Seoul: KB Financial Group Inc. has announced a significant increase in its 2024 net income, reporting a rise of 11 percent from the previous year, achieving a sector-leading figure exceeding 5 trillion won. This remarkable growth is attributed to a substantial boost in interest income.

According to Yonhap News Agency, KB Financial's net profit achieved a total of 5.02 trillion won (approximately US$3.5 billion) in the past year, compared to 4.52 trillion won reported the previous year. The company's regulatory filing highlights an increase in operating income, which rose to 8.05 trillion won from 6.39 trillion won, while revenue experienced a 9.86 percent year-on-year growth, reaching 85.21 trillion won.

The financial holding company reported a 5.3 percent increase in interest income, which totaled 12.83 trillion won last year. Additionally, commission income grew by 4.8 percent, amounting to 3.85 trillion won during the same period. Despite these gains, the group's net interest margin slightly decreased to 2.03 percent, down 0.05 basis points from the previous year.

Flagship subsidiary KB Kookmin Bank reported a net profit of 3.25 trillion won last year, reflecting a slight decrease of 0.3 percent from the prior year. In a move to enhance shareholder value, KB Financial announced plans to buy back and cancel 520 billion won worth of its stocks and distribute a total of 1.76 trillion won to shareholders throughout the year.