KB posts 1.2 trillion won Q1 net profit to become S. Korea's top banking group

KB Financial Group posted a net profit of 1.2 trillion won in the first quarter, up 74.1 percent on-year to outperform the three other major South Korean banking groups.

Buoyed by robust earnings from its nonbanking businesses such as brokerage, insurance, and credit card, KB's quarterly net profit was a record-high since it became the holding entity of KB-branded financial and banking firms in September 2009.

The value of its total assets grew 1.7 percent to 620.9 trillion won during the 3-month period.

The combined net profit of its nonbanking businesses in the first quarter nearly quadrupled on-year from 144 billion won to 581 billion won.

Of all of KB's units, its brokerage subsidiary KB Securities raked in the most with a 221 billion won in net profit. It posted a net loss of 21 billion won in the same period last year.

Trailing KB was Shinhan Financial Group, which posted a record quarterly net profit of 1.19 trillion won, up 27.8 percent on-year. Shinhan's growth was also driven by its nonbanking businesses, with their combined net profits of a record 613.3 billion won and accounting for almost half of its entire profits.

Shinhan’s total assets stood at 618.8 trillion won as of end-March, up 7 percent on-year.

Hana Financial Group secured the third spot, posting a first-quarter net profit of 834.4 billion won, gaining 27 percent on-year.

Woori Financial Group came in at fourth, also posting a record-high quarterly net profit of 671.6 billion won in the same period. The figure increased 29.6 percent on-year. Woori's latest net profit increased over 300 percent from the last three months of 2020.

NH Financial Group, one of the five major banking groups, is scheduled to post its earnings on April 30.