KB Financial Group Inc. (KB) 2026 Q2 法說會逐字稿

Greetings, everyone. I am Jerry Kang, Head of KBFG IR Department. We will now begin the 2026 first half business results presentation. Thank you very much for participating in today's earnings release. We have here with us today business results presentation, our Group CFO, Sang-Rok Na, as well as executives from our group.

各位好。我是KBFG投資人關係（IR）部門主管Jerry Kang。現在開始進行2026年上半年經營實績說明會。非常感謝各位參與今天的財報發布。今天與會者包括本次經營實績簡報、集團CFO羅相祿（Sang-Rok Na），以及集團各位高階主管。

Regarding the agenda today, we will first have our Group CFO deliver the 2026 first half business results and then have a Q&A session. We will now have our Group CFO, deliver a presentation on 2026 first half business results.

關於今天的議程，我們將先由集團CFO說明2026年上半年經營實績，之後進行問答（Q&A）。接下來請集團CFO進行2026年上半年經營實績簡報。

Greetings, everyone. I am KBFG CFO, Sang Rok Nah. Thank you very much for taking part in the 2026 first half earnings release. Before we proceed with the business results presentation, I would first like to cover the first half shareholder return approved at today's BOD meeting. Let's go to page 1.

各位好。我是KBFG CFO羅相祿（Sang Rok Nah）。非常感謝各位參與2026年上半年財報發布。在開始經營實績簡報之前，我想先說明今日董事會（BOD）會議核准的上半年股東回饋。請看第1頁。

Despite the operating environment in the first half of the year marked by high FX rate and heightened financial market volatility through strategic capital management efforts, June end group CET1 ratio posted 13.74%, a 10 bp improvement compared to the previous quarter end. According to KB's shareholder return framework, capital that exceeds 13.5% CET1 ratio will be utilized for our second round of shareholder return in 2026.

儘管上半年營運環境受高匯率與金融市場波動加劇影響，我們透過策略性資本管理努力，截至6月底集團CET1比率為13.74%，較前一季季末提升10個基點（bp）。依據KB的股東回饋框架，超過13.5% CET1比率的資本，將用於2026年第二輪股東回饋。

At today's BOD meeting, it was decided to carry out, firstly, KRW700 billion of share buyback and cancellation. Regarding the remaining surplus capital, we will comprehensively take into account our earnings, PBR, and dividend yield trends at the end of fiscal year 2026 and use this to fund additional shareholder returns.

在今日董事會會議中，決議首先實施韓元7,000億的庫藏股回購並註銷。至於剩餘的超額資本，我們將在2026會計年度期末綜合考量獲利、PBR與股利殖利率趨勢，並據此用於追加股東回饋。

For your reference, if we take into account the KRW2.820 trillion of the 2026 first round of shareholder returns, which was announced in February, we expect to post KRW3.7 trillion as our 2026 annual total shareholder return.

供各位參考，若將2月已公告的2026年第一輪股東回饋韓元2.820兆納入計算，我們預期2026年全年股東回饋總額將達韓元3.7兆。

We will deliver on our commitment to the market to maintain industry-leading level across all shareholder return metrics. And going forward, we plan to consistently maintain our differentiated shareholder return policy based on our stable earnings generation capacity. In addition, at today's BOD meeting, a cash dividend of KRW1,155 per share for Q2 was approved.

我們將履行對市場的承諾，在所有股東回饋指標上維持業界領先水準。未來也將基於穩健的獲利創造能力，持續維持我們具差異化的股東回饋政策。此外，今日董事會亦核准第2季每股現金股利韓元1,155元。

Let's go to page 2. Through strategic reallocation of capital, reflecting the operating environment and growth prospects of each business segment, we are continuously strengthen a virtuous cycle that enhances capital efficiency across the group and at the same time, reinvesting in subsidiaries with strong growth potential.

請看第2頁。我們透過策略性資本再配置，反映各業務部門的營運環境與成長前景，持續強化一個良性循環：提升集團整體資本效率，同時再投資於具高成長潛力的子公司。

As a part of these efforts in order to absorb the full capital market money moving into our recurring earnings base, we decided on 2 rounds of paid-in capital increase totaling KRW1.7 trillion. This represents a more efficient and dynamic allocation of capital across the group, whereby capital generated by core subsidiaries, including the bank is reinvested in the securities business, which offers growth potential, which is strong. Our security subsidiary plans to utilize the capital secured to proactively respond to changes in the WM market while providing venture capital and supporting productive finance by expanding its promissory note business and fulfilling the requirements ahead of time for IMA authoritization.

作為上述努力的一環，為了將資本市場資金流入全面吸收並轉化為經常性獲利基礎，我們決定進行兩輪合計韓元1.7兆的增資。這代表集團內更有效率且更具動態的資本配置：由包括銀行在內的核心子公司所創造的資本，再投資於具強勁成長潛力的證券業務。本集團證券子公司計畫運用所取得的資本，積極因應財富管理（WM）市場變化，同時透過擴大商業本票業務、提前滿足IMA核准（authoritization）要件，提供創投資金並支援生產性金融。

Going forward, we will further strengthen our group's medium- to long-term earnings base across businesses with strong growth potential and high capital efficiency, including the Capital Markets segment.

未來，我們將進一步強化集團在具高成長潛力與高資本效率之業務（包括資本市場部門）上的中長期獲利基礎。

Next, I will cover business results. Q2 net profit posted KRW1,992.2 billion. And on a first half cumulative basis, it posted KRW3,884.6 billion, a 13.1% increase YoY. This was driven by a significant increase in fee income, which pushed the group's first half total operating income above KRW10 trillion for the first time in its history and sustained its stable growth momentum.

接下來說明經營實績。第2季淨利為韓元1,992.2十億。上半年累計為韓元3,884.6十億，年增13.1%。主要受手續費收入大幅成長帶動，使集團上半年總營業收入史上首次突破韓元10兆，並維持穩健的成長動能。

In particular, our security subsidiaries' contribution to the group's net income for the first half increased to approximately a 21% level, leading the growth in earnings from our non-banking business. Meanwhile, supported by this enhanced earnings capacity, the group's ROE for the first time -- for the first half also posted 14.09%, continuing its improvement trend.

特別是，證券子公司對集團上半年淨利的貢獻提升至約21%的水準，帶動非銀行業務獲利成長。同時，在獲利能力提升的支撐下，集團ROE在上半年亦首次達到14.09%，延續改善趨勢。

For your reference, first half nonoperating profit declined significantly YoY. This was mainly attributable to a high base effect from the additional provisioning for ELS-related liabilities in the previous quarter and gains on the disposal of assets held by consolidated funds in the prior year.

供各位參考，上半年營業外損益較去年同期大幅下滑。主要原因為前一季就ELS相關負債追加提列準備所造成的高基期效應，以及前一年處分合併基金所持資產的處分利益。

Let me now walk you through our financial results in greater detail by business segment. For the first half of 2026, the group's NII recorded KRW6.473 trillion, a slight increase YoY. However, it was a slight decrease QoQ due to a slight drop in NIM from preemptive funding in anticipation of an interest rate hike in the second half of the year.

接下來我將按業務別更詳細說明財務表現。2026年上半年，集團利息淨收益（NII）為韓元6.473兆，年增小幅上升。但因為為因應下半年可能升息而提前籌資，導致淨利差（NIM）略為下滑，因此較前一季小幅下降。

Next is growth of loans in Korean won. As of the end of June 2026, the bank loans in won amount to KRW385 trillion, up 2% over the end of 2025 and up 1.6% QoQ. Household loans shifted back to a solid growth trend, reaching KRW184 trillion, while corporate loans recorded KRW201 trillion, growing 2.2% QoQ, mostly thanks to the growth of productive financing. In the second half of the year, while not compromising asset quality, we plan to pursue our growth strategy with a focus on qualitative growth, such as portfolio shifts through productive financing.

接下來是韓元貸款成長。截至2026年6月底，銀行韓元貸款餘額為韓元385兆，較2025年底成長2%，較前一季成長1.6%。家庭貸款回到穩健成長趨勢，達韓元184兆；企業貸款為韓元201兆，季增2.2%，主要受生產性金融成長帶動。下半年在不犧牲資產品質的前提下，我們將以生產性金融帶動的投組調整等「質的成長」為重點，推動成長策略。

Next, net interest margins on the bottom right.

接下來看右下角的淨利差（NIM）。

Bank NIM for Q2 recorded 1.74%. Due to intensifying competition in corporate loans, yield on assets remained similar QoQ. The increase in marketable deposits along with preemptive funding in preparation for second half of the year market rate hike pushed up cost of fund, resulting in a NIM drop of 3 basis points QoQ.

本行第二季（Q2）NIM為1.74%。由於企業放款競爭加劇，資產收益率與前一季（QoQ）大致持平。同時，可交易性存款增加，加上為因應下半年市場利率上調而提前籌資，推升資金成本，導致NIM較前一季下滑3個基點（bp）。

Meanwhile, group NIM, NIM, recorded 1.94% due to the impact of the lower bank NIM, combined with the decline in credit card financial assets and preemptive funding by KB Capital, group NIM is down 5 basis points QoQ. However, in the second half of the year with base rate hikes, asset and liability repricing effects and normalization of funding structures gradually incorporated, we expect NIMs to show an improving trend. Accordingly, on an annual basis, aligned with our forecast from the beginning of the year, we expect an improvement YoY.

另一方面，受本行NIM走低影響，加上信用卡金融資產下滑以及KB Capital提前籌資的影響，集團NIM為1.94%，較前一季下滑5個基點。不過，下半年隨著基準利率上調、資產與負債重定價效應，以及資金結構正常化逐步反映，我們預期NIM將呈現改善趨勢。因此，以全年來看，與年初的預測一致，我們預期將較去年同期（YoY）改善。

Next, noninterest income. Group noninterest income for the first half of the year recorded KRW3.6292 trillion, demonstrating a significant improvement of 33.3% YoY. In particular, cumulative net fee income for the first half reached approximately KRW3 trillion and in Q2 rose 17.8% QoQ to KRW1.6019 trillion, continuing a double-digit growth trend for three consecutive quarters.

接下來是非利息收入。集團上半年非利息收入為3.6292兆韓元，年增（YoY）33.3%，顯著改善。其中，上半年累計淨手續費收入約3兆韓元，第二季（Q2）達1.6019兆韓元，較前一季（QoQ）成長17.8%，連續三季維持雙位數成長趨勢。

This was mainly driven by an expansion in securities brokerage fees under favorable stock market conditions alongside sales of capital market-linked products such as equity funds and ETFs by the bank, as well as an increase in personal credit card spending. As a result, net fee and commission income contributed more than 31% to our top line for the first time, driving the group's solid performance.

主要受惠於股市環境有利帶動證券經紀手續費擴大，同時本行銷售股票型基金與ETF等資本市場連結產品，以及個人信用卡消費增加。因此，淨手續費及佣金收入對上半年營收（top line）的貢獻首次超過31%，帶動集團穩健表現。

Meanwhile, as for the first half of the year's other operating income, mainly due to a decline in insurance income caused by rising loss ratios in long-term and auto insurance recorded somewhat sluggish results compared to the same period last year. However, in Q2, loss ratios showed improvement and with the addition of CSM impairment reversals, insurance operating income increased.

另一方面，就上半年其他營業收入而言，主要因長期險與車險損失率上升導致保險收入下滑，表現較去年同期略顯疲弱。不過在第二季（Q2），損失率有所改善，並加計CSM減損回轉，保險營業收入增加。

While promising industries such as AI and semiconductors led to a significant valuation gains on unlisted stocks at our investment subsidiary, resulting in a performance that rose 29.1% QoQ.

同時，AI與半導體等具前景產業帶動本集團投資子公司之未上市股票評價利益大幅增加，使得表現較前一季（QoQ）成長29.1%。

Next, moving on to general and administrative G&A expenses.

接下來看一般及管理費用（G&A）。

1H G&A expenses increased 8.9% YoY, but backed by solid growth in total operating income, the group CIR posted 36.2%. Excluding Q4, when one-off expenses such as ERP typically occur, the group has stably managed its CIR in the mid- to upper 30% range every quarter since 2023. Going forward, while actively expanding investments for future growth, we will strengthen earnings capacity and also efficiently manage recurring expenses to maintain a downward stabilizing trend in group CIR.

上半年（1H）G&A費用年增（YoY）8.9%，但在總營業收入穩健成長支撐下，集團成本收入比（CIR）為36.2%。排除通常會發生ERP等一次性費用的第四季（Q4）後，自2023年以來，集團每季均穩定將CIR管理在30%中後段至高30%區間。展望未來，在積極擴大未來成長投資的同時，我們將強化獲利能力，並有效管理經常性費用，以維持集團CIR下行並趨於穩定的走勢。

Next, on page 8 is the group provision for credit losses. Q2 credit loss provisions recorded due to one-off provisioning related to nonperforming corporate loans at the bank, it recorded KRW519.8 billion, a slight increase QoQ.

接下來，第8頁為集團信用損失準備金。第二季（Q2）信用損失準備金因本行不良企業放款相關的一次性提列，為5,198億韓元，較前一季（QoQ）小幅增加。

Excluding these one-off factors, the group's overall asset quality continues to show an improving trend. Particularly, KB Card's asset quality is stabilizing, primarily in personal cards and card loans, easing provision burdens, while the savings bank subsidiary is also seeing real estate PF-related risks gradually resolving. As a result, Q2 group credit cost recorded 38 bp falling QoQ. And on a cumulative basis for the first half, it came in at 39 bp, significantly improving by 15 bp YoY.

排除上述一次性因素後，集團整體資產品質仍持續呈現改善趨勢。特別是KB Card的資產品質趨於穩定，主要在個人卡與卡貸方面，減輕提列負擔；同時，儲蓄銀行子公司亦見不動產PF相關風險逐步化解。因此，第二季（Q2）集團信用成本為38個基點（bp），較前一季下降。而上半年累計為39個基點，較去年同期（YoY）大幅改善15個基點。

Lastly, moving on to group capital ratios. As of the end of June, preliminary estimates suggest a group BIS ratio of 15.91% and a CET1 ratio of 13.74%. Risk-weighted assets, RWA recorded approximately KRW370 trillion, up 1.1% QoQ, but remains well within our projected RWA annual growth target. To consistently deliver on our shareholder return commitment, we will maintain a balanced pace of asset growth while driving capital efficiency and profitability through RoRWA-oriented asset rebalancing.

最後，來看集團資本比率。截至6月底，初步估計集團BIS比率為15.91%，CET1比率為13.74%。風險加權資產（RWA）約為370兆韓元，較前一季（QoQ）增加1.1%，但仍完全符合我們預估的RWA年度成長目標範圍。為持續履行對股東報酬的承諾，我們將在維持資產成長節奏平衡的同時，透過以RoRWA為導向的資產再平衡，提升資本效率與獲利能力。

Detailed breakdowns of our financial results are provided in the following slides for your reference. This concludes KB Financial Group's first half 2026 earnings presentation. Thank you for your time.

更詳細的財務結果拆解將於後續投影片提供，供各位參考。以上為KB金融集團2026年上半年財報說明會簡報內容。感謝各位撥冗。