ID :
198052
Fri, 07/29/2011 - 11:37
Auther :
Shortlink :
https://oananews.org//node/198052
The shortlink copeid
KB Financial swings to black in Q2
(ATTN: UPDATES with more info from 3rd para)
SEOUL, July 29 (Yonhap) -- KB Financial Group Inc., South Korea's No. 2 financial holding company, said Friday that it returned to profit in the second quarter on improved interest margins and lower loan-loss reserves.
Net profit came to 817.3 billion won (US$776.1 million) in the April-June period, a sharp turnaround from a 217.4 billion won net loss a year earlier, the group said in a regulatory filing.
The second-quarter bottom line, however, was below the consensus of 837.8 billion won in a poll of analysts by Yonhap Infomax, the financial news arm of Yonhap News Agency.
Revenue slipped 3.5 percent on-year to 6.5 trillion won in the second quarter and KB Financial posted a 1.2 trillion won operating profit, compared with a 291.3 billion won operating loss a year earlier.
In the first quarter, the group posted a record profit of 1.6 trillion won, a four-fold increase from a 397 billion won profit a year earlier. Revenue reached 12.9 trillion won and operating profit stood at 2.2 trillion won during the period.
Despite the turnaround in the second-quarter bottom line, shares of KB Financial closed 2.42 percent down at 52,500 won on the Seoul bourse.
"The stellar second-quarter performance was backed by a stable asset increase and an improved net interest margin (NIM)," the group said in an e-mailed statement. "Improved asset quality resulted in a smaller amount of money set aside to cover credit losses."
KB Financial's NIM reached 3.07 percent in the second quarter, up 0.01 percentage point from three months earlier.
The group said its flagship Kookmin Bank logged a net profit of 859.9 billion won in the April-June period, up 16.1 percent from the previous quarter. The lender's net income in the first half came to 1.6 trillion won, up from 375.9 billion won a year earlier.
KB Financial said its assets totaled 353.9 trillion won as of the end of June, up from 344.8 billion won three months earlier.
SEOUL, July 29 (Yonhap) -- KB Financial Group Inc., South Korea's No. 2 financial holding company, said Friday that it returned to profit in the second quarter on improved interest margins and lower loan-loss reserves.
Net profit came to 817.3 billion won (US$776.1 million) in the April-June period, a sharp turnaround from a 217.4 billion won net loss a year earlier, the group said in a regulatory filing.
The second-quarter bottom line, however, was below the consensus of 837.8 billion won in a poll of analysts by Yonhap Infomax, the financial news arm of Yonhap News Agency.
Revenue slipped 3.5 percent on-year to 6.5 trillion won in the second quarter and KB Financial posted a 1.2 trillion won operating profit, compared with a 291.3 billion won operating loss a year earlier.
In the first quarter, the group posted a record profit of 1.6 trillion won, a four-fold increase from a 397 billion won profit a year earlier. Revenue reached 12.9 trillion won and operating profit stood at 2.2 trillion won during the period.
Despite the turnaround in the second-quarter bottom line, shares of KB Financial closed 2.42 percent down at 52,500 won on the Seoul bourse.
"The stellar second-quarter performance was backed by a stable asset increase and an improved net interest margin (NIM)," the group said in an e-mailed statement. "Improved asset quality resulted in a smaller amount of money set aside to cover credit losses."
KB Financial's NIM reached 3.07 percent in the second quarter, up 0.01 percentage point from three months earlier.
The group said its flagship Kookmin Bank logged a net profit of 859.9 billion won in the April-June period, up 16.1 percent from the previous quarter. The lender's net income in the first half came to 1.6 trillion won, up from 375.9 billion won a year earlier.
KB Financial said its assets totaled 353.9 trillion won as of the end of June, up from 344.8 billion won three months earlier.
