olivLaw · US equity research
KB Financial Group Inc. KB
Commercial Banks, NEC · SIC 6029 · Vertical: Commercial Banks, NEC (SIC 6029)
KB Financial Group is one of the largest financial holding groups in South Korea, with Kookmin Bank at its centre and an extensive branch and digital network. The group builds its strategy on integrated financial services for retail and corporate clients, in a context where consumer and small business lending is under pressure from high debt and changing interest rates. Its consolidated total assets were 798 trillion KRW at December 31, 2025.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, KB Financial Group Inc. (KB) stock was 114.98 USD (+3.65% on the day), with beta 1.00, 52-week range 81.36–132.88 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 43.4
- weak (30–45)
- Bollinger (20, 2)
- 109.61 – 124.25
- in the lower half of the band · %B 0.37 · band width 12.5%
- SMA 50 / 200
- 122.77 / 111.84
- mixed trend
- MACD (12, 26, 9)
- -2.87 / -2.65
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −7.8% | −2.0% | −5.8 pp | — |
| 3 months | −4.7% | −2.2% | −2.6 pp | — |
| 6 months | +3.7% | +4.3% | −0.6 pp | — |
| Year to date | +33.6% | +10.6% | +23.1 pp | — |
| 1 year | +37.4% | +10.5% | +26.9 pp | +16.8% |
| 3 years | +183.3% | +73.7% | +109.6 pp | +123.9% |
| 5 years | +148.2% | +61.7% | +86.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10,192.2 bn | 10,859.7 bn | 11,431.9 bn | 12,492.6 bn | 14,483.6 bn | 13,780.6 bn | 16,229.1 bn | unavailable |
| Revenue YoY | +36.9% | +6.5% | +5.3% | +9.3% | +15.9% | −4.9% | +17.8% | unavailable |
| Net income | 3.1 bn | 2.8 bn | 2.9 bn | 3.2 bn | 3.7 bn | 3.5 bn | 3.6 bn | 3.4 bn |
| Net income YoY | unavailable | −11.3% | +4.2% | +11.0% | +16.9% | −6.2% | +2.9% | −4.2% |
| Diluted EPS | 7.74 | 6.90 | 7.26 | 8.01 | 9.19 | 8.49 | 8.76 | 8.61 |
| Diluted EPS YoY | unavailable | −10.9% | +5.2% | +10.3% | +14.7% | −7.6% | +3.2% | −1.7% |
| net % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | unavailable |
| Free cash flow | -4.8 bn | -8.5 bn | 7.6 bn | -11.0 bn | -5.9 bn | 4.3 bn | 2.9 bn | 2.5 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 16.7 bn KRW
- Financial debt
- 11,468.9 bn KRW
- Net debt
- 11,452.3 bn KRW
- Equity
- 40.5 bn KRW
- Total assets
- 512.8 bn KRW
- Debt / equity
- 283.36x
- Current ratio
- unavailable
- ROE
- 8.6%
- ROA
- 0.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (KRW)
Income statement · KRW
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Pre-tax income | 3.9 bn | 4.4 bn | 5.1 bn | 4.6 bn | 4.8 bn | 4.7 bn | SEC (XBRL)· 25 Apr 2025verified |
| Net income | 2.9 bn | 3.2 bn | 3.7 bn | 3.5 bn | 3.6 bn | 3.4 bn | SEC (XBRL)· 25 Apr 2025verified |
| Diluted EPS | 7.26 | 8.01 | 9.19 | 8.49 | 8.76 | 8.61 | SEC (XBRL)· 25 Apr 2025verified |
| Dividend per share | 1,966.58 | 2,268.67 | 2,703.60 | 4,014.41 | 3,530.35 | 4,514.92 | SEC (XBRL)· 25 Apr 2025derived |
Balance sheet · KRW
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 5.6 bn | 7.3 bn | 20.1 bn | 20.6 bn | 17.5 bn | 16.7 bn | SEC (XBRL)· 25 Apr 2025verified |
| Total assets | 448.8 bn | 562.3 bn | 560.0 bn | 556.4 bn | 554.4 bn | 512.8 bn | SEC (XBRL)· 25 Apr 2025verified |
| Long-term debt | — | 10,566.6 bn | 9,945.1 bn | 9,830.2 bn | 10,301.1 bn | 11,468.9 bn | SEC (XBRL)· 25 Apr 2025verified |
| Total liabilities | 414.9 bn | 522.3 bn | 519.3 bn | 517.0 bn | 508.8 bn | 472.3 bn | SEC (XBRL)· 25 Apr 2025verified |
| Equity | 36.0 bn | 36.6 bn | 38.3 bn | 41.9 bn | 39.7 bn | 40.5 bn | SEC (XBRL)· 25 Apr 2025verified |
| Shares outstanding at year end | 389.6 m | 389.6 m | 389.6 m | 389.6 m | 378.7 m | 373.6 m | SEC (XBRL)· 25 Apr 2025verified |
Cash flow · KRW
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Dividends paid | 766.2 bn | 884.0 bn | 1,053.4 bn | 1,564.2 bn | 1,336.8 bn | 1,686.8 bn | SEC (XBRL)· 25 Apr 2025verified |
| Share repurchases | 237.4 m | 0 | — | — | 442.9 m | 554.9 m | SEC (XBRL)· 25 Apr 2025verified |
Computed indicators
Growth
Profitability
Returns
Market and valuation
Banking
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 36.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
36% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 36.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 8.3% | 11 (vs peers) | 44% |
| ROA · Quality | 0.6% | 17 (on a fixed band) | 17% |
| Cost-to-income · Quality | unavailable | unavailable | — |
| Net interest margin · Quality | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | 3.0% | 25 (on a fixed band) | 22% |
| Revenue CAGR 3Y · Growth | 9.1% | 91 (on a fixed band) | 17% |
| NPL ratio · Balance sheet | unavailable | unavailable | — |
| Cost of risk · Balance sheet | unavailable | unavailable | — |
| Loan-to-deposit · Balance sheet | unavailable | unavailable | — |
| P/B · Valuation | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| Dividend yield · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth53/100 · 2/2 factors with a value
- Quality12/100 · 2/4 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation· partialunavailable · 0/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
KB Financial Group Inc. (KB). Latest full fiscal year: 2023; data up to 2024-12-31.
Figures computed from the financial statements: YoY growth 17.8%; net margin 0.0%; ROE 8.3%.
The estimated value range is 98.03–127.64 KRW per share (median of 5 methods, agreement: low); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 36.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 9.1%
What contradicts it
- ROE: 8.3%
- ROA: 0.6%
- EPS CAGR 3Y: 3.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Cost-to-income, Net interest margin, NPL ratio, Cost of risk, Loan-to-deposit, P/B, P/E (TTM), Dividend yield.
Versus the vertical median
Commercial Banks, NEC (SIC 6029) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BCHBank of Chile | 3,989.2 bn | 3.2 | 25,665.4% | 1,571,522.8% | −10.7% | +5% / +74% |
| HDBHdfc Bank Limited | 186.2 bn | 23.4 | 9.1% | 30.8% | +15.2% | −34% / −19% |
| KBKB Financial Group Inc. | 41.2 bn | 13.4 | 8.3% | 0.0% | +17.8% | +37% / +183% |
| NTBThe Bank of N.T. Butterfield & Son Limited | 2.2 bn | 10.1 | 21.4% | 38.2% | +4.6% | +19% / +100% |
| BLXForeign Trade Bank Of Latin America, Inc. | 1.9 bn | 9.2 | 16.2% | 67.8% | +14.1% | +14% / +110% |
| PGCPeapack Gladstone Financial Corp | 839.4 m | 16.4 | 7.7% | 16.4% | +24.1% | +75% / +91% |
| AVALGrupo Aval Acciones Y Valores S.A. | 30 | 0.1 | — | — | −2.4% | +3% / +93% |
| BAPCredicorp Ltd | — | — | 16.5% | 20.0% | +7.0% | +40% / +186% |
| BMOBank Of Montreal | — | — | 10.1% | 24.0% | +10.6% | +41% / +116% |
| MUFGMitsubishi UFJ Financial Group, Inc. | — | — | 9.1% | 14.6% | +9.5% | +39% / +156% |
| SANBanco Santander, S.A. | — | — | 12.8% | — | +0.0% | +12% / +194% |
| INGIng Groep NV | — | — | 15.6% | 32.4% | +21.8% | +27% / +133% |
| CMCanadian Imperial Bank Of Commerce | — | — | 13.7% | 28.9% | +13.8% | +39% / +190% |
| RYRoyal Bank Of Canada | — | — | 15.3% | 30.6% | +16.1% | +36% / +132% |
| BCSBarclays PLC | — | — | 9.6% | 64.6% | +3.7% | +4% / +228% |
| INTRINTER & Co, INC. | — | — | 11.1% | 14.2% | +34.7% | −56% / −25% |
| VBNKVersaBank | — | — | 6.1% | 22.8% | +11.7% | +90% / +193% |
| TDToronto Dominion Bank | — | — | 16.9% | 30.3% | +18.4% | +53% / +110% |
| LYGLloyds Banking Group plc | — | — | 10.0% | 24.0% | +7.9% | +3% / +141% |
| SUPVGrupo Supervielle S.A. | — | — | 13.6% | 12.2% | −13.9% | −48% / +73% |
| NWGNatWest Group plc | — | — | 14.2% | 19.3% | +3.1% | −1% / +209% |
1- and 3-year price returns: for KB from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Apr 2026; since then the company filed 6-K (29 Oct 2026), 6-K (28 Oct 2026), 6-K (26 Oct 2026).
In brief
KB Financial Group is one of the largest financial holding groups in South Korea, with Kookmin Bank at its centre and an extensive branch and digital network. The group builds its strategy on integrated financial services for retail and corporate clients, in a context where consumer and small business lending is under pressure from high debt and changing interest rates 1. Its consolidated total assets were 798 trillion KRW at December 31, 2025 1.
SWOT
Strengths
- The group has a very extensive branch network and a large retail customer base, which provides stable funding and convenient access 1.
- The holding structure allows sharing of customer information and cross-selling across banking, cards, insurance and investments 1.
- Its leading position in mortgage and commercial banking in Korea is presented as a competitive advantage 1.
Weaknesses
- Heavy exposure to consumer credit makes the group sensitive to weaker household incomes and rising unemployment 1.
- The delinquency rate on credit cards and SME loans rose in recent years, even though some indicators fell recently 1.
- The net interest margin eased slightly in 2025, which signals pressure on the main source of income 1.
Opportunities
- High net worth customers could bring fee and wealth management income if the declared strategy succeeds 1.
- Digitalisation and artificial intelligence could lower costs and personalise services across all channels 1.
- International activity and overseas platforms could widen the revenue base, according to the group's strategy 1.
Threats
- Government rules on mortgage lending and debt relief programmes could reduce the interest income collected 1.
- Volatility in global markets, currency movements and geopolitical tensions can cause valuation and trading losses 1.
- An economic downturn or rising unemployment could hit retail and SME loan quality at the same time 1.
Risks
- Retail loan delinquencyhigh
Rising consumer debt could lead to more overdue loans, requiring higher provisions and further losses 1.
- SME loan qualityhigh
Small and medium-sized firms, especially SOHO borrowers, are sensitive to economic swings and to difficulties at large industrial groups 1.
- Exposure to stressed sectorsmedium
The group has loans for real estate project financing, construction, shipbuilding and shipping, sectors that can face financial difficulty 1.
- Government regulation and support programmesmedium
Government programmes for borrowers in difficulty could require the bank to offer credit terms it would not normally offer 1.
- Currency and market volatilitymedium
A weaker won and market swings can raise the cost of foreign currency funding and cause valuation losses 1.
Investment thesis
What would need to be true (bull case)
- If the branch network and retail customer base remain solid, the group could keep stable funding and income across several business lines 1.
- If the high net worth strategy and cross-selling succeed, fee income could grow 1.
- If credit quality indicators keep improving, provisions could fall in future periods 1.
What would break the thesis
- If consumer debt and non-performing loans keep rising, the group could need larger provisions, weighing on profit 1.
- If the interest margin keeps compressing, interest income could fall below recent levels 1.
- If geopolitical tensions and market volatility intensify, trading and currency losses could affect results 1.
What to watch
- Trend in the non-performing rate on retail loans and credit cardsQ1 2027
- Net interest margin compared with the 2025 level2027
- Effects of mortgage rules and debt relief programmes2027
- Quality of SME loans and exposure to stressed sectorsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Apr 2026; since then the company filed 6-K (29 Oct 2026), 6-K (28 Oct 2026), 6-K (26 Oct 2026).
The business
KB Financial Group Inc. was established on September 29, 2008 as a financial holding company, through a stock transfer in which holders of Kookmin Bank and certain subsidiaries exchanged their shares for shares of the group 1. Its subsidiaries cover commercial banking, credit cards, asset management, non-life and life insurance, capital markets and international banking 1. At December 31, 2025 consolidated deposits were 462 trillion KRW and consolidated equity was 61 trillion KRW 1. A combined network of 771 branches and digital platforms such as KB Star Banking supports customer access and funding 1.
The group states that its holding structure allows it to offer a wider range of financial services, share customer information within the group and manage capital centrally 1. The declared strategy aims at a leading financial position in Korea and a stronger overseas platform 1.
The parent bank Kookmin Bank is the main vehicle for the group's banking activities, and the group states that it is the largest private sector mortgage lender in Korea 1. Risk decisions are centralised, which the group presents as a way to keep credit quality under control in an environment of debt pressure 1.
Segments
Retail lending and cards
Retail loans, including mortgage and home equity loans, together with credit card loans made up 45.2% of the total loan portfolio at December 31, 2025 1. The group shows that mortgages are the most important part of this category and that its non-performing rate has risen in recent years 1.
Market context
The group operates in the South Korean financial market, where it competes with other commercial banks, consumer finance companies and non-bank institutions 1. Rapid growth in consumer debt in recent years has intensified competition in retail lending, especially in mortgages 1.
The Bank of Korea lowered its policy rate to 2.50% in May 2025, after raising it to 3.50% between April 2022 and January 2023 1. Rate changes influence net interest income and funding costs, so the interest margin is sensitive to the monetary cycle 1.
Trends
- High consumer debtheadwind
Consumer debt has grown significantly in recent years, and government rules on mortgage lending have changed in several waves 1. If debt stays high, non-performing retail loans could keep rising 1.
- Lower policy interest ratesmixed
The central bank cut its policy rate from October 2024 to May 2025 to support the economy 1. Lower rates can reduce funding costs but can also compress interest income if margins fall 1.
- Digitalisation of bankingtailwind
The group invests in digital platforms, call centres and artificial intelligence to offer services equally well in branches and online 1. If these channels attract new customers, they could support fee income and retention 1.
- Geopolitical and currency tensionsheadwind
Volatility in global markets, the won-dollar exchange rate and asset prices can cause trading losses and impairment of investments 1. A weaker won could raise the cost of foreign currency borrowings 1.
Competitive position
The group is one of the largest financial groups in South Korea and states that its branch network is an important competitive advantage 1. Competition is intense in mortgage and SME lending, where several banks and credit companies seek clients 1.
The analysed sources do not compare the group's position with its rivals in detail, so this profile cannot make a full relative assessment 1. The group does state that its banking, card and insurance units give it an advantage over banks without a holding structure 1.
- Kookmin Bank (own banking subsidiary)
The group's main banking subsidiary, with which it shares its network and client base, so not an external competitor.
- Other South Korean commercial banks
They compete in retail lending and for SME clients, where the sources mention aggressive marketing.
- Consumer credit companies
They invest in marketing and compete for consumer lending, as described in the report.
- Non-bank financial institutions
Named in the report as participants in the retail market alongside banks and credit companies.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Glass Lewis supports Lee Jae-keun's appointment as KB Financial chairmanKorea Times — Business · 02 Nov 2026 · EN
- ISS backs Lee Jae-keun's appointment as KB Financial chairmanKorea Times — Business · 01 Nov 2026 · EN
- Global proxy advisers scrutinize KB Financial's surprise leadership changeKorea Times — Business · 29 Sept 2026 · EN
- KB Financial cans incumbent chairman to tap deputy as new leaderKorea Times — Business · 11 Sept 2026 · EN
- KB Financial picks head of global business as next chairmanKorea Times — Business · 11 Sept 2026 · EN
- KB Financial selects seasoned financier as candidate for next chiefYonhap News (KR, EN) · 11 Sept 2026 · EN
- KB Financial picks Lee Jae-keun as next chairmanKorea Times — Business · 11 Sept 2026 · EN
- KB Financial narrows down chair race to 3 candidatesKorea Times — Business · 27 Aug 2026 · EN
- KB Financial Group faces new uncertainty over leadership succession after tax probe into banking unitKorea Times — Business · 14 Aug 2026 · EN
- KB Financial chief vows to turn 'money move' into opportunitiesKorea Times — Business · 12 Jul 2026 · RO
- Foreigner stakes in KB Financial exceed 80% as chairman seeks 2nd termKorea Times — Business · 19 Jun 2026 · RO
SEC filings
- Current report (foreign issuer)29 Oct 2026
- Current report (foreign issuer)29 Oct 2026
- Current report (foreign issuer)29 Oct 2026
- Current report (foreign issuer)28 Oct 2026
- Current report (foreign issuer)26 Oct 2026
- Current report (foreign issuer)26 Oct 2026
- Current report (foreign issuer)21 Oct 2026
- Current report (foreign issuer)15 Oct 2026
- Current report (foreign issuer)02 Oct 2026
- Current report (foreign issuer)21 Aug 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / KB Financial Group Inc. · 28 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.