The following is a summary of the KB Financial Group Inc. (KB) Q1 2024 Earnings Call Transcript:

Financial Performance:

• KB Financial Group (KBFG) reported a Q1 2024 net income of KRW1,049.1 billion, a decline of 30.5% YoY, largely due to provisions for customer compensation costs related to ELS issues.

• Credit loss provisions stand at KRW428.4 billion, down 35.9% YoY and 68.9% QoQ, resulting in a credit cost ratio of 38 basis points.

• The company's Cost-Income Ratio (CIR) displayed a decreasing tendency, positioned at 36.9%.

• Net interest income for the period was KRW3,151.5 billion, representing an increase of 11.6% YoY.

Business Progress:

• KBFG has unveiled a new shareholder return strategy, detailing consistent quarterly dividends based on a total dividend policy.

• The firm has a goal to maintain its Core Equity Tier 1 (CET1) ratio at a minimum of 13.5% within the year to handle possible future economic uncertainties.

• Following provisions made in 2023, KBFG plans to control large spikes in credit costs amidst ongoing economic unpredictability.

• KBFG is strategizing to manage loan growth speed flexibly, aiming to balance profitability and asset quality considering the economic environment and household debt situations.

• The firm continues to prioritize consumer and corporate loan growth, while ensuring asset quality stability.

More details: KB Financial IR

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