KB Financial Group, Inc. :KB-US: Earnings Analysis: Q4, 2016 By the Numbers : February 13, 2017

KB Financial Group, Inc. reports financial results for the quarter ended December 31, 2016.

We analyze the earnings along side the following peers of KB Financial Group, Inc. – Mizuho Financial Group, Inc. Sponsored ADR, Shinhan Financial Group Co., Ltd. Sponsored ADR, Bank of New York Mellon Corporation, ICICI Bank Limited Sponsored ADR, Mitsubishi UFJ Financial Group, Inc. Sponsored ADR and Woori Bank Sponsored ADR (MFG-US, SHG-US, BK-US, IBN-US, MTU-US and WF-US) that have also reported for this period.


  • One-time items pull down operating performance.

The table below shows the preliminary results and recent trends for key metrics such as revenues and net income (See complete table at the end of this report):

2016-12-31 2016-09-30 2016-06-30 2016-03-31 2015-12-31
Relevant Numbers (Quarterly)
Revenues (mil) 5187.96 2744.57 2548.57 2382.8 2621.72
Revenue Growth (%YOY) 97.88 19.29 -7.51 -8.17 1.07
Earnings (mil) 386.75 507.44 500.27 457.26 299.81
Earnings Growth (%YOY) 29 46.98 61.69 -16.85 82.48
Net Margin (%) 7.45 18.49 19.63 19.19 11.44
EPS N/A 1.34 1.31 1.18 0.77
Return on Equity (%) 5.83 7.68 7.83 7.3 4.92
Return on Assets (%) 0.49 0.65 0.67 0.63 0.43

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The improvement in operating margins from 11.90% to 100% has impacted the company’s earnings growth. However, one-time items have challenged the operating performance. As a result, the company’s pretax margin fell from 8.97% to 6.51%.

EBIT Margin History
PreTax Margin History
EBIT Margin Versus PreTax Margin

Quadrant label definitions. Hover to know more

Operation driven Earnings, One-time Favorables, Low Earnings Base, One-time Unfavorables

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Company Profile

KB Financial Group, Inc. is a holding company that engages in providing financial services through its subsidiaries. It operates through the following segments: Corporate Banking, Retail Banking, Other Banking Services, Credit Card, Life Insurance, Investment and Securities business. The Corporate Banking business segment provides services such as loans, overdrafts, deposits, credit facilities and other foreign currency activities. The Retail Banking business segment offers services such as private customer current accounts, savings, deposits, consumer loans and mortgage loans. The Other Banking business segment provides services relating to banking business besides corporate banking and retail banking services. The Credit Card business segment offers services such as domestic as well as overseas credit and debit card operations. The Investment and Securities business segment provides services such as investment banking and brokerage. The Life Insurance business segment provides products such as life insurance and wealth management. The company was founded on September 29, 2008 and is headquartered in Seoul, South Korea.

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