KB Financial : 3Q Net Profit Jumped 27% on Year

By Kwanwoo Jun

KB Financial Group's third-quarter net profit jumped 27% from a year earlier, helped by its acquisition of Prudential Financial's South Korea unit as well as increased interest and fee incomes.

Net profit for the quarter ended Sept. 30 was 1.194 trillion won ($1.05 billion), the South Korean company said Thursday. That beat a FactSet-compiled consensus forecast of KRW1.011 trillion.

Third-quarter revenue fell 19% to KRW10.533 trillion, while operating profit rose 13% to KRW1.417 trillion.

The quarterly results reflected a profit contribution of more than KRW100 billion from the Prudential unit, the company said.

The unit is valued above what KB paid for it, a factor that is likely to be reflected positively on the company's balance sheet for the next several quarters, KB officials said.

Write to Kwanwoo Jun at [e-mail]

(END) Dow Jones Newswires

10-22-20 0442ET