KB Financial Group (105560.KS): Asia Financials Corporate Day Takeaways

研报英文原文证据摘录

KB Financial Group (105560.KS): Asia Financials Corporate Day Takeaways

Equity Research

18 June 2026 | 4:19PM KST

KB Financial Group (105560.KS): Asia Financials Corporate Day

Takeaways

Sinyoung Park

+82(2)3788-1778 |

sinyoung.park@gs.com

Goldman Sachs (Asia) L.L.C., Seoul

Branch

We hosted KBFG at our Asia Financial Corporate Day on June 17th, 2026. Given rate hike

expectations and the retail money move, discussions were centered around margin outlook,

brokerage operations and shareholder returns.

Expecting stronger bank profit under increased rate hike expectations

Given increased rate hike expectations, management expressed confidence in

delivering stronger bank profit aided by NIM expansion on the back of higher asset

yields as well as well-protected core deposit growth (+6.1% q-o-q in 1Q26 despite

concerns on retail money move). The group is strategically planning to pick up loan

growth in 2H26 and reach +4-5% annual target, to keep away from the intense

competition in SME lending which led to muted loan growth in 1Q26 (+0.4% q-o-q).

Allocating more towards non-bank operations to enhance the group ROE

With brokerage ROE reaching 19% in 1Q26, the group plans to allocate more capital

towards non-bank operations that are generating higher returns and contributing to

a widening TSR gap vs. large bank peers. Following the latest W700bn capital

injection into KB Securities, management is carefully reviewing capital allocation with

a focus on RoRWA and in consideration of current market dynamics; focusing on

wealth management and margin lending business to capitalize on the retail money

move.

Committed to keeping the sector-highest CET1 ratio as well as TSR delivery

While KRW weakness remains a headwind in CET1 ratio management, the group is