audit of
consolidated financial
statements and internal
control over financial
reporting
|
|
May 1, 2015 to
April 30, 2016
|
|
|
459
|
|
|
(1)
|
Excluding value-added taxes.
|
25
|
5.
|
Corporate Governance and Affiliated Companies
|
|
|
5.1.
|
Board of Directors & Committees under the Board
|
As of June 30, 2017, our board of
directors consisted of nine directors, comprising one executive director, one non-standing director and seven non-executive directors. The following committees currently serve under our board of directors:
|
|
•
|
|
Risk Management Committee;
|
|
|
•
|
|
Evaluation & Compensation Committee;
|
|
|
•
|
|
Non-Executive Director Nominating Committee;
|
|
|
•
|
|
Corporate Governance Committee; and
|
|
|
•
|
|
Audit Committee Member Nominating Committee.
|
For the list of our directors, see 6. Directors, Senior
Management and Employees — 6.1. Executive Directors, — 6.2. Non-standing Directors and — 6.3. Non-executive Directors below.
The audit committee oversees our financial reporting and approves the appointment of
our independent auditors and internal compliance officers. The committee also reviews our financial information, auditor’s examinations, key financial statement issues, the plans and evaluation of internal controls and the administration of our
financial affairs by the board of directors. In connection with the general meetings of shareholders, the committee examines the agenda for, and financial statements and other reports to be submitted by, the board of directors to each general
meeting of shareholders. The committee holds regular meetings every quarter and on an as-needed basis.
|
|
5.3.
|
Compensation to Directors
|
|
|
5.3.1.
|
Total Amount Approved at the Meeting of Shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unit: in millions of Won)
|
|
|
|
|
|
|
|
|
|
Total number of persons
(1)
|
|
|
Total amount approved at shareholders’ meeting
(2)
|
|
|
Notes
|
|
|
Registered Directors (Non-executive directors)
|
|
|
9(7)
|
|
|
|
2,500
|
|
|
|
—
|
|
|
(1)
|
Represents the total number of applicable persons as of June 30, 2017.
|
|
(2)
|
Represents the aggregate amount for all directors (including non-executive directors). Excludes compensation in the form of long-term incentive performance share grants.
|
26
|
|
5.3.2.
|
Total Amount Paid as of June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unit: in millions of Won)
|
|
|
Total number of
persons
(1)
|
|
Total payment
(2)
|
|
|
Average payment per person
(3)
|
|
|
Notes
|
|
|
9
|
|
|
698
|
|
|
|
82
|
|
|
|
—
|
|
|
(1)
|
Represents the total number of applicable persons as of June 30, 2017.
|
|
(2)
|
Represents the total amount paid (rounded to the nearest million) for the six months ended June 30, 2017.
|
|
(3)
|
Represents (i) the total amount paid (rounded to the nearest million) for the six months ended June 30, 2017, divided by (ii) the number of applicable persons for the applicable reporting period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unit: in millions of Won)
|
|
|
|
|
|
|
|
|
|
|
Total number of
persons
(1)
|
|
|
Total payment
(2)(4)(5)
|
|
|
Average
payment
per person
(3)
|
|
|
Notes
|
|
|
Registered Directors (excluding non-executive directors and audit committee members)
|
|
|
2
|
|
|
|
456
|
|
|
|
228
|
|
|
|
—
|
|
|
Non-executive Directors (excluding audit committee members)
|
|
|
3
|
|
|
|
96
|
|
|
|
38
|
|
|
|
—
|
|
|
Audit committee members
|
|
|
4
|
|
|
|
146
|
|
|
|
37
|
|
|
|
—
|
|
|
Internal auditor
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Note
: On a separate basis.
|
(1)
|
Represents the total number of applicable persons as of June 30, 2017.
|
|
(2)
|
Represents the total amount paid (rounded to the nearest million) for the six months ended June 30, 2017.
|
|
(3)
|
Represents (i) the total amount paid (rounded to the nearest million) for the six months ended June 30, 2017, divided by (ii) the number of applicable persons for the applicable reporting period.
|
|
(4)
|
Payment subject to the Company’s internal policies on compensation to directors.
|
|
(5)
|
The total amount paid (rounded to the nearest million) to our registered director for the six months ended June 30, 2017 (including the amount paid by Kookmin Bank to our registered director who concurrently serves
as the president of Kookmin Bank) is Won 850 million (Won 456 million by KB Financial Group and Won 394 million by Kookmin Bank). Such amount includes 2017 annual salary of Won 400 million (Won 216 million by KB Financial
Group and Won 184 million by Kookmin Bank) and short-term performance-based incentive payments of Won 450 million (Won 240 million by KB Financial Group and Won 210 million by Kookmin Bank), which were based on performance in
2016 and paid in the first quarter of 2017.
|
|
|
5.3.3.
|
Compensation exceeding Won 500 million
–
Individual basis
|
Compensation exceeding Won 500 million – Individual Basis
No director received total compensation exceeding Won 500 million in the first half of 2017.
27
|
5.4.
|
Affiliated Companies
|
|
|
5.4.1.
|
List of Affiliated Companies
|
Affiliated companies of KB Financial Group that are first-tier
subsidiaries and KB Financial Group’s ownership of such companies as of June 30, 2017 are as follows.
|
|
•
|
|
KB Securities Co., Ltd. (100.00%)
|
|
|
•
|
|
KB Insurance Co., Ltd. (94.30%)
|
|
|
•
|
|
KB Kookmin Card Co., Ltd. (100.00%)
|
|
|
•
|
|
KB Life Insurance Co., Ltd. (100.00%)
|
|
|
•
|
|
KB Asset Management Co., Ltd. (100.00%)
|
|
|
•
|
|
KB Capital Co., Ltd. (79.70%)
|
|
|
•
|
|
KB Savings Bank Co., Ltd. (100.00%)
|
|
|
•
|
|
KB Real Estate Trust Co., Ltd. (100.00%)
|
|
|
•
|
|
KB Investment Co., Ltd. (100.00%)
|
|
|
•
|
|
KB Credit Information Co., Ltd. (100.00%)
|
|
|
•
|
|
KB Data Systems Co., Ltd. (100.00%)
|
28
|
6.
|
Directors, Senior Management and Employees
|
As of June 30, 2017, we had one executive director. The name, position and
the end of the term of our executive director and the number of shares of KB Financial Group’s common stock he owned as of June 30, 2017 are set forth below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name
|
|
Date of Birth
|
|
|
Position
|
|
|
Common Shares Owned
|
|
|
End of Term
|
|
|
Jong Kyoo Yoon
|
|
|
October 1955
|
|
|
|
Chairman & Chief Executive Officer
|
|
|
|
10,000
|
|
|
|
November 20, 2017
|
|
|
|
6.2.
|
Non-standing Directors
|
As of June 30, 2017, we had one non-standing director. The name, position
and the end of the term of our non-standing director and the number of shares of KB Financial Group’s common stock he owned as of June 30, 2017 are set forth below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name
|
|
Date of Birth
|
|
|
Position
|
|
|
Common Shares Owned
|
|
|
End of Term
|
|
|
Hong Lee
|
|
|
April 1958
|
|
|
|
Non-standing Director
|
|
|
|
459
|
|
|
|
2018 Annual General
Shareholders’ Meeting
|
(“AGM”)
|
|
|
6.3.
|
Non-executive Directors
|
Our non-executive directors, the end of their terms and the number of shares of
KB Financial Group’s common stock they respectively owned as of June 30, 2017 are as follows.
|
|
|
|
|
|
|
|
|
|
|
|
|
Name
|
|
Date of Birth
|
|
Position
|
|
Common
Shares
Owned
|
|
|
End of Term
|
|
Young Hwi Choi
|
|
October 1945
|
|
Non-executive Director
|
|
|
—
|
|
|
March 23, 2018
|
|
Stuart B. Solomon
|
|
July 1949
|
|
Non-executive Director
|
|
|
—
|
|
|
March 23, 2019
|
|
Suk Ryul Yoo
|
|
April 1950
|
|
Non-executive Director
|
|
|
—
|
|
|
March 23, 2018
|
|
Michael Byungnam Lee
|
|
September 1954
|
|
Non-executive Director
|
|
|
1,020
|
|
|
March 23, 2018
|
|
Jae Ha Park
|
|
November 1957
|
|
Non-executive Director
|
|
|
—
|
|
|
March 23, 2018
|
|
Eunice Kyonghee Kim
|
|
March 1959
|
|
Non-executive Director
|
|
|
—
|
|
|
March 23, 2018
|
|
Jongsoo Han
|
|
October 1960
|
|
Non-executive Director
|
|
|
—
|
|
|
March 23, 2018
|
In addition to our executive director who is also our executive officer, we currently
have the following sixteen executive officers as of June 30, 2017.
|
|
|
|
|
|
|
|
|
|
|
|
|
Name
|
|
Date of Birth
|
|
Position
|
|
Common Shares Owned
|
|
|
End of Term
|
|
Ok Chan Kim
|
|
July 1956
|
|
President & Chief Operating Officer
|
|
|
6,374
|
|
|
November 20, 2017
|
|
Ki Heon Kim
|
|
October 1955
|
|
Deputy President and Chief Information Technology Officer
|
|
|
—
|
|
|
December 31, 2017
|
|
Dong Cheol Lee
|
|
October 1961
|
|
Deputy President and Chief Strategy Officer
|
|
|
600
|
|
|
December 31, 2017
|
|
Jeong Rim Park
|
|
November 1963
|
|
Deputy President; Wealth Management Planning Department
|
|
|
540
|
|
|
December 31, 2017
|
|
Kwi Sang Jun
|
|
July 1960
|
|
Deputy President; Corporate and Investment Banking Planning Department
|
|
|
167
|
|
|
December 31, 2017
|
|
Ki Hwan Kim
|
|
March 1963
|
|
Senior Managing Director and Chief Risk Management Officer
|
|
|
321
|
|
|
December 31, 2017
|
29
|
|
|
|
|
|
|
|
|
|
|
|
|
Young-Tae Park
|
|
December 1961
|
|
Senior Managing Director and Chief Data Officer
|
|
|
450
|
|
|
December 31, 2017
|
|
Jae Hong Park
|
|
April 1967
|
|
Senior Managing Director and Chief Global Strategy Officer
|
|
|
—
|
|
|
December 31, 2017
|
|
Hong Seob Shin
|
|
September 1962
|
|
Senior Managing Director and Chief Public Relation Officer
|
|
|
580
|
|
|
December 31, 2017
|
|
Kyung Yup Cho
|
|
September 1961
|
|
Senior Managing Director; KB Research
|
|
|
800
|
|
|
December 31, 2017
|
|
Jae Keun Lee
|
|
May 1966
|
|
Managing Director and Chief Financial Officer
|
|
|
119
|
|
|
December 31, 2018
|
|
Chang Kwon Lee
|
|
November 1965
|
|
Managing Director; Strategic Planning Department
|
|
|
—
|
|
|
December 31, 2018
|
|
Dong Whan Han
|
|
January 1965
|
|
Managing Director and Chief Future Innovation Officer
|
|
|
100
|
|
|
December 31, 2018
|
|
Chai Hyun Sung
|
|
September 1965
|
|
Managing Director and Chief Human Resources Officer
|
|
|
581
|
|
|
December 31, 2018
|
|
Pil Kyu Im
|
|
March 1964
|
|
Managing Director and Chief Compliance Officer
|
|
|
445
|
|
|
January 10, 2018
|
|
Young Hyuk Jo
|
|
April 1963
|
|
Managing Director and Enforcement Officer of the Internal Audit; Audit Department
|
|
|
461
|
|
|
December 31, 2017
|
As of June 30, 2017, the following management also serves as senior management at our subsidiaries.
|
|
|
|
|
|
|
|
|
|
|
Name
|
|
Subsidiary
|
|
Position
|
|
Appointment date
|
|
|
Jong Kyoo Yoon
|
|
Kookmin Bank
|
|
President and Chief Executive Officer
|
|
|
November 2014
|
|
|
Hong Lee
|
|
Kookmin Bank
|
|
Senior Executive Vice President; Shared Service Group
|
|
|
January 2017
|
|
|
Ki Heon Kim
|
|
Kookmin Bank
|
|
Senior Executive Vice President; Head of IT Group
|
|
|
January 2015
|
|
|
Jeong Rim Park
|
|
Kookmin Bank
|
|
Senior Executive Vice President; Wealth Management Group
|
|
|
January 2017
|
|
|
|
|
KB Securities
|
|
Deputy President; Wealth Management Division
|
|
|
January 2017
|
|
|
Kwi Sang Jun
|
|
Kookmin Bank
|
|
Senior Executive Vice President, Corporate Investment Banking Group
|
|
|
January 2016
|
|
|
|
|
KB Securities
|
|
Deputy President; Investment Banking Division
|
|
|
January 2017
|
|
|
Jae Hong Park
|
|
Kookmin Bank
|
|
Senior Managing Director; Global Business Division
|
|
|
January 2016
|
|
|
Ki Hwan Kim
|
|
Kookmin Bank
|
|
Senior Managing Director; Risk Management Group
|
|
|
January 2016
|
|
|
Hong Seob Shin
|
|
Kookmin Bank
|
|
Senior Managing Director; Consumer Brand Strategy Group
|
|
|
January 2016
|
|
|
Dong Whan Han
|
|
Kookmin Bank
|
|
Managing Director; Future Channel Group
|
|
|
January 2017
|
|
|
Dong Cheol Lee
|
|
KB Securities
|
|
Non-standing Director
|
|
|
December 2016
|
|
|
Jae Keun Lee
|
|
KB Insurance
|
|
Non-standing Director
|
|
|
March 2017
|
|
|
|
|
Kookmin Card
|
|
Non-standing Director
|
|
|
February 2017
|
|
As of June 30, 2017, the following non-executive director also served as a director at another company.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name
|
|
Company
|
|
Position
|
|
|
Appointment date
|
|
|
Suk Ryul Yoo
|
|
Jungmok Co., Ltd.
|
|
|
CEO
|
|
|
|
December 2013
|
|
30
The following table shows information regarding our employees as of June 30, 2017.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unit: in millions of Won)
|
|
|
|
|
Number of
Employees
|
|
|
Average Tenure of
Employees (months)
|
|
|
Total Amount of Annual Salaries
|
|
|
Average Annual Salary
per Person
(1)
|
|
|
Total
|
|
|
160
|
|
|
|
33
|
|
|
|
9,259
|
|
|
|
58
|
|
|
(1)
|
Represents (i) the total amount paid for the six months ended June 30, 2017 divided by (ii) the total number of employees as of June 30, 2017.
|
31
|
7.
|
Major Shareholders and Related Party Transactions
|
The following table presents information regarding holders of 5% or more of our
total issued shares as of June 30, 2017.
|
|
|
|
|
|
|
(Unit: shares, %)
|
|
Name
|
|
Number of Shares of Common Stock
|
|
Percentage of Total Issued Shares
(1)
|
|
Korean National Pension Service
|
|
40,950,453
|
|
9.79
|
|
JP Morgan Chase Bank, N.A.
(2)
|
|
27,799,276
|
|
6.65
|
|
(1)
|
Calculated based on 418,111,537 shares of our common stock issued and outstanding as of April 24, 2017.
|
|
(2)
|
Depositary under the Company’s ADR program. The voting rights are held by ADR holders.
|
|
7.2.
|
Changes in the Largest Shareholder
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unit: shares, %)
|
|
|
|
|
|
|
|
Name of Largest Shareholder
|
|
Date of Change in Largest
Shareholder/
Date of Change in Ownership
Level
|
|
|
Number of Shares of Common
Stock
|
|
|
Percentage of Total
Issued Shares
(1)
|
|
|
Korean National Pension Service
|
|
|
December 31, 2011
|
|
|
|
26,510,171
|
|
|
|
6.86
|
|
|
Korean National Pension Service
|
|
|
March 14, 2012
|
|
|
|
27,894,880
|
|
|
|
7.22
|
|
|
Korean National Pension Service
|
|
|
August 1, 2012
|
|
|
|
31,817,770
|
|
|
|
8.24
|
|
|
Korean National Pension Service
|
|
|
December 31, 2012
|
|
|
|
33,158,257
|
|
|
|
8.58
|
|
|
Korean National Pension Service
|
|
|
June 12, 2013
|
|
|
|
34,479,641
|
|
|
|
8.92
|
|
|
Korean National Pension Service
|
|
|
July 23, 2013
|
|
|
|
35,699,841
|
|
|
|
9.24
|
|
|
Korean National Pension Service
|
|
|
December 31, 2013
|
|
|
|
38,476,974
|
|
|
|
9.96
|
|
|
Korean National Pension Service
|
|
|
October 14, 2014
|
|
|
|
36,750,987
|
|
|
|
9.51
|
|
|
Korean National Pension Service
|
|
|
December 31, 2014
|
|
|
|
36,383,211
|
|
|
|
9.42
|
|
|
Korean National Pension Service
|
|
|
December 31, 2015
|
|
|
|
35,534,667
|
|
|
|
9.20
|
|
|
Korean National Pension Service
|
|
|
August 12, 2016
|
|
|
|
36,826,207
|
|
|
|
9.53
|
|
|
Korean National Pension Service
|
|
|
December 31, 2016
|
|
|
|
41,190,896
|
|
|
|
9.85
|
|
|
Korean National Pension Service
|
|
|
April 24, 2017
|
|
|
|
40,950,453
|
|
|
|
9.79
|
|
|
(1)
|
Based on 418,111,537 total issued shares of common stock for dates on or after October 19, 2016, and 386,351,693 total issued shares of common stock for dates prior to October 19, 2016.
|
|
7.3.
|
Employee Stock Ownership Association
|
|
|
|
|
|
|
|
|
|
(As of June 30, 2017)
|
|
|
|
|
(Unit: shares)
|
|
Company Name
|
|
Number of shares
|
|
|
Type of shares
|
|
KB Financial Group Inc.
|
|
|
12,794
|
|
|
Common Stock
|
|
Kookmin Bank
|
|
|
1,619,346
|
|
|
Common Stock
|
|
KB Securities Co., Ltd.
|
|
|
9,513
|
|
|
Common Stock
|
|
KB Insurance Co., Ltd.
|
|
|
—
|
|
|
—
|
32
|
|
|
|
|
|
|
|
|
|
|
KB Kookmin Card Co., Ltd.
|
|
|
90,197
|
|
|
|
Common Stock
|
|
|
KB Life Insurance Co., Ltd.
|
|
|
7,976
|
|
|
|
Common Stock
|
|
|
KB Asset Management Co., Ltd.
|
|
|
3,315
|
|
|
|
Common Stock
|
|
|
KB Capital Co., Ltd.
|
|
|
—
|
|
|
|
—
|
|
|
KB Savings Bank Co., Ltd.
|
|
|
556
|
|
|
|
Common Stock
|
|
|
KB Real Estate Trust Co., Ltd.
|
|
|
4,066
|
|
|
|
Common Stock
|
|
|
KB Investment Co., Ltd.
|
|
|
865
|
|
|
|
Common Stock
|
|
|
KB Credit Information Co., Ltd.
|
|
|
5,702
|
|
|
|
Common Stock
|
|
|
KB Data Systems Co., Ltd.
|
|
|
7,975
|
|
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
1,762,305
|
|
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
7.4.
|
Investments in Certain Affiliated Companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(As of June 30, 2017)
|
|
|
|
|
(Units: shares, in millions of Won, %)
|
|
|
|
|
|
|
|
Name
|
|
Ending Balance
|
|
|
Total Assets as
of the latest
fiscal year
(1)
|
|
|
Net Income (loss)
for the latest fiscal
year
(1)
|
|
|
|
Number of
shares
|
|
|
Shareholding
percentage
|
|
|
Book value
|
|
|
|
|
Kookmin Bank
|
|
|
404,379,116
|
|
|
|
100
|
|
|
|
14,821,721
|
|
|
|
301,205,007
|
|
|
|
967,766
|
|
|
|
|
|
|
|
|
|
KB Securities Co., Ltd.
|
|
|
298,620,424
|
|
|
|
100
|
|
|
|
3,342,391
|
|
|
|
29,463,149
|
|
|
|
(344
|
)
|
|
|
|
|
|
|
|
|
KB Insurance Co., Ltd.
|
|
|
62,710,408
|
|
|
|
94.30
|
|
|
|
2,249,532
|
|
|
|
29,352,211
|
|
|
|
295,780
|
|
|
KB Kookmin Card Co., Ltd.
|
|
|
92,000,000
|
|
|
|
100
|
|
|
|
1,953,175
|
|
|
|
15,739,739
|
|
|
|
318,627
|
|
|
KB Life Insurance Co., Ltd.
|
|
|
91,200,000
|
|
|
|
100
|
|
|
|
485,314
|
|
|
|
8,887,383
|
|
|
|
12,748
|
|
|
KB Asset Management Co., Ltd.
|
|
|
7,667,550
|
|
|
|
100
|
|
|
|
96,312
|
|
|
|
170,781
|
|
|
|
58,756
|
|
|
KB Capital Co., Ltd.
|
|
|
17,129,930
|
|
|
|
79.70
|
|
|
|
443,476
|
|
|
|
7,452,823
|
|
|
|
96,696
|
|
|
|
|
|
|
|
|
|
KB Savings Bank Co., Ltd.
|
|
|
8,001,912
|
|
|
|
100
|
|
|
|
157,544
|
|
|
|
1,078,130
|
|
|
|
10,319
|
|
|
|
|
|
|
|
|
|
KB Real Estate Trust Co., Ltd.
|
|
|
16,000,000
|
|
|
|
100
|
|
|
|
121,553
|
|
|
|
216,687
|
|
|
|
29,270
|
|
|
|
|
|
|
|
|
|
KB Investment Co., Ltd.
|
|
|
8,951,797
|
|
|
|
100
|
|
|
|
104,910
|
|
|
|
146,372
|
|
|
|
4,513
|
|
|
KB Credit Information Co., Ltd.
|
|
|
1,252,400
|
|
|
|
100
|
|
|
|
23,621
|
|
|
|
27,973
|
|
|
|
43
|
|
|
KB Data Systems Co., Ltd.
|
|
|
800,000
|
|
|
|
100
|
|
|
|
6,334
|
|
|
|
27,037
|
|
|
|
613
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
—
|
|
|
|
—
|
|
|
|
23,805,883
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Based on K-IFRS (on a separate basis)
|
33
|
7.5.
|
Related Party Transactions
|
7.5.1. Purchase of capital securities issued by KB
Capital Co., Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unit: in billions of Won)
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Relationship
|
|
Type
|
|
Issue
Amount
|
|
Issue Date
|
|
Interest Rate
|
|
|
Maturity Date
|
|
Use of
Proceeds
|
|
|
|
|
|
|
|
|
|
|
KB Capital Co., Ltd.
|
|
Subsidiary
|
|
No. 299 Private Placement of Capital Securities in Won
|
|
50
|
|
March 27, 2015
|
|
|
5.011
|
%
|
|
March 27, 2045 (may be extended)
|
|
Working
capital
|
|
|
|
|
|
|
(Unit: in billions of Won)
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Relationship
|
|
Type
|
|
Issue
Amount
|
|
Issue Date
|
|
Interest Rate
|
|
|
Maturity Date
|
|
Use of
Proceeds
|
|
|
|
|
|
|
|
|
|
|
KB Capital Co., Ltd.
|
|
Subsidiary
|
|
No. 320 Private Placement of Capital Securities in Won
|
|
50
|
|
September 24, 2015
|
|
|
4.606
|
%
|
|
September 24, 2045 (may be extended)
|
|
Working
capital
|
|
|
|
|
|
|
(Unit: in billions of Won)
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Relationship
|
|
Type
|
|
Issue
Amount
|
|
Issue Date
|
|
Interest Rate
|
|
|
Maturity Date
|
|
Use of
Proceeds
|
|
|
|
|
|
|
|
|
|
|
KB Capital Co., Ltd.
|
|
Subsidiary
|
|
No. 343 Private Placement of Capital Securities in Won
|
|
50
|
|
March 29, 2016
|
|
|
4.396
|
%
|
|
March 29, 2046 (may be extended)
|
|
Working
capital
|
34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unit: in billions of Won)
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Relationship
|
|
Type
|
|
Issue
Amount
|
|
Issue Date
|
|
Interest Rate
|
|
|
Maturity Date
|
|
Use of
Proceeds
|
|
|
|
|
|
|
|
|
|
|
KB Capital Co., Ltd.
|
|
Subsidiary
|
|
No. 352 Private Placement of Capital Securities in Won
|
|
50
|
|
June 28, 2016
|
|
|
4.064
|
%
|
|
June 28, 2046 (may be extended)
|
|
Working
capital
|
|
|
|
|
|
|
(Unit: in billions of Won)
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Relationship
|
|
Type
|
|
Issue
Amount
|
|
Issue Date
|
|
Interest Rate
|
|
|
Maturity Date
|
|
Use of
Proceeds
|
|
|
|
|
|
|
|
|
|
|
KB Capital Co., Ltd.
|
|
Subsidiary
|
|
No. 367 Private Placement of Capital Securities in Won
|
|
50
|
|
November 28, 2016
|
|
|
4.744
|
%
|
|
November 28, 2046 (may be extended)
|
|
Working
capital
|
|
|
|
|
|
|
(Unit: in billions of Won)
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Relationship
|
|
Type
|
|
Issue
Amount
|
|
Issue Date
|
|
Interest Rate
|
|
|
Maturity Date
|
|
Use of
Proceeds
|
|
|
|
|
|
|
|
|
|
|
KB Capital Co., Ltd.
|
|
Subsidiary
|
|
No. 378 Private Placement of Capital Securities in Won
|
|
50
|
|
April 27, 2017
|
|
|
4.431
|
%
|
|
April 27, 2047 (may be extended)
|
|
Working
capital
|
7.5.2. Purchase of Liiv trademark from Kookmin Bank
|
|
|
|
|
|
|
|
Counterparty
|
|
Kookmin Bank
|
|
|
|
|
Transaction Type
|
|
Purchase of an asset
|
|
|
|
|
Transaction Date
|
|
April 13, 2017
|
|
|
|
|
Transaction Object
|
|
Domestic and overseas trademark of “Liiv,” a mobile brand
|
|
|
|
|
Purpose
|
|
To generate synergy by promoting mobile brands at the group level
|
|
|
|
|
Transaction Price
|
|
Won 146 million (excluding value-added taxes)
|
|
|
|
|
Others
|
|
The Transaction Price was calculated based on the actual levels of expenditure made by Kookmin Bank in connection with the trademark and reflects the opinion of an external accounting firm.
|
35
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
|
|
|
|
|
|
|
|
|
|
|
|
|
KB Financial Group Inc.
|
|
|
|
|
|
(Registrant)
|
|
|
|
|
|
Date: August 14, 2017
|
|
|
|
By: /s/ Jae Keun Lee
|
|
|
|
|
|
(Signature)
|
|
|
|
|
|
|
|
|
|
|
Name:
|
|
Jae Keun Lee
|
|
|
|
|
|
Title:
|
|
Managing Director and Chief Financial Officer
|
36
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