Results of BOD Meeting and 4Q09 Operating Results
02-10-2010Convocation of
Annual General Meeting of Shareholders
of KB Financial Group Inc. for Fiscal
Year 2009
On February 10, 2010, the board of directors of KB Financial Group Inc. resolved to convene the annual general meeting of shareholders for fiscal year 2009 as follows:
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Date and Time: | March 26, 2010, 10:00 A.M. local time | ||
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Venue: | Fourth Floor Auditorium, Kookmin Bank, 36-3,
Yeouido-dong, Yeongdeungpo-gu, Seoul, Korea | ||
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Agenda: |
| 1) | Approval of financial statements (balance sheet, statement of income and statement of appropriation of retained earnings) for fiscal year 2009 | ||
| 2) | Amendment of the Articles of Incorporation | ||
| 3) | Appointment of executive director(s) | ||
| 4) | Appointment of the members of the Audit Committee, who are non-executive directors | ||
| 5) | Approval of the aggregate remuneration limit for directors |
Shareholders may exercise their voting rights without attending the meeting in person by submitting voting cards by mail.
Details regarding the candidate for executive director(s) will be disclosed after the list of such candidates is finalized.
2009 Preliminary Operating Results
On February 10, 2010, KB Financial Group Inc. (“KB Financial Group”) held an earnings conference and released its preliminary operating results for fiscal year 2009. The following tables reflect the key figures released during the conference. The presentation materials for the conference, which contain further details, are available at KB Financial Group’s website (http://www.kbfng.com).
The preliminary figures for KB Financial Group and Kookmin Bank for fiscal year 2009 presented herein are currently being audited by their respective independent auditors and are subject to change.
| % Change | % Change | |||||||||||||||||||||
| (Won in millions, %) | 4Q 2009 | 3Q 2009 | (Q to Q) | 4Q 2008* | (Y to Y) | |||||||||||||||||
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Operating
Revenue |
Specified Quarter | 6,007,998 | 6,679,499 | (10.05 | ) | 17,967,947 | (66.56 | ) | ||||||||||||||
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Cumulative | 30,446,099 | 24,487,629 | — | 29,729,283 | — | ||||||||||||||||
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Operating
Income |
Specified Quarter | 70,936 | 145,037 | (51.09 | ) | 33,789 | 109.94 | |||||||||||||||
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Cumulative | 651,285 | 580,349 | — | 627,301 | — | ||||||||||||||||
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Income before Income
Tax |
Specified Quarter | 41,398 | 155,419 | (73.36 | ) | 135,118 | (69.36 | ) | ||||||||||||||
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Cumulative | 552,158 | 510,760 | — | 939,408 | — | ||||||||||||||||
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Net Income
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Specified Quarter | 17,837 | 173,717 | (89.73 | ) | 43,878 | (59.35 | ) | ||||||||||||||
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Cumulative | 539,818 | 521,981 | — | 611,927 | — | ||||||||||||||||
| * | KB Financial Group was established on September 29, 2008 pursuant to a “comprehensive stock transfer” under Korean law and accordingly, the cumulative figures for the fourth quarter of fiscal year 2008 are based on the consolidated results subsequent to June 30, 2008, the end of the most recent quarter prior to the establishment of KB Financial Group. | |
| ** | Represents net income for controlling company interests. |
| % Change | % Change | |||||||||||||||||||||
| (Won in millions, %) | 4Q 2009 | 3Q 2009 | (Q to Q) | 4Q 2008 | (Y to Y) | |||||||||||||||||
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Operating
Revenue |
Specified Quarter | 5,480,502 | 6,311,324 | (13.16 | ) | 17,605,426 | (68.87 | ) | ||||||||||||||
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Cumulative | 28,734,838 | 23,254,336 | — | 44,379,564 | (35.25 | ) | |||||||||||||||
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Operating
Income |
Specified Quarter | 91,016 | 189,876 | (52.07 | ) | (433,973 | ) | N/A | * | |||||||||||||
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Cumulative | 703,027 | 612,011 | — | 1,811,443 | (61.19 | ) | |||||||||||||||
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Income before Income
Tax |
Specified Quarter | 58,708 | 199,098 | (70.51 | ) | (388,335 | ) | N/A | * | |||||||||||||
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Cumulative | 660,471 | 601,763 | — | 2,158,289 | (69.40 | ) | |||||||||||||||
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Net Income |
Specified Quarter | 17,818 | 231,144 | (92.29 | ) | (318,459 | ) | N/A | * | |||||||||||||
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Cumulative | 635,803 | 617,985 | — | 1,510,784 | (57.92 | ) | |||||||||||||||
| * | N/A = Not applicable |
Declaration of Cash Dividends by KB Financial Group Inc.
On February 10, 2010, the board of directors of KB Financial Group Inc. (“KB Financial Group”) passed a resolution to declare a cash dividend of KRW 230 per common share (total dividend amount: KRW 78,896,667,470), subject to shareholder approval. The record date is December 31, 2009, and in accordance with the Korean Commercial Code, the payment for such dividends (which is subject to change pending shareholder approval) is expected to be made within one month following shareholder approval at the annual general meeting of shareholders of KB Financial Group scheduled to be held on March 26, 2010.
The contents of the above declaration remain subject to change pending approval at the annual general meeting of shareholders and the results of the audit by our independent auditor.
The total number of common shares that are eligible for payment of dividends is 343,028,989 shares (which excludes 43,322,704 shares held by Kookmin Bank, a wholly-owned subsidiary of KB Financial Group).
Declaration of Cash Dividends by Kookmin Bank
On February 9, 2010, the board of directors of Kookmin Bank, a wholly-owned subsidiary of KB Financial Group Inc. (“KB Financial Group”), passed a resolution to declare a cash dividend of KRW192 per common share (total dividend amount: KRW95,304,790,272), subject to shareholder approval. The record date is December 31, 2009, and the expected payment date for such dividends (which is subject to change pending shareholder approval) is March 25, 2010. The entire dividend amount is to be paid to KB Financial Group, which holds all of the common shares of Kookmin Bank.
The contents of the above declaration remain subject to change pending approval at the annual general meeting of shareholders of Kookmin Bank (which is scheduled to be held on March 25, 2010) and the results of the audit of Kookmin Bank by its independent auditor.
Report of Change in Revenue or Income of More than 15% (Kookmin Bank)
Kookmin Bank, a wholly owned subsidiary of KB Financial Group Inc., reported changes in its non-consolidated revenue and income as described below.
| Key Details | (Won in thousands, %) |
| Change | Change | |||||||||||||||
| FY2009 | FY2008 | (Amount) | (%) | |||||||||||||
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Revenue and
Income |
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- Operating
Revenue |
28,734,837,826 | 44,379,563,742 | (15,644,725,916 | ) | (35.3 | ) | ||||||||||
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- Operating Income |
703,026,527 | 1,811,442,884 | (1,108,416,357 | ) | (61.2 | ) | ||||||||||
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- Income before Income
Tax |
660,470,970 | 2,158,289,327 | (1,497,818,357 | ) | (69.4 | ) | ||||||||||
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- Net Income |
635,802,787 | 1,510,783,978 | (874,981,191 | ) | (57.9 | ) | ||||||||||
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Other Financial
Data |
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- Total Assets |
256,519,760,407 | 262,093,176,566 | ||||||||||||||
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- Total
Liabilities |
237,177,202,547 | 244,779,083,051 | ||||||||||||||
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- Shareholders’
Equity |
19,342,557,860 | 17,314,093,515 | ||||||||||||||
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- Capital Stock |
2,481,895,580 | 2,181,895,580 | ||||||||||||||
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- Shareholders’ Equity/
Capital Stock Ratio (%) |
779.3 | 793.5 | ||||||||||||||
| - | The decreases in operating income and net income were primarily due to (i) a decrease in operating revenue due to, among other reasons, a decrease in income from derivatives and (ii) an increase in operating expenses due to, among other reasons, an increase in loan loss provisions. |
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