KB Financial : Separate Review Report 1st Quarter 2021

KB Financial Group Inc.

Separate Interim Financial Statements

March 31, 2021 and 2020

(Unaudited)

(With Independent Auditors' Review Report Thereon)

Contents

	Page
Independent Auditors' Review Report	1
Separate Interim Statements of Financial Position	3
Separate Interim Statements of Comprehensive Income	4
Separate Interim Statements of Changes in Equity	5
Separate Interim Statements of Cash Flows	6
Notes to the Separate Interim Financial Statements	7

152, Teheran-ro,Gangnam-gu, Seoul 06236

(Yeoksam-dong, Gangnam Finance Center 27th Floor)

Republic of Korea

Independent Auditors' Review Report

Based on a report originally issued in Korean

The Board of Directors and Stockholders

KB Financial Group Inc.:

Reviewed financial statements

We have reviewed the accompanying condensed separate interim financial statements of KB Financial Group Inc. (the "Company"), which comprise the separate interim statement of financial position as of March 31, 2021, the separate interim statements of comprehensive income, changes in equity and cash flows for the three-month periods ended March 31, 2021 and 2020 and notes, comprising a summary of significant accounting policies and other explanatory information.

Management's responsibility

Management is responsible for the preparation and fair presentation of these condensed separate interim financial statements in accordance with Korean International Financial Reporting Standards ("K-IFRS") No.1034 Interim Financial Reporting, and for such internal control as management determines is necessary to enable the preparation of the condensed separate interim financial statements that are free from material misstatement, whether due to fraud or error.

Auditors' review responsibility

Our responsibility is to issue a report on these condensed separate interim financial statements based on our review.

We conducted our reviews in accordance with the Review Standards for Quarterly and Semiannual Financial Statements established by the Securities and Futures Commission of the Republic of Korea. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Korean Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our reviews, nothing has come to our attention that causes us to believe that the accompanying condensed separate interim financial statements referred to above are not prepared, in all material respects, in accordance with K-IFRS No.1034 Interim Financial Reporting.

Emphasis of matter

The following matter may be helpful to the readers in their understanding of the condensed separate interim financial statements. Our review conclusion is not affected by this matter.

As described in note 24.2.b) to the condensed separate interim financial statements, the proliferation of COVID-19 has had a negative impact on the global economy, which may have a greater impact than expected credit losses and potential impairment of assets in a particular portfolio, and it could negatively affect the profit generation capability of the Company.

Other matters

The procedures and practices utilized in the Republic of Korea to review such condensed separate interim financial statements may differ from those generally accepted and applied in other countries.

The separate statement of financial position of the Company as of December 31, 2020, and the related separate statements of comprehensive income, changes in equity and cash flows for the year then ended, which are not accompanying this report, were audited by us in accordance with Korean Standards on Auditing and our report thereon, dated March 9, 2021, expressed an unqualified opinion. The accompanying separate statement of financial position of the Company as of December 31, 2020, presented for comparative purposes, is consistent, in all material respects, with the audited separate statement of financial position from which it has been derived.

KPMG Samjong Accounting Corp.

Seoul, Korea

May 17, 2021

This report is effective as of May 17, 2021, the review report date. Certain subsequent events or circumstances, which may occur between the review report date and the time of reading this report, could have a material impact on the accompanying condensed separate interim financial statements and notes thereto. Accordingly, the readers of the review report should understand that the above review report has not been updated to reflect the impact of such subsequent events or circumstances, if any.

KB Financial Group Inc.

Separate Interim Statements of Financial Position

March 31, 2021 and December 31, 2020

(In millions of Korean won)
				March 31, 2021
	Notes			(Unaudited)		December 31, 2020
Assets
Cash and due from financial institutions	4,5,6,23		￦	2,067,162		￦	23,084
Financial assets at fair value through profit or loss	4,5,7			415,256			474,262
Loans measured at amortized cost	4,5,8			179,536			179,542
Investments in subsidiaries	9			26,519,880			26,519,880
Property and equipment				7,401			7,730
Intangible assets				13,069			13,267
Deferred income tax assets	10			3,288			3,189
Other assets	4,5			1,031,510			887,537
Total assets			￦	30,237,102		￦	28,108,491
Liabilities
Borrowings	4,5,11		￦	-		￦	100,000
Debentures	4,5,12			6,238,626			6,128,043
Net defined benefit liabilities	13			609			59
Current income tax liabilities				840,683			716,473
Other liabilities	4,5			879,730			178,296
Total liabilities				7,959,648			7,122,871
Equity	14
Share capital				2,090,558			2,090,558
Hybrid securities				2,294,423			1,695,778
Capital surplus				14,754,747			14,754,747
Accumulated other comprehensive income				(8,060)			(8,032)
Retained earnings				4,281,974			3,588,757
Treasury shares				(1,136,188)			(1,136,188)
Total equity				22,277,454			20,985,620
Total liabilities and equity			￦	30,237,102		￦	28,108,491

The above separate interim statements of financial position should be read in conjunction with the accompanying notes.