Equibles

6-K

KB Financial Group Inc. (KB)

6-K 2024-11-14 For: 2024-11-14
View Original
Added on April 09, 2026
Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OFFOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2024

Commission File Number: 000-53445

KB Financial Group Inc.

(Translation of registrant’s name into English)

26, Gukjegeumyung-ro 8-gil, Yeongdeungpo-gu, Seoul 07331, Korea

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒    Form 40-F ☐

Table of Contents

Index

1. Summary of the 2024 Third Quarter Business Report
2. Exhibit 99.1 KB Financial Group Review Report for the Third Quarter of 2024 (Consolidated)
3. Exhibit 99.2 KB Financial Group Review Report for the Third Quarter of 2024 (Separate)
Table of Contents

TABLE OF CONTENTS

1. Introduction to the Company
1.1. Business Purpose
1.2. History
1.3. Overview of the Business Group
1.4. Capital Structure
1.5. Dividends
1.6. Amendments to the Articles of Incorporation
2. Business
2.1. Results of Operations
2.2. Sources and Uses of Funds
2.3. Other Information to Consider in Making an Investment Decision
3. Financial Information
3.1. Consolidated Financial Information
3.2. Separate Financial Information
3.3. Other Selected Financial Data
3.4. Other Financial Information
4. Independent Public Accountants
4.1. Audit/ Review Services
4.2. Public Company Accounting Oversight Board (“PCAOB”) Audit Services
4.3. Change in Auditor
5. Corporate Governance and Affiliated Companies
5.1. Board of Directors & Committees under the Board
5.2. Audit Committee
5.3. Compensation to Directors
5.4. Top 5 Highest-Paid Individuals
5.5. Stock-based Compensation
5.6. Affiliated Companies
6. Directors, Senior Management and Employees
6.1. Executive Directors
6.2. Non-standing Directors
6.3. Non-executive Directors
6.4. Senior Management
6.5. Employees
7. Major Shareholders and Related Party Transactions
7.1. Major Shareholders
7.2. Changes in the Largest Shareholder
7.3. Employee Stock Ownership Association
7.4. Investments in Affiliated Companies
7.5. **** Related Party Transactions
Table of Contents

Summary of 2024 Third Quarter Business Report

On November 14, 2024, KB Financial Group Inc. (“KB Financial Group,” the “Company” or the “Group”) filed its business report for the third quarter of 2024 (the “Business Report”) with the Financial Services Commission of Korea and the Korea Exchange. This is a summary of the Business Report translated into English.

Except where indicated otherwise, financial information contained in this summary have been prepared in accordance with the Korean equivalent of International Financial Reporting Standards (“K-IFRS”), which differ in certain important respects from generally accepted accounting principles in the United States.

All references to “KB Financial Group,” “we,” “us,” the “Company” or the “Group” are to KB Financial Group and, unless the context requires otherwise, its subsidiaries. In addition, all references to “Won” or “KRW” in this document are to the currency of the Republic of Korea.

Table of Contents
1. Introduction to the Company
1.1. Business Purpose
--- ---

KB Financial Group is a financial holding company that was established in September 2008. Its main business purpose is to hold shares in companies that are engaged in financial or related services, as well as govern and manage such companies. Its consolidated subsidiaries are primarily engaged in the banking business, as well as the credit card business, the financial investment business, the insurance business and other related businesses.

1.2. History

[Not required to be disclosed in quarterly reports]

1.3. Overview of the Business Group

[Not required to be disclosed in quarterly reports]

1.4. Capital Structure
1.4.1. Common Shares
--- ---

Changes in Capital

(As of September 30, 2024) (Unit: Won, shares)
Date Type Number of Shares<br>Issued or Cancelled Par<br>Value Price Remarks
September 29, 2008 Common Stock 356,351,693 5,000 48,444 Establishment of<br> <br>the Company
September 2, 2009 Common Stock 30,000,000 5,000 37,250 % increase in number of<br>common shares: 8.41865%
October 19, 2016 Common Stock 31,759,844 5,000 35,474 % increase in number of<br>common shares: 8.22045%
December 12, 2019 Common Stock 2,303,617 5,000 — Share Cancellation^(1)^
February 14, 2022 Common Stock 3,455,426 5,000 — Share Cancellation^(1)^
August 1, 2022 Common Stock 3,455,426 5,000 — Share Cancellation^(1)^
April 4, 2023 Common Stock 5,385,996 5,000 — Share Cancellation^(1)^
August 14, 2024 Common Stock 9,982,649 5,000 — Share Cancellation^(1)^
Note: (1) The cancelled shares constituted treasury shares acquired pursuant to a resolution of the board of directors of the Company within the limits of profit available for dividend payment, and as such, there was no change in paid-in capital.
--- --- ---

Number of Shares

[Not required to be disclosed in quarterly reports]

Table of Contents
1.4.2. Voting Rights
(As of September 30, 2024) (Unit: shares)
--- --- --- --- ---
Items Number of Shares Notes
Total number of issued shares Common shares 393,528,423 —
Preferred shares — —
Shares without voting rights Common shares 16,312,733 Treasury shares
Preferred shares — —
Shares for which voting rights cannot be exercised pursuant to the Articles of<br>Incorporation — — —
Shares for which voting rights are restricted under relevant laws and regulations — — —
Shares with restored voting rights — — —
Total shares for which voting rights may be exercised Common shares 377,215,690 —
Preferred shares — —
Notes: (1) On July 25, 2023, the board of directors of the Company resolved to acquire and cancel certain of the Company’s treasury shares and accordingly, the Company acquired 5,584,514 treasury shares from August 1, 2023 to<br>December 5, 2023 and canceled such shares on August 14, 2024. For more information, please refer to the Company’s report on Form 6-K furnished to the Securities and Exchange Commission on<br>July 31, 2024
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(2) On February 7, 2024, the board of directors of the Company resolved to acquire and cancel certain of the Company’s treasury shares and accordingly, the Company acquired 4,398,135 treasury shares from February 8, 2024<br>to May 31, 2024 and canceled such shares on August 14, 2024. For more information, please refer to the Company’s report on Form 6-K furnished to the Securities and Exchange Commission on<br>August 7, 2024
(3) On July 23, 2024, the board of directors of the Company resolved to acquire and cancel certain of the Company’s treasury shares. Pursuant to such resolution, the Company entered into a trust agreement with Samsung<br>Securities Co., Ltd. for the acquisition of Won 400 billion worth of treasury shares between August 26, 2024 and March 4, 2025 and has completed such acquisition, acquiring a total of 4,575,874 treasury shares on November 5,<br>2024. Such acquired treasury shares are scheduled for cancellation upon the termination of the trust agreement on March 4, 2025.
(4) On October 24, 2024, the board of directors of the Company resolved to acquire and cancel certain of the Company’s treasury shares. Pursuant to such resolution, the Company entered into a trust agreement with Samsung Securities<br>Co., Ltd. for the acquisition of Won 100 billion worth of treasury shares between November 1, 2024 and April 30, 2025. Such acquired treasury shares are scheduled for cancellation. For more information, please refer to the<br>Company’s report on Form 6-K furnished to the Securities and Exchange Commission on October 24, 2024.
1.5. Dividends
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On October 24, 2024, KB Financial Group disclosed a detailed plan to enhance corporate value titled “KB Financial Group’s Sustainable Value-up Plan”, which includes information on shareholder returns and dividends. The key details are outlined below (the full version of the Plan can be accessed on KB Financial Group’s website at www.kbfg.com).

Our goal is to maintain a target ROE of 10% or above, as we strive to improve profitability by enhancing our Return on Risk-Weighted Assets (RoRWA), thereby strengthening our intrinsic corporate value.

We also seek to maintain a target CET1 ratio of 13% or above. We aim to carefully manage our RWA growth rate by taking capital efficiency and profitability into consideration with the goal of maintaining a CET1 ratio in the range of mid-13% throughout the year.

We plan to execute our shareholder return policy in two phases. In the first phase, we will aim to utilize the capital in such amount that is equivalent to the amount exceeding 13% of our CET1 ratio as of the end of the previous year for the payment of shareholder returns in the following year. These returns will be supported through quarterly cash dividends (equitably distributed on a total annual basis) and through share buybacks and cancellations. In the second phase, we will aim to utilize the capital in such amount that is equivalent to the amount exceeding 13.5% of our CET1 ratio in the second half of the year to pay for additional shareholder returns. These returns, which will be made based on profits accumulated throughout the year, will be executed through share buybacks and cancellations.

These goals and expectations are subject to adjustments based on economic uncertainties, regulatory considerations, capital ratio projections, and the Company’s strategic objectives, including potential inorganic growth opportunities.

Table of Contents
(Unit: in millions of Won, except per share amounts and percentages)
Items January 1, 2024 to<br>September 30, 2024^(1)^ January 1, 2023 to<br>December 31, 2023^(2)^ January 1, 2022 to<br>December 31, 2022^(3)^
Par value per share (Won) 5,000 5,000 5,000
(Consolidated) Net income 4,395,288 4,631,932 4,394,830
(Consolidated) Earnings per share (Won) 11,168 11,580 10,955
Total cash dividends 900,000 1,173,937 1,149,421
Total stock dividends — — —
(Consolidated) Cash dividend payout ratio (%) 20.5 25.3 26.0
Cash dividend yield (%) Common shares 2.9 4.9 5.8
— — — —
Stock dividend yield (%) Common shares — — —
— — — —
Cash dividend per share (Won) Common shares 2,370 3,060 2,950
— — —
Stock dividend per share Common shares — —
— — —
Notes: (1) Includes a quarterly dividend amount of Won 300,000 million (Won 784 per common share) in the first quarter of fiscal year 2024, a quarterly dividend amount of Won 300,000 million (Won 791 per common share) in the second<br>quarter of fiscal year 2024, and a quarterly dividend amount of Won 300,000 million (Won 795 per common share) in the third quarter of fiscal year 2024.
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(2) Includes a quarterly dividend amount of Won 195,967 million (Won 510 per common share) in the first quarter of fiscal year 2023, a quarterly dividend amount of Won 195,967 million (Won 510 per common share) in the second<br>quarter of fiscal year 2023, a quarterly dividend amount of Won 194,998 million (Won 510 per common share) in the third quarter of fiscal year 2023, and an annual dividend amount of Won 587,006 million (Won 1,530 per common<br>share).
(3) Includes a quarterly dividend amount of Won 194,817 million (Won 500 per common share) in the first quarter of fiscal year 2022, a quarterly dividend amount of Won 194,817 million (Won 500 per common share) in the second<br>quarter of fiscal year 2022, a quarterly dividend amount of Won 194,817 million (Won 500 per common share) in the third quarter of fiscal year 2022, and an annual dividend amount of Won 564,970 million (Won 1,450 per common<br>share).
1.6. Amendments to the Articles of Incorporation
--- ---

[Not required to be disclosed in quarterly reports]

Table of Contents
2. Business
2.1. Results of Operations
--- ---
(Unit: in millions of Won)
--- --- --- --- --- --- --- --- --- --- --- --- ---
For the nine months<br>ended September 30, 2024 For the nine months<br>ended September 30, 2023 For the year ended<br>December 31, 2023 For the year ended<br>December 31, 2022
Net interest income 9,522,689 8,958,317 12,141,717 11,515,325
Interest income 22,863,335 21,410,551 29,145,079 20,787,577
Interest expense (13,340,646 ) (12,452,234 ) (17,003,362 ) (9,272,252 )
Net fee and commission income 2,852,432 2,766,821 3,673,524 3,514,902
Fee and commission income 4,069,582 3,989,242 5,368,074 5,125,930
Fee and commission expense (1,217,150 ) (1,222,421 ) (1,694,550 ) (1,611,028 )
Insurance service result 1,372,729 1,232,287 1,422,952 1,311,091
Insurance income 8,479,376 8,227,494 10,978,808 10,072,490
Insurance expense (7,106,647 ) (6,995,207 ) (9,555,856 ) (8,761,399 )
Net gains (losses) on financial assets/liabilities at fair value through profit or loss 1,472,733 1,166,755 2,163,065 (1,139,818 )
Other insurance finance income (expense) (268,979 ) (183,476 ) (459,135 ) 841,227
Net other operating expenses (1,584,287 ) (1,309,268 ) (2,712,989 ) (2,262,123 )
General and administrative expenses (4,872,926 ) (4,723,919 ) (6,647,406 ) (6,643,654 )
Operating profit before provision for credit losses 8,494,391 7,907,517 9,581,728 7,136,950
Provision for credit losses (1,479,143 ) (1,768,170 ) (3,146,409 ) (1,847,775 )
Net operating profit 7,015,248 6,139,347 6,435,319 5,289,175
Notes: (1) Based on K-IFRS (on a consolidated basis).
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(2) KB Financial Group’s results of operations for the year ended December 31, 2022 above have been restated retrospectively to reflect the application of K-IFRS 1117.
(3) KB Financial Group’s results of operations for the nine months ended September 30, 2023 above have been restated retrospectively to reflect the application of the variable fee approach for measuring insurance liabilities<br>in accordance with the Financial Supervisory Service’s guidelines on actuarial assumptions.
Table of Contents
2.2. Sources and Uses of Funds
2.2.1. Sources of Funds
--- ---
(Unit: in millions of Won)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
For the nine months ended<br>September 30, 2024 For the year ended<br>December 31, 2023 For the year ended<br>December 31, 2022
Average<br>Balance Interest Rate<br>(%) Ratio<br>(%) Average<br>Balance Interest Rate<br>(%) Ratio<br>(%) Average<br>Balance Interest Rate<br>(%) Ratio<br>(%)
Won Currency Deposits 358,170,830 2.46 46.11 338,691,272 2.52 45.63 333,078,280 1.27 47.87
Certificate of<br> deposit 11,782,282 3.90 1.52 10,417,992 4.07 1.40 5,511,822 2.35 0.79
Borrowings 34,288,412 3.38 4.41 33,891,286 3.27 4.57 31,064,028 1.91 4.46
Call money 1,591,662 3.53 0.20 1,384,033 3.52 0.19 1,314,525 2.02 0.19
Debentures 57,626,452 3.66 7.42 56,008,914 3.36 7.55 58,290,290 2.39 8.38
Others 23,999,524 4.11 3.10 22,355,370 4.37 3.01 20,866,612 2.34 3.00
Subtotal 487,459,162 2.78 62.76 462,748,867 2.81 62.35 450,125,557 1.52 64.69
Foreign Currency Deposits 37,605,952 4.16 4.84 36,526,597 3.88 4.92 34,076,754 2.09 4.90
Borrowings 21,552,023 4.13 2.77 24,087,170 3.77 3.25 22,970,783 1.90 3.30
Call money 2,402,359 4.13 0.31 2,014,719 3.19 0.27 1,572,913 1.87 0.23
Debentures 14,937,719 3.20 1.92 13,607,050 3.14 1.83 11,978,139 2.09 1.72
Others 1,086,626 4.32 0.14 1,067,253 3.51 0.14 1,685,165 1.46 0.24
Subtotal 77,584,679 3.97 9.98 77,302,789 3.69 10.41 72,283,754 2.01 10.39
Others Total shareholders’<br> equity 99,873,538 — 12.86 95,694,663 — 12.89 67,612,953 — 9.72
Allowances 1,695,673 — 0.22 1,061,174 — 0.14 1,128,687 — 0.16
Others 110,152,352 — 14.18 105,428,693 — 14.21 104,628,576 — 15.04
Subtotal 211,721,563 — 27.26 202,184,530 — 27.24 173,370,216 — 24.92
Total 776,765,404 — 100.00 742,236,186 — 100.00 695,779,527 — 100.00
Notes: (1) Based on K-IFRS (on a consolidated basis).
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(2) The figures for the nine months ended September 30, 2024 and the year ended December 31,2023 reflect the application of K-IFRS 1117 (Insurance Contracts), a new accounting standard<br>that became effective on January 1, 2023. The figures for the year ended December 31, 2022 above have been restated retrospectively to reflect the application of K-IFRS 1117.
Table of Contents
2.2.2. Uses of Funds
(Unit: in millions of Won)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
For the nine months ended<br>September 30, 2024 For the year ended<br>December 31, 2023 For the year ended<br>December 31, 2022
Average<br>Balance Interest<br>Rate<br>(%) Ratio<br>(%) Average<br>Balance Interest<br>Rate (%) Ratio<br>(%) Average<br>Balance Interest<br>Rate (%) Ratio<br>(%)
Won Currency Due from banks 17,407,142 0.76 2.24 16,471,530 0.92 2.22 16,038,688 0.63 2.31
Securities 212,871,232 2.81 27.40 199,538,723 2.72 26.88 166,950,909 1.17 23.99
Loans 387,606,552 4.71 49.90 370,190,671 4.81 49.88 361,188,713 3.51 51.91
Guarantee payments under payment guarantee 5,525 1.29 — 5,114 0.81 — 6,891 0.19 —
Call loan 308,615 3.59 0.04 286,735 3.62 0.04 694,196 2.02 0.10
Private placement corporate bonds 1,069,084 5.41 0.14 1,206,821 2.90 0.16 828,547 3.43 0.12
Credit cards 23,259,549 8.08 2.99 22,789,066 7.93 3.07 22,069,290 6.94 3.17
Others 4,193,452 15.63 0.55 3,415,038 17.44 0.46 4,438,987 9.45 0.64
Allowance (4,190,191 ) — (0.54 ) (3,561,894 ) — (0.48 ) (2,814,578 ) — (0.40 )
Subtotal 642,530,960 4.20 82.72 610,341,804 4.23 82.23 569,401,643 2.94 81.84
Foreign Currency Due from banks 9,686,893 2.86 1.25 9,292,372 2.28 1.25 9,239,891 0.76 1.33
Securities 26,177,051 5.11 3.37 25,883,766 4.16 3.49 20,610,143 1.81 2.96
Loans 39,581,223 7.21 5.10 39,403,960 6.97 5.31 37,267,941 5.32 5.36
Call loan 6,773,645 5.01 0.87 7,399,847 4.49 1.00 8,829,592 2.12 1.27
Bills bought 1,866,007 5.65 0.24 2,047,390 5.58 0.28 2,541,838 2.32 0.37
Allowance (1,518,134 ) — (0.20 ) (1,322,830 ) — (0.18 ) (1,021,192 ) — (0.15 )
Others 2,930,409 — 0.38 3,070,684 — 0.41 2,248,320 — 0.32
Subtotal 85,497,094 5.83 11.01 85,775,189 5.30 11.56 79,716,533 3.38 11.46
Others Cash 1,598,459 — 0.21 1,681,170 — 0.23 1,831,093 — 0.26
Fixed assets held for business 9,472,338 — 1.22 8,813,616 — 1.19 8,077,249 — 1.16
Others 37,666,553 — 4.84 35,624,407 — 4.79 36,753,009 — 5.28
Subtotal 48,737,350 — 6.27 46,119,193 — 6.21 46,661,351 — 6.70
Total 776,765,404 — 100.00 742,236,186 — 100.00 695,779,527 — 100.00
Notes: (1) Based on K-IFRS (on a consolidated basis).
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(2) The figures for the nine months ended September 30, 2024 and the year ended December 31, 2023 reflect the application of K-IFRS 1117 (Insurance Contracts), a new accounting standard<br>that became effective on January 1, 2023. The figures for the year ended December 31, 2022 above have been restated retrospectively to reflect the application of K-IFRS 1117.
Table of Contents
2.3. Other Information to Consider in Making an Investment Decision
2.3.1. Capital Adequacy
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KB Financial Group (Unit: in billions of Won, except percentages)
--- --- --- --- --- --- --- --- --- ---
As of September 30, 2024 As of December 31, 2023 As of December 31, 2022
Total capital (A) 56,517 53,744 48,970
Risk-weighted assets (B) 337,339 321,319 302,984
BIS ratio (A/B) 16.75 % 16.73 % 16.16 %

Notes: (1) Calculated in accordance with Basel III.

(2) The figures as of September 30, 2024 are preliminary.
Kookmin Bank (Unit: in billions of Won, except percentages)
--- --- --- --- --- --- --- --- --- ---
As of September 30, 2024 As of December 31, 2023 As of December 31, 2022
Total capital (A) 41,361 39,040 36,233
Risk-weighted assets (B) 227,458 215,962 207,558
BIS ratio (A/B) 18.18 % 18.08 % 17.46 %

Notes: (1) Calculated in accordance with Basel III.

(2) The figures as of September 30, 2024 are preliminary.
KB Securities Co., Ltd. (Unit: in billions of Won, except percentages)
--- --- --- --- --- --- --- --- --- ---
As of September 30, 2024 As of December 31, 2023 As of December 31, 2022
Net operating capital (A) 5,464 5,058 4,554
Total amount at risk (B) 3,112 2,934 2,655
Maintenance equity margin (C) 134 134 134
Net capital ratio (A-B)/(C) 1,752.46 % 1,582.09 % 1,414.74 %
Capital surplus (A-B) 2,352 2,124 1,899
KB Insurance Co., Ltd. (Unit: in billions of Won, except percentages)
--- --- --- --- --- --- --- --- --- ---
As of September 30, 2024 As of December 31, 2023 As of December 31, 2022
Available capital (A) 12,432 11,669 4,608
Required capital (B) 6,082 5,404 2,684
Capital Adequacy ratio (A/B)^(2)^ 204.39 % 215.94 % 171.66 %
Notes: (1) The figures as of September 30, 2024 are preliminary.
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(2) Pursuant to the change in capital adequacy system from the Risk-Based Capital (“RBC”) system to the Korean Insurance Capital Standard (“K-ICS”) system, the capital adequacy<br>ratios as of September 30, 2024 and December 31, 2023 were calculated based on the K-ICS method, whereas the figures as of December 31, 2022 were calculated based on the RBC method.
2.3.2. Overseas Credit Ratings
--- ---

[Not required to be disclosed in quarterly reports]

2.3.3. Domestic Credit Ratings

[Not required to be disclosed in quarterly reports]

Table of Contents
2.3.4. Early Retirement Program

To enhance productivity by improving its labor structure, Kookmin Bank implemented a voluntary early retirement program following negotiations with its labor union.

Subsidiary Date of Retirement Number of Retired Persons
Kookmin Bank January 28, 2019 615
January 20, 2020 462
January 30, 2021 800
January 21, 2022 674
January 18, 2023 713
January 19, 2024 674
2.3.5. Other Factors Affecting the Group’s Financial Condition and Results of Operations
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The economic outlook for Korea and its financial services sector in 2024 and for the foreseeable future remains highly uncertain as a result of, among others, (i) volatile conditions in the Korean and global economies and financial markets resulting from interest and exchange rate fluctuations, lower consumer confidence, stock market and real estate market volatility and changes in fiscal and monetary policies, and (ii) adverse conditions in the Korean and global economies and financial markets resulting from geopolitical uncertainties, including as a result of changes in the global policies of the United States due to the election of Donald Trump, Russia’s invasion of Ukraine and its effects on global commodity prices, accelerating de-globalization trends and a potential economic slowdown or credit-related challenges in China.

Table of Contents
3. Financial Information
3.1. Consolidated Financial Information
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3.1.1. Consolidated Statements of Financial Position
--- ---
(Unit: in millions of Won)
--- --- --- --- --- --- ---
As of September 30, 2024 As of December 31, 2023
Cash and due from financial institutions 26,228,938 29,836,311
Financial assets at fair value through profit or loss 76,935,965 77,038,267
Derivative financial assets 5,729,437 6,157,628
Loans measured at amortized cost 466,006,550 444,805,287
Financial investments 127,271,531 122,199,529
Investments in associates and joint ventures 734,628 722,222
Insurance assets 312,757 229,640
Reinsurance assets 1,506,907 1,655,168
Property and equipment 5,277,479 4,945,699
Investment property 3,870,633 4,109,784
Intangible assets 1,971,123 1,950,858
Net defined benefit assets 366,010 374,090
Current income tax assets 315,156 244,317
Deferred income tax assets 162,162 274,225
Assets held for sale 139,071 208,230
Other assets 28,505,952 20,986,897
Total assets **** 745,334,299 **** **** 715,738,152 ****
Financial liabilities at fair value through profit or loss 10,197,638 10,920,435
Derivative financial liabilities 5,336,320 6,210,639
Deposits 423,538,438 406,512,434
Borrowings 64,811,736 69,583,561
Debentures 72,371,977 69,176,668
Insurance contract liabilities 55,153,985 50,308,552
Reinsurance contract liabilities 39,557 36,030
Provisions 1,192,397 1,444,418
Net defined benefit liabilities 84,946 81,869
Current income tax liabilities 408,170 145,335
Deferred income tax liabilities 1,908,205 2,179,966
Other liabilities 50,380,914 40,264,935
Total liabilities **** 685,424,283 **** **** 656,864,842 ****
Equity attributable to shareholders of the parent company 57,948,499 56,929,804
Share capital 2,090,558 2,090,558
Hybrid securities 5,082,553 5,032,803
Capital surplus 16,617,900 16,647,916
Accumulated other comprehensive income 494,967 2,295,165
Retained earnings 34,569,260 32,029,199
Treasury shares (906,739 ) (1,165,837 )
Non-controlling interests 1,961,517 1,943,506
Total equity **** 59,910,016 **** **** 58,873,310 ****
Total liabilities and equity **** 745,334,299 **** **** 715,738,152 ****
Number of companies included as consolidated entities **** 344 **** **** 371 ****
Table of Contents
3.1.2. Consolidated Statements of Comprehensive Income
(Unit: in millions of Won, except per share amounts)
--- --- --- --- --- --- --- --- --- --- --- --- ---
Third Quarter of 2024 Third Quarter of 2023
Specified Quarter Cumulative Specified Quarter Cumulative
Net interest income 3,164,967 9,522,689 3,124,648 8,958,317
Interest income 7,637,802 22,863,335 7,413,308 21,410,551
Interest income from financial instruments at fair value through other comprehensive income and<br>amortized cost 7,267,464 21,740,172 7,045,473 20,356,792
Interest income from financial instruments at fair value through profit or loss 362,483 1,099,071 361,923 1,036,549
Insurance finance interest income 7,855 24,092 5,912 17,210
Interest expense (4,472,835 ) (13,340,646 ) (4,288,660 ) (12,452,234 )
Interest expense (4,082,095 ) (12,161,452 ) (3,903,367 ) (11,271,663 )
Insurance finance interest expense (390,740 ) (1,179,194 ) (385,293 ) (1,180,571 )
Net fee and commission income 942,704 2,852,432 901,411 2,766,821
Fee and commission income 1,342,678 4,069,582 1,292,826 3,989,242
Fee and commission expense (399,974 ) (1,217,150 ) (391,415 ) (1,222,421 )
Insurance service result 354,627 1,372,729 400,065 1,232,287
Insurance income 2,911,136 8,479,376 2,887,715 8,227,494
Insurance income 2,781,960 8,211,493 2,614,061 7,678,319
Reinsurance income 129,176 267,883 273,654 549,175
Insurance expense (2,556,509 ) (7,106,647 ) (2,487,650 ) (6,995,207 )
Insurance service expense (2,335,001 ) (6,438,682 ) (2,263,081 ) (6,366,129 )
Reinsurance expense (221,508 ) (667,965 ) (224,569 ) (629,078 )
Net gains on financial assets/liabilities at fair value through profit or loss 902,023 1,472,733 7,441 1,166,755
Other insurance finance income (expenses) from contract held 35,803 (268,979 ) 117,369 (183,476 )
Net other operating expenses (893,719 ) (1,584,287 ) (591,060 ) (1,309,268 )
General and administrative expenses (1,650,799 ) (4,872,926 ) (1,564,691 ) (4,723,919 )
Operating income before provision for credit losses 2,855,606 8,494,391 2,395,183 7,907,517
Provision for credit losses (498,055 ) (1,479,143 ) (448,685 ) (1,768,170 )
Net operating income 2,357,551 7,015,248 1,946,498 6,139,347
Net non-operating expenses (73,400 ) (954,381 ) (43,420 ) (231,934 )
Share of profit of associates and joint ventures 2,770 657 7,659 12,108
Net other non-operating expenses (76,170 ) (955,038 ) (51,079 ) (244,042 )
Profit before income tax expense 2,284,151 6,060,867 1,903,078 5,907,413
Income tax expense (688,112 ) (1,690,949 ) (565,973 ) (1,555,386 )
Profit for the period 1,596,039 4,369,918 1,337,105 4,352,027
Other comprehensive income (loss) for the period, net of tax (262,328 ) (1,783,331 ) 185,923 812,694
Table of Contents
Third Quarter of 2024 Third Quarter of 2023
Specified Quarter Cumulative Specified Quarter Cumulative
Items that will not be reclassified to profit or loss:
Remeasurements of net defined benefit liabilities 5,330 17,081 (10,560 ) (620 )
Share of other comprehensive income (loss) of associates and joint ventures 0 0 0 (2 )
Gains (losses) on equity securities at fair value through other comprehensive income 19,540 (223,395 ) (12,352 ) (25,723 )
Fair value changes of financial liabilities designated at fair value through profit or loss due to<br>own credit risk 2,565 (8,318 ) (708 ) (51,293 )
Items that may be reclassified subsequently to profit or loss:
Currency translation differences (138,222 ) 144,192 72,968 164,926
Gains (losses) on debt securities at fair value through other comprehensive income 1,378,954 1,281,217 (625,121 ) 201,403
Share of other comprehensive income (loss) of associates and joint ventures 362 276 594 (587 )
Gains (losses) on cash flow hedging instruments 36,602 5,420 (33,652 ) (47,884 )
Gains (losses) on hedging instruments of net investments in foreign operations 74,053 (17,166 ) (30,506 ) (69,902 )
Insurance finance income (expenses) (1,641,512 ) (2,982,638 ) 825,260 642,376
Total comprehensive income for the period 1,333,711 2,586,587 1,523,028 5,164,721
Profit attributable to:
Shareholders of the parent company 1,613,946 4,395,289 1,368,890 4,376,514
Non-controlling interests (17,907 ) (25,371 ) (31,785 ) (24,487 )
Total comprehensive income for the period attributable to:
Shareholders of the parent company 1,344,178 2,592,295 1,560,941 5,185,728
Non-controlling interests (10,467 ) (5,708 ) (37,913 ) (21,007 )
Earnings per share
Basic earnings per share (Won) 4,129 11,168 3,444 11,004
Diluted earnings per share (Won) 4,090 11,034 3,368 10,755
Note: (1) The figures for the third quarter of 2024 above have been restated retrospectively to reflect the application of the variable fee approach for measuring insurance liabilities in accordance with the Financial Supervisory<br>Service’s guidelines on actuarial assumptions.
--- --- ---
Table of Contents
3.2. Separate Financial Information
3.2.1. Separate Statements of Financial Position
--- ---
(Unit: in millions of Won)
--- --- --- --- --- --- ---
As of September 30, 2024 As of December 31, 2023
Cash and due from financial institutions 659,832 256,337
Financial assets at fair value through profit or loss 1,237,982 1,376,423
Loans measured at amortized cost 558,417 608,286
Investments in subsidiaries 26,867,817 26,717,817
Property and equipment 2,863 3,080
Intangible assets 14,355 15,954
Net defined benefit assets 2,550 3,694
Deferred income tax assets 6,091 4,492
Other assets 803,230 542,815
Total assets **** 30,153,137 **** **** 29,528,898 ****
Borrowings 965,000 100,000
Debentures 2,712,772 3,871,820
Current income tax liabilities 381,870 104,299
Other liabilities 420,672 410,704
Total liabilities **** 4,480,314 **** **** 4,486,823 ****
Share capital 2,090,558 2,090,558
Hybrid securities 5,082,359 5,032,518
Capital surplus 14,749,398 14,754,747
Accumulated other comprehensive loss (6,746 ) (6,809 )
Retained earnings 4,683,993 4,336,898
Treasury Shares (906,739 ) (1,165,837 )
Total equity **** 25,672,823 **** **** 25,042,075 ****
Total liabilities and equity **** 30,153,137 **** **** 29,528,898 ****
Table of Contents
3.2.2. Separate Statements of Comprehensive Income
(Unit: in millions of Won, except per share amounts)
--- --- --- --- --- --- --- --- --- --- --- --- ---
Third Quarter of 2024 Third Quarter of 2023
Specified Quarter Cumulative Specified Quarter Cumulative
Net interest expense (15,342 ) (41,379 ) (15,225 ) (48,659 )
Interest income 10,045 32,408 9,233 27,382
Interest income from financial instruments at amortized cost 9,331 30,291 8,537 24,888
Interest income from financial instruments at fair value through profit or loss 714 2,117 696 2,494
Interest expense (25,387 ) (73,787 ) (24,458 ) (76,041 )
Net fee and commission expense (1,193 ) (4,759 ) (2,139 ) (6,475 )
Fee and commission income 387 1,381 407 1,188
Fee and commission expense (1,580 ) (6,140 ) (2,546 ) (7,663 )
Net gains on financial assets at fair value through profit or loss 26,821 70,155 9,818 61,488
Net other operating income 0 2,243,250 0 2,192,380
General and administrative expenses (21,845 ) (69,875 ) (23,055 ) (68,936 )
Operating profit (loss) before provision for credit losses (11,559 ) 2,197,392 (30,601 ) 2,129,798
Reversal of provision (provision) for credit losses 470 125 (223 ) (230 )
Operating profit (loss) (11,089 ) 2,197,517 (30,824 ) 2,129,568
Net non-operating income 281 202 42 4,448
Profit (loss) before income tax (10,808 ) 2,197,719 (30,782 ) 2,134,016
Income tax income (expense) 278 1,810 948 (7,373 )
Profit (loss) for the period (10,530 ) 2,199,529 (29,834 ) 2,126,643
Other comprehensive income (loss) for the period, net of tax 27 63 (63 ) (38 )
Items that will not be reclassified to profit or loss:
Remeasurements of net defined benefit liabilities 27 63 (63 ) (38 )
Total comprehensive income (loss) for the period (10,503 ) 2,199,592 (29,897 ) 2,126,605
Earnings per share
Basic earnings (loss) per share (Won) (159 ) 5,392 (203 ) 5,164
Diluted earnings (loss) per share (Won) (157 ) 5,327 (197 ) 5,050
Table of Contents
3.3. Other Selected Financial Data
3.3.1. Won-denominated Liquidity Ratio
--- ---
(Unit: in millions of Won, except percentages)
--- --- --- --- --- --- --- --- --- ---
As of September 30, 2024 As of December 31, 2023 As of December 31, 2022
Current assets in Won (A) 604,027 656,555 959,935
Current liabilities in Won (B) 365,858 255,693 592,727
Liquidity ratio (A/B) 165.10 % 256.77 % 161.95 %
Notes: (1) Based on K-IFRS (on a separate basis).
--- ---
(2) Calculated based on Won-denominated assets and liabilities due<br>within one month.
---
3.3.2. Profitability Ratios
--- ---
(Unit: %)
--- --- --- --- --- --- ---
For the nine months ended<br>September 30, 2024 For the year ended<br>December 31, 2023 For the year ended<br>December 31, 2022
Net income as a percentage of average total assets (ROA) 0.80 0.65 0.60
Net income as a percentage of average shareholders’ equity (ROE) 10.25 8.37 9.24
Note: Based on K-IFRS (on a consolidated basis).
--- ---
3.3.3. 20 Largest Exposures of Kookmin Bank by Borrower (As of September 30, 2024)
--- ---
(Unit: in billions of Won)
--- --- ---
Company Credit Extended
Samsung Electronics Co., Ltd. 1,918
KB Kookmin Card Co., Ltd 1,350
LG Display Co., Ltd. 1,312
Samsung Heavy Industries Co., Ltd. 1,188
E-MART Inc. 1,157
HD Hyundai Heavy Industries Co., Ltd. 1,093
SK on Co., Ltd. 1,084
Hanwha Solutions Corporation 1,064
Construction Guarantee 966
Samsung SDI Co., Ltd. 958
Strada Holdco L.P. 937
S-Oil Corporation 841
LG Energy Solution, Ltd. 781
SK Inc. 713
Hyundai Samho Heavy Industries Co.,Ltd. 672
CJ CheilJedang Corporation 670
Shinhan Financial Group Co., Ltd. 667
LS MnM Inc. 666
GS Caltex Corporation 657
Posco International Corporation 649
Total 19,343
Table of Contents
3.3.4. 10 Largest Exposures of Kookmin Bank byChaebol Group **** (As of September 30, 2024)
(Unit: in billions of Won)
--- --- ---
Group Credit Extended
Samsung 5,788
SK 5,513
Hyundai Motor 4,117
Hanwha 4,030
LG 3,772
Lotte 3,697
HD Hyundai 3,125
GS 1,803
Shinsegae 1,681
POSCO 1,675
Total 35,200
3.3.5. Kookmin Bank ’ sLoan Concentration by Industry **** (As of September 30, 2024) ****
--- ---
(Unit: in billions of Won, except percentages)
--- --- --- --- ---
Industry Total Credit Percentage of<br>Total Credit
Manufacturing 58,994 26.5
Construction 5,191 2.3
Real estate activities 57,229 25.7
Wholesale and retail trade 30,461 13.7
Accommodation and food service activities 11,492 5.2
Financial activities 9,680 4.3
Others 49,925 22.4
Total 222,972 100.0
3.3.6. Top 20 Non-Performing Loans of Kookmin Bank (As of<br>September 30, 2024) ****
--- ---
(Unit: in billions of Won)
--- --- --- --- --- ---
Borrower Industry Total Credit Allowancefor Loan Losses
Borrower A Real estate activities 250.4 125.7
Borrower B Real estate activities 53.8 8.0
Borrower C Construction 37.6 36.5
Borrower D Wholesale and retail trade 20.0 1.9
Borrower E Manufacturing 17.2 4.3
Borrower F Real estate activities 15.9 1.3
Borrower G Construction 14.5 13.4
Borrower H Real estate activities 13.2 1.2
Borrower I Human health and social work activities 11.3 7.2
Borrower J Real estate activities 11.0 1.7
Borrower K Real estate activities 10.8 0.7
Borrower L Real estate activities 9.5 0.8
Borrower M Manufacturing 8.5 2.6
Borrower N Manufacturing 7.7 3.7
Borrower O Wholesale and retail trade 7.6 7.2
Borrower P Wholesale and retail trade 6.9 3.8
Borrower Q Real estate activities 6.5 0.7
Borrower R Manufacturing 6.4 4.3
Borrower S Manufacturing 6.3 3.8
Borrower T Mining 5.0 5.0
— — 519.9 233.8
Table of Contents
3.4. Other Financial Information

See Exhibits 99.1 and 99.2 attached hereto for our consolidated and separate financial statements and relevant notes, which have been prepared in accordance with K-IFRS and reviewed by our independent auditors as stated in their review reports included therein. The review reports will also be available on our website at www.kbfg.com.

Table of Contents
4. Independent Public Accountants
4.1. Audit / Review Services
--- ---
(Unit: in millions of Won)
--- --- --- --- --- --- --- --- --- --- ---
Period Auditor Activity Agreed Per Contract^(1)^ Actual^(2)^
Compensation^(3)^ Estimated<br>Hours Compensation^(3)^ Accrued<br>Hours
January 1 to September 30, 2024 Samil<br>PricewaterhouseCoopers Quarterly, semi-annual and annual review & audit, review of internal accounting management system (including audit of internal control over<br>financial reporting) 1,296 10,970 1,039 4,307
January 1 to December 31, 2023 Samil<br>PricewaterhouseCoopers Quarterly, semi-annual and annual review & audit, review of internal accounting management system (including audit of internal control over financial reporting) 1,264 11,675 1,264 11,309
January 1 to December 31, 2022 KPMG Samjong<br>Accounting Corp. Quarterly, semi-annual and annual review & audit, review of internal accounting management system (including audit of internal control over financial reporting) 1,291 11,364 1,291 11,028
Notes: (1)  Total compensation and estimated hours are established at the time of the execution of the audit and<br>review services contract.
--- ---
(2) Actual compensation and hours are accrued from January 1 of each applicable year to the date of the audit<br>or review report issued during such year.
--- ---
4.2. Public Company Accounting Oversight Board (“PCAOB”) Audit Services
--- ---
(Unit: in millions of Won)
--- --- --- --- --- ---
Period Auditor Activity Service Period Compensation^(1)^
January 1 to September 30, 2024 Samil Pricewaterhouse<br><br><br>Coopers PCAOB audit of consolidated financial statements and internal control over financial reporting May 1, 2024 to<br> <br>April 30, 2025 804
January 1 to December 31, 2023 Samil Pricewaterhouse<br><br><br>Coopers PCAOB audit of consolidated financial statements and internal control over financial reporting May 1, 2023 to<br> <br>April 30, 2024 784
January 1 to December 31, 2022 KPMG Samjong Accounting Corp. PCAOB audit of consolidated financial statements and internal control over financial reporting May 1, 2022 to<br> <br>April 30, 2023 697
Note: (1) Total compensation (excluding value-added taxes) is established at the time of the execution of the<br>audit and review services contract.
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Table of Contents
4.3. Change in Auditor

Pursuant to the Act on External Audit of Stock Companies and the related regulations thereunder, the Securities and Futures Commission under the Financial Services Commission had designated KPMG Samjong Accounting Corp. as the external auditor for the Company for the fiscal years ended December 31, 2020, 2021 and 2022. Following the end of KPMG Samjong Accounting Corp.’s designated period as the auditor, the Company selected Samil PricewaterhouseCoopers to be its new external auditor for the fiscal years ending December 31, 2023, 2024 and 2025, in accordance with the criteria and processes set forth by relevant laws and regulations. As such, the external auditor for the Company and its subsidiaries for the fiscal year ended December 31, 2023 was Samil PricewaterhouseCoopers.

5. Corporate Governance and Affiliated Companies
5.1. Board of Directors & Committees under the Board
--- ---

[Not required to be disclosed in quarterly reports]

5.2. Audit Committee

[Not required to be disclosed in quarterly reports]

5.3. Compensation to Directors

[Not required to be disclosed in quarterly reports]

5.4. Top 5 Highest-Paid Individuals

[Not required to be disclosed in quarterly reports]

5.5. Stock-based Compensation

[Not required to be disclosed in quarterly reports]

5.6. Affiliated Companies

[Not required to be disclosed in quarterly reports]

Table of Contents
6. Directors, Senior Management and Employees
6.1. Executive Directors
--- ---

As of September 30, 2024, we had one executive director. The name, position and the end of the term of our executive director and the number of shares of our common stock he owned as of September 30, 2024 are set forth below.

Name Date of Birth Position Common Shares Owned End of Term
Jong Hee Yang June 1961 Chairman & Chief Executive Officer 5,914 November 20, 2026
6.2. Non-standing Directors
--- ---

As of September 30, 2024, we had one non-standing director. The name, position and the end of the term of our non-standing director and the number of shares of our common stock he owned as of September 30, 2024 are set forth below.

Name Date of Birth Position Common Shares Owned End of Term^(1)^
Jae Keun Lee May 1966 Non-standing Director 1,119 March 21, 2025
Note: (1) The date designated as Mr. Jae Keun Lee’s end of term is the date of the annual general meeting of<br>shareholders for fiscal year 2024, which is expected be held in March 2025.
--- ---
6.3. Non-executive Directors
--- ---

As of September 30, 2024, we had seven non-executive directors. The name, position and the end of the term of our non-executive directors and the number of shares of our common stock they respectively owned as of September 30, 2024 were as follows.

Name Date of Birth Position Common Shares Owned End of Term
Seon-joo Kwon November 1956 Non-executive Director — March 21, 2025
Whajoon Cho February 1957 Non-executive Director — March 23, 2025
Gyutaeg Oh February 1959 Non-executive Director — March 21, 2025
Jungsung Yeo April 1960 Non-executive Director — March 23, 2025
Jaehong Choi August 1962 Non-executive Director — March 21, 2025
Myong-Hwal Lee May 1964 Non-executive Director — March 21, 2026
Sung-Yong Kim March 1966 Non-executive Director — March 23, 2025
Table of Contents
6.4. Senior Management

Members of our senior management as of September 30, 2024 are as follows.

Name Date of Birth Position Common Shares<br>Owned^(1)^ End of Term
Seung Jong Lee January 1966 Senior Executive Vice President and Chief Strategy Officer 1,231 December 31, 2024
Jae Kwan Kim July 1968 Senior Executive Vice President and Chief Finance Officer 4,847 December 31, 2024
Cheal Soo Choi October 1966 Senior Executive Vice President and Chief Risk Management Officer 504 December 31, 2024
Scott Y.H. Seo March 1966 Senior Executive Vice President and Chief Business Officer of Global 2,400 December 31, 2024
Young Suh Cho February 1971 Senior Executive Vice President, Chief Digital Officer and Chief IT Officer 1,400 December 31, 2024
Dae Hwan Lim November 1965 Senior Executive Vice President, Consumer Protection Officer and Chief Compliance Officer 1,756 December 31, 2025
Bong Joong Kwon November 1969 Senior Managing Director and Head of the IR Division 2,325 December 31, 2024
Hyo Ik Park January 1970 Senior Managing Director and Chief Business Officer of Insurance 811 December 31, 2024
Shin Dong Jeung January 1966 Senior Managing Director and Head of KB Research 504 December 31, 2024
Dae Hyun Cha January 1966 Senior Managing Director and Chief Officer of Audit Department 1,322 December 31, 2024
Keoung Nam Kim August 1967 Managing Director and Head of the ESG Division 1,291 December 31, 2024
Sang Rock Na August 1972 Managing Director and General Manager of the Financial Planning Department 779 December 31, 2025
Hyo Sung Jeon March 1971 Managing Director and Chief Human Resources Officer 1,299 December 31, 2025
Ki Won Seo November 1972 Managing Director and General Manager of the Office of Board of Directors 1,015 December 31, 2025
Jin Young Park September 1972 Chief Public Relation Officer 1,712 December 31, 2024
Jin Ho Jeong October 1967 Head of the DT Division 2,138 December 31, 2024
Chang Hwa Yook December 1967 Head of the AI Division 652 December 31, 2024
Sang Won Oh December 1967 Head of the IT Division 704 December 31, 2024
Youngsei Park January 1968 Head of Consumer Protection Division 549 December 31, 2024
Yoon Ha March 1971 Head of the Customer Experience Design Center — December 31, 2024
Ki Eun Park September 1970 Head of the Group Architecture Center 261 December 31, 2024
Joo Hyun Kim November 1970 Head of the Group Cloud Center 319 December 31, 2024
Chan Yong Park September 1965 Head of the Planning & Coordination Department 1,180 December 31, 2024
Note: (1) The numbers of common shares owned are as of September 30, 2024 and includes those owned in the<br>holder’s name under the employee stock ownership association’s account, and may differ from the number of shares owned as reported pursuant to Article 173 of the Financial Investment Services and Capital Markets Act.
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Table of Contents

As of September, 2024, the following management also served as senior management at our subsidiaries.

Name Subsidiary Position Appointment Date
Jae Keun Lee Kookmin Bank Chief Executive Officer January 2022
Keoung Nam Kim Kookmin Bank Managing Director, ESG Division January 2024
Jin Young Park Kookmin Bank Managing Director, Brand & PR Group January 2024
Jin Ho Jeong Kookmin Bank Senior Executive Vice President, DT Initiative Division January 2024
Chang Hwa Yook Kookmin Bank Senior Executive Vice President January 2024
AI/Data Innovation Division June 2024
Sang Won Oh Kookmin Bank Senior Executive Vice President, Tech Development Division January 2024
Youngsei Park Kookmin Bank Senior Executive Vice President, Consumer Protection Group January 2024
Yoon Ha Kookmin Bank Head of the Customer Experience Design Center January 2022
Ki Eun Park Kookmin Bank Senior Executive Vice President, Tech Development Division January 2024
Joo Hyun Kim Kookmin Bank Head of the Cloud Platform Department February 2022
Chan Yong Park Kookmin Bank Senior Executive Vice President; Planning & Coordination Department January 2024
Seung Jong Lee KB Securities Non-standing Director March 2024
KB Life Insurance Non-standing Director March 2024
Jae Kwan Kim KB Insurance Non-standing Director March 2024
KB Kookmin Card Non-standing Director March 2024
Sang Rock Na KB Capital Non-standing Director March 2021
KB Investment Non-standing Director August 2020
6.5. Employees
--- ---

[Not required to be disclosed in quarterly reports]

7. Major Shareholders and Related Party Transactions
7.1. Major Shareholders
--- ---

[Not required to be disclosed in quarterly reports]

Table of Contents
7.2. Changes in the Largest Shareholder
(Unit: shares, %)
--- --- --- --- --- --- --- ---
Name of Largest Shareholder Date of Change in Largest<br>Shareholder/<br>Date of Change in Number of<br>Shares Owned Number of Shares of<br>Common Stock^(1)^ Percentage of Total<br>Issued Shares^(2)^
Korean National Pension Service December 31, 2019 41,468,003 9.97
Korean National Pension Service February 1, 2020 41,462,588 ^(3)^ 9.97
Korean National Pension Service October 12, 2020 41,402,150 9.96
Korean National Pension Service December 31, 2020 41,287,280 9.93
Korean National Pension Service June 30, 2021 40,626,942 9.77
Korean National Pension Service December 31, 2021 37,626,516 9.05
Korean National Pension Service January 27, 2022 37,188,199 ^(4)^ 8.94
Korean National Pension Service March 31, 2022 36,008,504 8.73
Korean National Pension Service June 30, 2022 33,830,623 8.20
Korean National Pension Service September 30, 2022 32,594,691 7.97
Korean National Pension Service October 12, 2022 32,457,827 ^(5)^ 7.94
Korean National Pension Service December 31, 2022 32,499,151 7.95
Korean National Pension Service March 31, 2023 33,572,593 8.21
Korean National Pension Service June 30, 2023 33,183,590 8.22
Korean National Pension Service September 30, 2023 35,321,767 8.75
Korean National Pension Service October 6, 2023 35,273,578 8.74
Korean National Pension Service December 31, 2023 33,473,917 8.30
Korean National Pension Service February 29, 2024 33,704,092 8.35
Korean National Pension Service March 31, 2024 33,200,471 8.23
Korean National Pension Service June 30, 2024 33,326,122 8.26
Korean National Pension Service September 30, 2024 32,308,082 8.21
Notes: (1)  Based on our shareholder registry as of the end of each applicable year unless specified<br>otherwise.
--- ---
(2) Total number of shares of common stock issued as of the following dates:
--- ---
From October 19, 2016 to December 12, 2019: 418,111,537
---
From December 12, 2019 to February 14, 2022: 415,807,920
---
From February 14, 2022 to August 1, 2022: 412,352,494
---
From August 1, 2022 to April 4, 2023: 408,897,068
---
From April 4, 2023 to August 14, 2024: 403,511,072
---
After August 14, 2024: 393,528,423
---
(3) Based on disclosure made by the Korean National Pension Service in a statement of acquisition filing on<br>February 7, 2020.
--- ---
(4) Based on disclosure made by the Korean National Pension Service in a statement of disposal filing on<br>February 4, 2022.
--- ---
(5) Based on disclosure made by the Korean National Pension Service in a statement of disposal filing on<br>November 2, 2022.
--- ---
7.3. Employee Stock Ownership Association
--- ---

[Not required to be disclosed in quarterly reports]

7.4. Investments in Affiliated Companies

[Not required to be disclosed in quarterly reports]

7.5. Related Party Transactions
7.5.1. Purchase of capital securities issued by KB Securities Co., Ltd.
--- ---
(Unit: in billions of Won)
--- --- --- --- --- --- --- --- --- --- ---
Issuer Relationship Type Issue Amount Issue Date Interest Rate Maturity Date Use of Proceeds
KB Securities Co., Ltd. Subsidiary No. 1 Private Placement of Capital Securities in Won 200 March 31, 2022 4.300 % March 31, 2052<br> <br>(may be<br>extended) Working capital
Table of Contents
(Unit: in billions of Won)
Issuer Relationship Type Issue Amount Issue Date Interest Rate Maturity Date Use of Proceeds
KB Securities Co., Ltd. Subsidiary No. 3 Private Placement of Capital Securities in Won 230 September 30, 2022 5.500 % September 30, 2052 (may be extended) Working capital
(Unit: in billions of Won)
--- --- --- --- --- --- --- --- --- --- ---
Issuer Relationship Type Issue Amount Issue Date Interest Rate Maturity Date Use of Proceeds
KB Securities Co., Ltd. Subsidiary No. 4 Private Placement of Capital Securities in Won 100 May 8, 2023 5.350 % May 8, 2053<br>(may be extended) Working capital
7.5.2. Purchase of capital securities issued by KB Capital Co., Ltd.
--- ---
(Unit: in billions of Won)
--- --- --- --- --- --- --- --- --- --- ---
Issuer Relationship Type Issue Amount Issue Date Interest Rate Maturity Date Use of Proceeds
KB Capital Co., Ltd. Subsidiary No. 299 Private Placement of Capital Securities in Won 50 March 27, 2015 ^^ 6.548^^ %^(1)^ March 27, 2045<br>(may be extended) Working capital
Note: (1)  The interest rate has increased from its initial rate due to the<br>non-exercise of the call option.
--- ---
(Unit: in billions of Won)
--- --- --- --- --- --- --- --- --- --- ---
Issuer Relationship Type Issue Amount Issue Date Interest Rate Maturity Date Use of Proceeds
KB Capital Co., Ltd.. Subsidiary No. 320 Private Placement of Capital Securities in Won 50 September 24, 2015 ^^ 5.989^^ %^(1)^ September 24, 2045<br> <br>(may be<br>extended) Working capital
Note: (1)  The interest rate has increased from its initial rate due to the<br>non-exercise of the call option.
--- ---
(Unit: in billions of Won)
--- --- --- --- --- --- --- --- --- --- ---
Issuer Relationship Type Issue Amount Issue Date Interest Rate Maturity Date Use of Proceeds
KB Capital Co., Ltd. Subsidiary No. 343 Private Placement of Capital Securities in Won 50 March 29, 2016 ^^ 6.305^^ %^(1)^ March 29, 2046<br>(may be extended) Working capital
Note: (1)  The interest rate has increased from its initial rate due to the<br>non-exercise of the call option.
--- ---
(Unit: in billions of Won)
--- --- --- --- --- --- --- --- --- --- ---
Issuer Relationship Type Issue Amount Issue Date Interest Rate Maturity Date Use of Proceeds
KB Capital Co., Ltd. Subsidiary No. 352 Private Placement of Capital Securities in Won 50 June 28, 2016 ^^ 6.466^^ %^(1)^ June 28, 2046<br>(may be extended) Working capital
Note: (1)  The interest rate has increased from its initial rate due to the<br>non-exercise of the call option.
--- ---
Table of Contents
(Unit: in billions of Won)
Issuer Relationship Type Issue Amount Issue Date Interest Rate Maturity Date Use of Proceeds
KB Capital Co., Ltd. Subsidiary No. 367 Private Placement of Capital Securities in Won 50 November 28, 2016 ^^ 6.952^^ %^(1)^ November 28, 2046 (may be extended) Working capital
Note: (1)  The interest rate has increased from its initial rate due to the<br>non-exercise of the call option.
--- ---
(Unit: in billions of Won)
--- --- --- --- --- --- --- --- --- --- ---
Issuer Relationship Type Issue Amount Issue Date Interest Rate Maturity Date Use of Proceeds
KB Capital Co., Ltd. Subsidiary No. 378 Private Placement of Capital Securities in Won 50 April 27, 2017 ^^ 7.664^^ %^(1)^ April 27, 2047<br>(may be extended) Working capital
Note: (1)  The interest rate has increased from its initial rate due to the<br>non-exercise of the call option
--- ---
(Unit: in billions of Won)
--- --- --- --- --- --- --- --- --- --- ---
Issuer Relationship Type Issue Amount Issue Date Interest Rate Maturity Date Use of Proceeds
KB Capital Co., Ltd. Subsidiary No. 460 Private Placement of Capital Securities in Won 100 September 25, 2020 3.376 % September 25, 2050<br>(may be extended) Working capital
(Unit: in billions of Won)
--- --- --- --- --- --- --- --- --- --- ---
Issuer Relationship Type Issue Amount Issue Date Interest Rate Maturity Date Use of Proceeds
KB Capital Co., Ltd. Subsidiary No. 486 Private Placement of Capital Securities in Won 100 February 17, 2022 4.495 % February 17, 2052<br>(may be extended) Working capital
7.5.3. Purchase of capital securities issued by KB Real Estate Trust Co., Ltd.
--- ---
(Unit: in billions of Won)
--- --- --- --- --- --- --- --- --- --- ---
Issuer Relationship Type Issue Amount Issue Date Interest Rate Maturity Date Use of Proceeds
KB Real Estate Trust Co., Ltd. Subsidiary No. 1 Private Placement of Capital Securities in Won 150 June 27, 2024 7.800 % June 27, 2054<br>(may be extended) Working capital
7.5.4. Purchase of subordinated bonds issued by KB Savings Bank Co., Ltd.
--- ---
(Unit: in billions of Won)
--- --- --- --- --- --- --- --- --- --- ---
Issuer Relationship Type Issue Amount Issue Date Interest Rate Maturity Date Use of Proceeds
KB Savings Bank Co., Ltd. Subsidiary No. 1 Subordinated Bonds<br>in Won 70 June 25, 2021 1.600 % June 25, 2031 Working capital
7.5.5. Prepayments and Loans to Subsidiaries
--- ---
(Unit: in billions of Won)
--- --- --- --- --- --- --- ---
Name Relationship Account Loan Amount Current<br>Balance Credit Offering<br>Date Interest Rate Maturity Date
KB Investment Co., Ltd. Subsidiary Loans^(1)^ 10 10 July 14, 2017 2.653% July 12, 2025
Notes: (1)  Unsecured credit loans.
--- ---
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(Unit: in billions of Won)
Name Relationship Account Loan Amount Current<br>Balance Credit Offering<br>Date Interest Rate Maturity Date
KB Investment Co., Ltd. Subsidiary Loans^(1)^ 40 40 July 13, 2018 2.653% July 12, 2025
Notes: (1)  Unsecured credit loans.
--- ---
(Unit: in billions of Won)
--- --- --- --- --- --- --- ---
Name Relationship Account Loan Amount Current<br>Balance Credit Offering<br>Date Interest Rate Maturity Date
KB Investment Co., Ltd. Subsidiary Loans^(1)^ 70 70 March 8, 2019 2.694% March 7, 2025
Notes: (1)  Unsecured credit loans.
--- ---
(Unit: in billions of Won)
--- --- --- --- --- --- --- ---
Name Relationship Account Loan Amount Current<br>Balance Credit Offering<br>Date Interest Rate Maturity Date
KB Investment Co., Ltd. Subsidiary Loans^(1)^ 30 30 March 9, 2020 2.694% March 7, 2025
Notes: (1)  Unsecured credit loans.
--- ---
(Unit: in billions of Won)
--- --- --- --- --- --- --- ---
Name Relationship Account Loan Amount Current<br>Balance Credit Offering<br>Date Interest Rate Maturity Date
KB Investment Co., Ltd. Subsidiary Loans^(1)^ 30 30 July 13, 2020 2.653% July 12, 2025
Notes: (1)  Unsecured credit loans.
--- ---
(Unit: in billions of Won)
--- --- --- --- --- --- --- ---
Name Relationship Account Loan Amount Current<br>Balance Credit Offering<br>Date Interest Rate Maturity Date
KB Investment Co., Ltd. Subsidiary Loans^(1)^ 70 70 December 20, 2021 2.685% December 19, 2024
Note: (1)  Unsecured credit loans.
--- ---
(Unit: in billions of Won)
--- --- --- --- --- --- --- ---
Name Relationship Account Loan Amount Current<br>Balance Credit Offering<br>Date Interest Rate Maturity Date
KB Investment Co., Ltd. Subsidiary Loans^(1)^ 60 60 July 13, 2022 2.653% July 12, 2025
Note: (1)  Unsecured credit loans.
--- ---
(Unit: in billions of Won)
--- --- --- --- --- --- --- ---
Name Relationship Account Loan Amount Current<br>Balance Credit Offering<br>Date Interest Rate Maturity Date
KB Investment Co., Ltd. Subsidiary Loans^(1)^ 50 50 July 13, 2023 2.653% July 12, 2025
Note: (1)  Unsecured credit loans.
--- ---
Table of Contents
(Unit: in billions of Won)
Name Relationship Account Loan Amount Current<br>Balance Credit Offering<br>Date Interest Rate Maturity Date
KB Capital Co., Ltd. Subsidiary Loans^(1)^ 200 200 November 25, 2022 2.470% November 24, 2024
Note: (1)  Unsecured credit loans.
--- ---
Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

KB Financial Group Inc.
(Registrant)
Date: November 14, 2024 By: /s/ Jae Kwan Kim
(Signature)
Name: Jae Kwan Kim
Title: Senior Executive Vice President and Chief Finance Officer

EX-99.1

Table of Contents

Exhibit 99.1

KB Financial Group Inc. and Subsidiaries

Consolidated Interim Financial Statements

September 30, 2024 and 2023

(Unaudited)

Table of Contents

KB Financial Group Inc. and Subsidiaries

Page(s)
Report on Review of Condensed Consolidated Interim Financial Statements 1-2
Consolidated Interim Financial Statements
Consolidated Interim Statements of Financial Position 3
Consolidated Interim Statements of Comprehensive Income 4-5
Consolidated Interim Statements of Changes in Equity 6
Consolidated Interim Statements of Cash Flows 7-8
Notes to the Consolidated Interim FinancialStatements 9
Table of Contents

Report on Review of Condensed Consolidated InterimFinancial Statements

(English Translation of a Report Originally Issued in Korean)

To the Shareholders and the Board of Directors of

KBFinancial Group Inc.

Reviewed Financial Statements

We have reviewed the accompanying condensed consolidated interim financial statements of KB Financial Group Inc. and its subsidiaries (collectively referred to as the “Group”). These condensed consolidated interim financial statements consist of the consolidated interim statement of financial position of the Group as at September 30, 2024, and the related consolidated interim statements of comprehensive income for the three-month and nine-month periods ended September 30, 2024 and 2023, and consolidated interim statements of changes in equity and cash flows for the nine-month periods ended September 30, 2024 and 2023, and material accounting policy information and other selected explanatory notes, expressed in Korean Won.

Management’s Responsibility for the FinancialStatements

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

Auditor’s Responsibility

Our responsibility is to express a conclusion on these condensed consolidated interim financial statements based on our review.

We conducted our review in accordance with quarterly or semi-annual review standards 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 review, nothing has come to our attention that causes us to believe the accompanying condensed consolidated interim financial statements are not prepared, in all material respects, in accordance with Korean IFRS No. 1034 Interim Financial Reporting.

1

Table of Contents

Other Matters

We have audited the consolidated statement of financial position of the Group as at December 31, 2023, and the related consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, not presented herein, in accordance with Korean Standards on Auditing. We expressed an unqualified opinion on those financial statements in our audit report dated March 6, 2024. The consolidated statement of financial position as at December 31, 2023, presented herein for comparative purposes, is consistent, in all material respects, with the above audited statement of financial position as at December 31, 2023.

Review standards and their application in practice vary among countries. The procedures and practices used in the Republic of Korea to review such financial statements may differ from those generally accepted and applied in other countries.

/s/ Samil PricewaterhouseCoopers
Seoul, Korea
November 14, 2024
This report is effective as of November14, 2024, the review report<br>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 consolidated interim financial statements and notes<br>thereto. Accordingly, the readers of the review report should understand that there is a possibility that the above review report may have to be revised to reflect the impact of such subsequent events or circumstances, if any.
---

2

Table of Contents

KB Financial Group Inc. and Subsidiaries

Consolidated Interim Statements of Financial Position

September 30, 2024 and December 31, 2023

(in millions of Korean won)

Notes September 30,2024<br>(Unaudited) December 31,2023
Assets
Cash and due from financial institutions 4,6,7,30 ~~W~~ 26,228,938 ~~W~~ 29,836,311
Financial assets at fair value through profit or loss 4,6,11 76,935,965 77,038,267
Derivative financial assets 4,6,8 5,729,437 6,157,628
Loans measured at amortized cost 4,6,9,10 466,006,550 444,805,287
Financial investments 4,6,11 127,271,531 122,199,529
Investments in associates and joint ventures 734,628 722,222
Insurance contract assets 29 312,757 229,640
Reinsurance contract assets 29 1,506,907 1,655,168
Property and equipment 5,277,479 4,945,699
Investment property 3,870,633 4,109,784
Intangible assets 1,971,123 1,950,858
Net defined benefit assets 18 366,010 374,090
Current income tax assets 315,156 244,317
Deferred income tax assets 12,25 162,162 274,225
Assets held for sale 139,071 208,230
Other assets 4,6 28,505,952 20,986,897
Total assets ~~W~~ 745,334,299 ~~W~~ 715,738,152
Liabilities
Financial liabilities at fair value through profit or loss 4,6,13 ~~W~~ 10,197,638 ~~W~~ 10,920,435
Derivative financial liabilities 4,6,8 5,336,320 6,210,639
Deposits 4,6,14 423,538,438 406,512,434
Borrowings 4,6,15 64,811,736 69,583,561
Debentures 4,6,16 72,371,977 69,176,668
Insurance contract liabilities 29 55,153,985 50,308,552
Reinsurance contract liabilities 29 39,557 36,030
Provisions 17 1,192,397 1,444,418
Net defined benefit liabilities 18 84,946 81,869
Current income tax liabilities 408,170 145,335
Deferred income tax liabilities 12,25 1,908,205 2,179,966
Other liabilities 4,6 50,380,914 40,264,935
Total liabilities 685,424,283 656,864,842
Equity
Share capital 2,090,558 2,090,558
Hybrid securities 5,082,553 5,032,803
Capital surplus 16,617,900 16,647,916
Accumulated other comprehensive income 27 494,967 2,295,165
Retained earnings 34,569,260 32,029,199
Treasury shares (906,739 ) (1,165,837 )
Equity attributable to shareholders of the Parent Company 19 57,948,499 56,929,804
Non-controlling interests 1,961,517 1,943,506
Total equity 59,910,016 58,873,310
Total liabilities and equity ~~W~~ 745,334,299 ~~W~~ 715,738,152

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

3

Table of Contents

KB Financial Group Inc. and Subsidiaries

Consolidated Interim Statements of Comprehensive Income

Three-Month and Nine-Month Periods Ended September 30, 2024 and 2023

(in millions of Korean won, except per shareamounts)

Notes 2024<br>(Unaudited) 2023<br>(Unaudited)
Three months Nine months Three months Nine months
Interest income ~~W~~ 7,637,802 ~~W~~ 22,863,335 ~~W~~ 7,413,308 ~~W~~ 21,410,551
Interest income from financial instruments at fair value through other comprehensive income and<br>amortized cost 7,267,464 21,740,172 7,045,473 20,356,792
Interest income from financial instruments at fair value through profit or loss 362,483 1,099,071 361,923 1,036,549
Insurance finance interest income 7,855 24,092 5,912 17,210
Interest expense (4,472,835 ) (13,340,646) (4,288,660 ) (12,452,234)
Interest expense (4,082,095 ) (12,161,452) (3,903,367 ) (11,271,663)
Insurance finance interest expense (390,740 ) (1,179,194 ) (385,293 ) (1,180,571 )
Net interest income 5,20 3,164,967 9,522,689 3,124,648 8,958,317
Fee and commission income 1,342,678 4,069,582 1,292,826 3,989,242
Fee and commission expense (399,974 ) (1,217,150 ) (391,415 ) (1,222,421 )
Net fee and commission income 5,21 942,704 2,852,432 901,411 2,766,821
Insurance income 2,911,136 8,479,376 2,887,715 8,227,494
Insurance income 2,781,960 8,211,493 2,614,061 7,678,319
Reinsurance income 129,176 267,883 273,654 549,175
Insurance expense (2,556,509 ) (7,106,647 ) (2,487,650 ) (6,995,207 )
Insurance service expense (2,335,001 ) (6,438,682 ) (2,263,081 ) (6,366,129 )
Reinsurance expense (221,508 ) (667,965 ) (224,569 ) (629,078 )
Net insurance income 5,29 354,627 1,372,729 400,065 1,232,287
Net gains on financial instruments at fair value through profit or loss 5,22 902,023 1,472,733 7,441 1,166,755
Other insurance finance income (expense) 29 35,803 (268,979 ) 117,369 (183,476 )
Net other operating expenses 5,23 (893,719 ) (1,584,287 ) (591,060 ) (1,309,268 )
General and administrative expenses 5,18,24 (1,650,799 ) (4,872,926 ) (1,564,691 ) (4,723,919 )
Operating income before provision for credit losses 5 2,855,606 8,494,391 2,395,183 7,907,517
Provision for credit losses 5,7,9,10,17 (498,055 ) (1,479,143 ) (448,685 ) (1,768,170 )
Net operating income 5 2,357,551 7,015,248 1,946,498 6,139,347
Share of profit of investments in associates and joint ventures 5 2,770 657 7,659 12,108
Net other non-operating expenses 5 (76,170 ) (955,038 ) (51,079 ) (244,042 )
Net non-operating expenses (73,400 ) (954,381 ) (43,420 ) (231,934 )
Profit before income tax expense 5 2,284,151 6,060,867 1,903,078 5,907,413
Income tax expense 5,25 (688,112 ) (1,690,949 ) (565,973 ) (1,555,386 )
Profit for the period 5 1,596,039 4,369,918 1,337,105 4,352,027

(Continued)

4

Table of Contents

KB Financial Group Inc. and Subsidiaries

Consolidated Interim Statements of Comprehensive Income

Three-Month and Nine-Month Periods Ended September 30, 2024 and 2023

(in millions of Korean won, except per shareamounts)

Notes 2024<br>(Unaudited) 2023<br>(Unaudited)
Three months Nine months Three months Nine months
Items that will not be reclassified to profit or loss:
Remeasurements of net defined benefit liabilities ~~W~~ 5,330 17,081 ~~W~~ (10,560 ) (620 )
Share of other comprehensive loss of associates and joint ventures — — — (2 )
Gains (losses) on equity securities at fair value through other comprehensive income 19,540 (223,395 ) (12,352 ) (25,723 )
Fair value changes of financial liabilities designated at fair value through profit or loss due to<br>own credit risk 2,565 (8,318 ) (708 ) (51,293 )
27,435 (214,632 ) (23,620 ) (77,638 )
Items that may be reclassified subsequently to profit or loss:
Currency translation differences (138,222 ) 144,192 72,968 164,926
Gains (losses) on debt securities at fair value through other comprehensive income 1,378,954 1,281,217 (625,121 ) 201,403
Share of other comprehensive income (loss) of associates and joint ventures 362 276 594 (587 )
Gains (losses) on cash flow hedging instruments 8 36,602 5,420 (33,652 ) (47,884 )
Gains (losses) on hedging instruments of net investments in foreign operations 8 74,053 (17,166 ) (30,506 ) (69,902 )
Insurance finance income(expense) 29 (1,641,512 ) (2,982,638 ) 825,260 642,376
(289,763 ) (1,568,699 ) 209,543 890,332
Other comprehensive income (loss) for the period, net of tax (262,328 ) (1,783,331 ) 185,923 812,694
Total comprehensive income for the period ~~W~~ 1,333,711 ~~W~~ 2,586,587 ~~W~~ 1,523,028 ~~W~~ 5,164,721
Profit attributable to: 5
Shareholders of the Parent Company ~~W~~ 1,613,946 ~~W~~ 4,395,289 ~~W~~ 1,368,890 ~~W~~ 4,376,514
Non-controlling interests (17,907 ) (25,371 ) (31,785 ) (24,487 )
~~W~~ 1,596,039 ~~W~~ 4,369,918 ~~W~~ 1,337,105 ~~W~~ 4,352,027
Total comprehensive income for the period attributable to:
Shareholders of the Parent Company ~~W~~ 1,344,178 ~~W~~ 2,592,295 ~~W~~ 1,560,941 ~~W~~ 5,185,728
Non-controlling interests (10,467 ) (5,708 ) (37,913 ) (21,007 )
~~W~~ 1,333,711 ~~W~~ 2,586,587 ~~W~~ 1,523,028 ~~W~~ 5,164,721
Earnings per share (in Korean won) 28
Basic earnings per share ~~W~~ 4,129 ~~W~~ 11,168 ~~W~~ 3,444 ~~W~~ 11,004
Diluted earnings per share 4,090 11,034 3,368 10,755

The above consolidated interim statements of comprehensive income should be read in conjunction with the accompanying notes.

5

Table of Contents

KB Financial Group Inc. and Subsidiaries

Consolidated Interim Statements of Changes in Equity

Nine-Month Periods Ended September 30, 2024 and 2023

(in millions of Korean won)

Equity attributable to shareholders of the Parent Company
Share<br>capital Hybridsecurities Capitalsurplus Accumulatedothercomprehensiveincome Retainedearnings Treasuryshares Non-controllinginterests Total equity
Balance as of January 1, 2023 ~~W~~ 2,090,558 ~~W~~ 4,434,251 ~~W~~ 16,940,731 ~~W~~ 1,312,521 ~~W~~ 28,922,273 ~~W~~ (836,188 ) ~~W~~ 1,280,102 ~~W~~ 54,144,248
Changes in accounting policies — — — (62,599 ) 26,152 — — (36,447 )
Balance as of January 1, 2023 (After the restatement) 2,090,558 4,434,251 16,940,731 1,249,922 28,948,425 (836,188 ) 1,280,102 54,107,801
Comprehensive income for the period
Profit for the period — — — — 4,376,514 — (24,487 ) 4,352,027
Remeasurements of net defined benefit liabilities — — — (1,350 ) — — 730 (620 )
Currency translation differences — — — 162,050 — — 2,876 164,926
Gains (losses) on financial instruments at fair value through other comprehensive income and<br>transfer to retained earnings — — — 149,339 26,466 — (125 ) 175,680
Share of other comprehensive loss of associates and joint ventures — — — (589 ) — — — (589 )
Losses on cash flow hedging instruments — — — (47,884 ) — — — (47,884 )
Losses on hedging instruments of net investments in foreign operations — — — (69,902 ) — — — (69,902 )
Insurance finance income — — — 642,376 — — — 642,376
Fair value changes of financial liabilities designated at fair value through profit or loss due to<br>own credit risk — — — (51,293 ) — — — (51,293 )
Total comprehensive income for the period — — — 782,747 4,402,980 — (21,006 ) 5,164,721
Transactions with shareholders
Annual dividends paid to shareholders of the Parent Company — — — — (564,970 ) — — (564,970 )
Quarterly dividends paid to shareholders of the Parent Company — — — — (391,933 ) — — (391,933 )
Issuance of hybrid securities — 598,552 — — — — 429,079 1,027,631
Dividends on hybrid securities — — — — (136,845 ) — (48,725 ) (185,570 )
Acquisition of treasury shares — (373,695 ) (373,695 )
Retirement of treasury shares — — — — (242,096 ) 242,096 — —
Others — — (297,108 ) — — — 327,458 30,350
Total transactions with shareholders — 598,552 (297,108 ) — (1,335,844 ) (131,599 ) 707,812 (458,187 )
Balance as of September 30, 2023 (Unaudited) ~~W~~ 2,090,558 ~~W~~ 5,032,803 ~~W~~ 16,643,623 ~~W~~ 2,032,669 ~~W~~ 32,015,561 ~~W~~ (967,787 ) ~~W~~ 1,966,908 ~~W~~ 58,814,335
Balance as of January 1, 2024 ~~W~~ 2,090,558 ~~W~~ 5,032,803 ~~W~~ 16,647,916 ~~W~~ 2,295,165 ~~W~~ 32,029,199 ~~W~~ (1,165,837 ) ~~W~~ 1,943,506 ~~W~~ 58,873,310
Comprehensive income for the period
Profit for the period — — — — 4,395,289 — (25,371 ) 4,369,918
Remeasurements of net defined benefit liabilities — — — 16,705 — — 376 17,081
Currency translation differences — — — 126,026 — — 18,166 144,192
Gains (losses) on financial instruments at fair value through other comprehensive income and<br>transfer to retained earnings — — — 1,059,514 (2,796 ) — 1,104 1,057,822
Share of other comprehensive income of associates and joint ventures — — — 276 — — 276
Gains on cash flow hedging instruments — — — 5,403 — — 17 5,420
Losses on hedging instruments of net investments in foreign operations — — — (17,166 ) — — — (17,166 )
Insurance finance expense — — — (2,982,638 ) — — — (2,982,638 )
Fair value changes of financial liabilities designated at fair value through profit or loss due to<br>own credit risk — — — (8,318 ) — — — (8,318 )
Total comprehensive income for the period — — — (1,800,198 ) 4,392,493 — (5,708 ) 2,586,587
Transactions with shareholders
Annual dividends paid to shareholders of the Parent Company — — — — (587,006 ) — — (587,006 )
Quarterly dividends paid to shareholders of the Parent Company — — — — (600,085 ) — — (600,085 )
Issuance of hybrid securities — 399,059 — — — — 756,317 1,155,376
Dividends on hybrid securities — — — — (150,164 ) — (77,162 ) (227,326 )
Redemption of hybrid securities — (349,309 ) — — — — (659,867 ) (1,009,176 )
Acquisition of treasury shares — — — — — (490,679 ) — (490,679 )
Disposal of treasury shares — — 3,975 — — 234,600 — 238,575
Retirement of treasury shares (515,177 ) 515,177 —
Ownership changes in subsidiaries — — — — — — 15,445 15,445
Others — — (33,991 ) — — — (11,014 ) (45,005 )
Total transactions with shareholders — 49,750 (30,016 ) — (1,852,432 ) 259,098 23,719 (1,549,881 )
Balance as of September 30, 2024 (Unauidted) ~~W~~ 2,090,558 ~~W~~ 5,082,553 ~~W~~ 16,617,900 ~~W~~ 494,967 ~~W~~ 34,569,260 ~~W~~ (906,739 ) ~~W~~ 1,961,517 ~~W~~ 59,910,016

The above consolidated interim statements of changes in equity should be read in conjunction with the accompanying notes.

6

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KB Financial Group Inc. and Subsidiaries

Consolidated Interim Statements of Cash Flows

Nine-Month Periods Ended September 30, 2024 and 2023

(in millions of Korean won)

Notes 2024<br>(Unaudited) 2023<br>(Unaudited)
Cash flows from operating activities
Profit for the period ~~W~~ 4,369,918 ~~W~~ 4,352,027
Adjustment for non-cash items
Net gains on financial assets at fair value through profit or loss (622,772 ) (541,537 )
Net losses on derivative financial instruments for hedging purposes 80,376 105,400
Provision for credit losses 1,479,143 1,768,170
Net losses on financial investments 33,471 127,600
Share of profit of associates and joint ventures (657 ) (12,108 )
Depreciation and amortization expense 675,950 633,417
Other net losses on property and equipment/intangible assets 114,330 167,165
Share-based payments 113,370 59,435
Post-employment benefits 134,553 115,406
Net interest income (22,888 ) 225,429
Losses (gains) on foreign currency translation 320,320 (82,607 )
Insurance finance income (8,201,039 ) (5,894,158 )
Reinsurance finance expense 1,261,882 833,477
Other expenses 600,039 535,618
(4,033,922 ) (1,959,293 )
Changes in operating assets and liabilities
Financial asset at fair value through profit or loss 1,113,034 (2,621,024 )
Derivative financial instruments (151,155 ) (84,235 )
Loans measured at fair value through other comprehensive income (294,656 ) (282,095 )
Loans measured at amortized cost (22,299,914 ) (10,307,577 )
Current income tax assets (70,840 ) (58,211 )
Deferred income tax assets 122,322 (54,077 )
Other assets (6,898,416 ) (11,439,090 )
Financial liabilities at fair value through profit or loss (989,319 ) (1,476,930 )
Deposits 16,218,279 4,674,976
Current income tax liabilities 262,835 (678,319 )
Deferred income tax liabilities 415,150 460,548
Other liabilities 9,581,049 19,477,075
Insurance contract assets (83,116 ) (132,573 )
Reinsurance contract assets (1,108,761 ) (1,015,697 )
Insurance contract liabilities 8,960,635 6,681,253
Reinsurance contract liabilities 31,913 3,946
Investment contract liabilities (138,234 ) (234,378 )
4,670,806 2,913,592
Net cash inflow from operating activities 5,006,802 5,306,326
(Continued)

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KB Financial Group Inc. and Subsidiaries

Consolidated Interim Statements of Cash Flows

Nine-Month Periods Ended September 30, 2024 and 2023

(in millions of Korean won)

Notes 2024<br>(Unaudited) 2023<br>(Unaudited)
Cash flows from investing activities
Net cash flows from derivative financial instruments for hedging purposes (33,619 ) (42,094 )
Disposal of financial asset at fair value through profit or loss 6,932,112 8,739,818
Acquisition of financial asset at fair value through profit or loss (7,185,528 ) (8,384,554 )
Disposal of financial investments 28,468,338 30,865,620
Acquisition of financial investments (31,072,493 ) (32,901,359 )
Disposal of investments in associates and joint ventures 82,274 63,748
Acquisition of investments in associates and joint ventures (93,485 ) (51,954 )
Disposal of property and equipment 4,856 7,762
Acquisition of property and equipment (175,147 ) (190,037 )
Acquisition of investment property — (122,645 )
Disposal of intangible assets 13,046 5,222
Acquisition of intangible assets (184,883 ) (288,126 )
Net cash flows from changes in ownership of subsidiaries 22,887 495,842
Others (211,395 ) (214,540 )
Net cash outflow from investing activities **** (3,433,037 ) **** (2,017,297 )
Cash flows from financing activities
Net cash flows from derivative financial instruments for hedging purposes (199,198 ) (43,373 )
Net decrease in borrowings (5,768,403 ) (2,563,050 )
Increase in debentures 32,062,925 40,673,371
Decrease in debentures (30,104,715 ) (41,269,378 )
Increase in other payables to trust accounts 544,993 1,905,161
Dividends paid (1,187,092 ) (956,902 )
Issuance of hybrid securities 399,059 598,552
Redemption of hybrid securities (349,309 ) —
Dividends paid on hybrid securities (150,164 ) (136,844 )
Acquisition of treasury shares (490,679 ) (373,695 )
Redemption of principal elements of lease payments (238,543 ) (208,309 )
Increase in non-controlling interests 194,331 729,557
Others (172,091 ) (286,017 )
Net cash outflow from financing activities (5,458,886 ) (1,930,927 )
Effect of exchange rate changes on cash and cash equivalents 174,979 64,899
Net increase (decrease) in cash and cash equivalents (3,710,142 ) 1,423,001
Cash and cash equivalents at the beginning of the period 30 25,826,588 26,534,798
Cash and cash equivalents at the end of the period 30 ~~W~~ 22,116,446 ~~W~~ 27,957,799

The above consolidated interim statements of cash flows should be read in conjunction with the accompanying notes.

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KB Financial Group Inc. and Subsidiaries

Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

1. The Parent Company

KB Financial Group Inc. (the “Parent Company”) was incorporated on September 29, 2008, under the Financial Holding Companies Act of Korea. KB Financial Group Inc. and its subsidiaries (the “Group”) derive substantially all of their revenue and income from providing a broad range of banking and related financial services to consumers and corporations. The Parent Company’s main business purpose is to control subsidiaries that engage in the financial business or subsidiaries closely related to the financial business through the stock ownership. The Parent Company’s headquarter is located at 26, Gukjegeumyung-ro 8-gil, Yeongdeungpo-gu, Seoul. In 2011, Kookmin Bank spun off its credit card business segment and established a new separate credit card company, KB Kookmin Card Co., Ltd. and KB Investment & Securities Co., Ltd. merged with KB Futures Co., Ltd. The Group established KB Savings Bank Co., Ltd. in January 2012, acquired Yehansoul Savings Bank Co., Ltd. in September 2013, and KB Savings Bank Co., Ltd. merged with Yehansoul Savings Bank Co., Ltd. in January 2014. In March 2014, the Group acquired Woori Financial Co., Ltd. and changed the name to KB Capital Co., Ltd. Meanwhile, the Group included LIG Insurance Co., Ltd. as an associate and changed the name to KB Insurance Co., Ltd. in June 2015, and KB Insurance Co., Ltd. became one of the subsidiaries through a tender offer in May 2017. Also, the Group included Hyundai Securities Co., Ltd. as an associate in June 2016 and included as a subsidiary in October 2016 by comprehensive exchange of shares. Hyundai Securities Co., Ltd. merged with KB Investment & Securities Co., Ltd. in December 2016 and changed its name to KB Securities Co., Ltd. in January 2017. In August 2020, the Group acquired Prudential Life Insurance Company of Korea Ltd. which was classified as a subsidiary and the name was changed to KB Life Insurance Co., Ltd. in December 2022. Then in January 2023, it merged with another existing KB Life Insurance Co., Ltd. The Parent Company sold 100% shares of KB Credit Information Co., Ltd. to KB Kookmin Card Co., Ltd. on June 30, 2023.

The Parent Company’s share capital as of September 30, 2024, is \ 2,090,558 million. The Parent Company has been listed on the Korea Exchange (“KRX”) since October 10, 2008, and on the New York Stock Exchange (“NYSE”) for its American Depositary Shares (“ADS”) since September 29, 2008. Number of shares authorized in its Articles of Incorporation is 1,000 million.

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KB Financial Group Inc. and Subsidiaries

Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

2. Basis of Preparation

2.1 Application of Korean IFRS

The Group maintains its accounting records in Korean won and prepares statutory consolidated financial statements in the Korean language (Hangul) in accordance with International Financial Reporting Standards as adopted by the Republic of Korea (“Korean IFRS”). The accompanying consolidated financial statements have been translated into English from the Korean language consolidated financial statements.

The consolidated financial statements of the Group have been prepared in accordance with Korean IFRS. Korean IFRS are the standards and related interpretations issued by the International Accounting Standards Board (“IASB”) that have been adopted by the Republic of Korea.

The preparation of the consolidated financial statements requires the use of certain critical accounting estimates. Management also needs to exercise judgment in applying the Group’s accounting policies. The areas that require a more complex and higher level of judgment or areas that require significant assumptions and estimations are disclosed in Note 2.4.

The Group’s condensed consolidated interim financial statements for the nine-month period ended September 30, 2024, have been prepared in accordance with Korean IFRS No.1034 Interim Financial Reporting and contain less information than is required in annual consolidated financial statements. Selected explanatory notes include descriptions of transactions or events that are significant in understanding change in financial position and financial performance of the Group since the end of the previous annual reporting period. These condensed consolidated interim financial statements have been prepared in accordance with Korean IFRS which is effective or early adopted as of September 30, 2024.

2.1.1 The Group has applied the following new and amended standards for the first time for its annual reporting period commencing January 1, 2024.

• Amendment of Korean IFRS No.1001 “Presentation of Financial Statements” - Classification ofLiabilities into Current and Non-Current and Non-current Liabilities with Covenants

Liabilities are classified as current or non-current based on their substantive rights existing at the end of the reporting period, without considering the possibility of exercising the right to delay the payment or management’s expectations. Also, if the transfer of equity instruments is included in the payment of liabilities, it is excluded if the option to pay with equity instruments is recognized separately from the liability in a compound financial instrument and meets the definition of equity instruments. These amendments do not have a significant impact on the financial statements.

• Amendment of Korean IFRS No.1007 “Statement of Cash Flows” and No.1107 “Financial Instruments:Disclosures” – Disclosure of Supplier Finance Arrangements

The amendments require disclosure of the effects of supplier finance arrangements on the Group’s liabilities, cash flows and exposure to liquidity risk. These amendments do not have a significant impact on the financial statements.

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KB Financial Group Inc. and Subsidiaries

Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

2.1.1 The Group has applied the following new and amended standards for the first time for its annual reporting period commencing January 1, 2024. (cont’d)

• Amendment of Korean IFRS No.1116 “Leases” - Lease Liability in a Sale and Leaseback

The amendments require a seller-lessee to subsequently measure lease liabilities arising from a leaseback in a way that it does not recognize any amount of the gain or loss that relates to the right of use it retains. These amendments do not have a significant impact on the financial statements.

• Amendment of Korean IFRS No.1001 “Presentation of Financial Statements” – Disclosure of VirtualAsset

The amendments require additional disclosure for virtual assets held by the Group, virtual assets entrusted by customers to the Group, and the issuance and transfer of virtual assets. These amendments do not have a significant impact on the financial statements.

2.1.2 The following are the accounting standards that have been established or announced but have not yet been implemented, which the Group has not applied

• Amendment of Korean IFRS No.1021 “The Effects of Changes in Foreign Exchange Rates” and Korean IFRSNo.1101 “First-time Adoption of International Financial Reporting Standards” – Lack of exchangeability

The amendments require the Group to determine a spot exchange rate when exchangeability is lacking, and to disclose information on the nature and financial effects of the currency not being exchangeable into the other currency, the spot exchange rate(s) used, the estimation process, and the risks to which the Group is exposed. This amendment will be applied to the financial statements for the accounting year beginning on or after January 1, 2025. These amendments do not have a significant impact on the financial statements.

2.1.3 Restatement of financial statements for the nine-month period ended September 30, 2023 for the application of “Variable Fee Approach”

The Group has initially applied on December 31, 2023, guidelines for calculating policy reserves and recognizing revenue for insurance companies announced by Financial Supervisory Service (FSS) in South Korea. Under these guidelines, the Group applied the “Variable Fee Approach” to the financial statements as of December 31, 2023 and year then ended. The effects of this change have been retrospectively applied to the comparative disclosure for past periods as a “change in accounting policy.” The condensed consolidated interim financial statements as of september 30, 2023 and the nine-month period then ended, presented herein for the comparative purpose, have been restated to reflect the impact of this retrospective application. The effect of the change in accounting policy to the previous consolidated financial statements is as follows.

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KB Financial Group Inc. and Subsidiaries

Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

2.1.3.1 the consolidated statement of comprehensive income for the nine-month period ended September 30, 2023

Before the effects<br>of change in<br>accounting policy After the effects<br>of change in<br>accounting policy Net increase<br>(decrease)
Interest income ~~W~~ 8,846,811 ~~W~~ 8,958,317 ~~W~~ 111,506
Insurance finance interest expense (1,292,077 ) (1,180,571 ) 111,506
Net insurance income 1,211,863 1,232,287 20,424
Insurance income 8,223,836 8,227,494 3,658
Insurance expense (7,011,973 ) (6,995,207 ) 16,766
Other insurance finance expenses (59,747 ) (183,476 ) (123,729 )
Net operating income 6,131,146 6,139,347 8,201
Net non-operating expenses (231,934 ) (231,934 ) —
Profit before income tax expense 5,899,212 5,907,413 8,201
Income tax expense (1,553,257 ) (1,555,386 ) (2,129 )
Profit for the period 4,345,955 4,352,027 6,072
Other comprehensive income (loss) for the period, net of tax 819,197 812,694 (6,503 )
Insurance finance expense 648,879 642,376 (6,503 )
Total comprehensive income for the period 5,165,152 5,164,721 (431 )

2.1.3.2 Due to the effects of change in accounting policy stated above, the Group’s total liabilities and equity has increased and decreased by ~~W~~ 36,447 million, and there is no effect on the consolidated statement of cash flows.

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KB Financial Group Inc. and Subsidiaries

Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

2.2 Measurement Basis

The consolidated financial statements have been prepared based on the historical cost accounting model unless otherwise specified.

2.3 Functional and Presentation Currency

Items included in the financial statements of each entity of the Group are measured using the currency of the primary economic environment in which the entity operates (“functional currency”). The consolidated financial statements are presented in Korean won, which is the Parent Company‘s functional and presentation currency.

2.4 Critical Accounting Estimates

The Group applies accounting policies and uses judgements, accounting estimates and assumptions that may have a significant impact on the assets (liabilities) and incomes (expenses). Management’s estimates of outcomes may differ from actual outcomes if management’s estimates and assumptions based on management’s best judgment at the reporting date are different from the actual environment.

Estimates and underlying assumptions are continually evaluated, and changes in accounting estimates are recognized in the period in which the estimates are changed and in any future periods affected.

Uncertainties in estimates and assumptions with significant risks used in the preparation of these condensed consolidated interim financial statements are the same as 2023 financial statements, except for the method of estimating income tax expense.

3. Material Accounting Policies

The material accounting policies and calculation methods applied in the preparation of these consolidated interim financial statements are the same as those applied to the consolidated financial statements for the year ended December 31, 2023, except for the impact of changes due to adopting new and amended standards and interpretations described in Note 2.1 and below paragraph.

The Group is subject to Pillar2 income taxes, and has applied a temporary exemption provision regarding the recognition and disclosure of deferred taxes related to the Pillar 2 rules. Income tax expense for the interim period is measured applying the expected average annual income tax rate applicable on expected total annual income.

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KB Financial Group Inc. and Subsidiaries

Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

4. Financial Risk Management

4.1 Summary

4.1.1 Overview of financial risk management policy

The financial risks that the Group is exposed to are credit risk, market risk, liquidity risk, operational risk, and others.

This note regarding financial risk management provides information about the risks that the Group is exposed to and about its objectives, policies, risk assessment and management procedures, and capital management. Additional quantitative information is disclosed throughout the consolidated financial statements.

The Group’s risk management system focuses on efficiently supporting long-term strategy and management decisions of the Group by increasing risk transparency, preventing risk transfer between subsidiaries and preemptive response to rapidly changing financial environments. Credit risk, market risk, operational risk, interest rate risk, insurance risk, liquidity risk, credit concentration risk, strategy risk, and reputation risk are recognized as the Group’s significant risks and measured and managed by quantifying them in the form of internal capital or Value at Risk (“VaR”) using statistical methods.

4.1.2 Risk management organization

4.1.2.1 Risk Management Committee

The Risk Management Committee, as the ultimate decision-making body, deals with risk-related issues, such as establishing risk management strategies in accordance with the strategic direction determined by the Board of Directors, determining the affordable level of risk appetite, reviewing the level of risk and the status of risk management activities, approving the application of risk management systems, methodologies, and major improvements, and establishing and approving risk management policies and procedures to timely recognize, measure, monitor, and control risks arising from various transactions by the Group.

4.1.2.2 Risk Management Council

The Risk Management Council is responsible for consulting on matters delegated by the Risk Management Committee and requests for review by the Management Executive Committee, consulting on details of each subsidiary’s risk management policies and procedures, monitoring the Group’s risk management status, and establishing and implementing necessary measures.

4.1.2.3 Risk Management Department

The Risk Management Department performs the Group’s risk management detailed policies, procedures, and business processes, and is responsible for calculating the Group’s risk-weighted assets, monitoring and managing internal capital limits.

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KB Financial Group Inc. and Subsidiaries

Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

4.2 Credit Risk

4.2.1 Overview of credit risk

Credit risk is the risk of loss from the portfolio of assets held due to the counterparty’s default, breach of contract, and deterioration of credit quality. For risk management purposes, the Group manages all factors of credit risk exposure, such as default risk of individual borrowers, country risk, and risk of specific sectors in an integrated way.

4.2.2 Credit risk management

The Group measures the expected loss and internal capital for the assets subject to credit risk management, including on-balance and off-balance assets, and uses them as management indicators. The Group allocates and manages credit risk internal capital limits.

In addition, to prevent excessive concentration of exposures by borrower and industry, the total exposure limit at the Group level is introduced, applied, and managed to control the credit concentration risk.

All of the Kookmin Bank’s loan customers (individuals and corporates) are assigned a credit rating and managed by a comprehensive internal credit evaluation system. For individuals, the credit rating is evaluated by utilizing personal information, income and job information, asset information, and bank transaction information. For corporates, the credit rating is evaluated by analyzing and utilizing financial and non-financial information which measures current and future corporate value and ability to repay the debt. Also, the extent to which corporates have the ability to meet debt obligations is comprehensively considered.

The credit rating, once assigned, serves as the fundamental instrument in Kookmin Bank’s credit risk management, and is applied in a wide range of credit risk management processes, including credit approval, credit limit management, loan pricing, and assessment of allowances for credit losses. For corporates, Kookmin Bank conducts a regular credit evaluation at least once a year, and the review and supervision departments regularly validate the adequacy of credit ratings to manage credit risks.

KB Kookmin Card Co., Ltd.‘s credit scoring system is divided into Application Scoring System (“ASS”) and Behavior Scoring System (“BSS”). For applications that meet the eligibility criteria for card issuance, the card will be issued only if the ASS credit rating is above the standard. KB Kookmin Card Co., Ltd.‘s internal information, external information from the credit bureau company and others, and personal information on the application are used to calculate the ASS credit rating. The BSS, which is recalculated on a weekly basis, predicts the delinquency probability of cardholders, and utilizes it to monitor cardholders and portfolio risk.

In order to establish a credit risk management system, the Group manages credit risk by forming a separate risk management organization. In particular, independently of the Sales Group, the Credit Management & Analysis Group of Kookmin Bank, a subsidiary, is in charge of loan policy, loan system, credit rating, credit analysis, follow-up management, and corporate restructuring. The Risk Management Group of Kookmin Bank is responsible for establishing policies on credit risk management, measuring and limiting internal capital of credit risk, setting credit limits, credit review, and verification of credit rating models.

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KB Financial Group Inc. and Subsidiaries

Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

4.2.3 Maximum exposure to credit risk

The Group’s maximum exposures to credit risk without consideration of collateral values in relation to financial instruments other than equity securities as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30, 2024 December 31, 2023
Financial assets
Due from financial institutions measured at amortized cost * ~~W~~ 23,594,253 ~~W~~ 27,579,279
Financial assets at fair value through profit or loss:
Due from financial institutions measured at fair value through profit or loss 58,798 79,811
Securities measured at fair value through profit or loss 71,775,639 72,658,432
Loans measured at fair value through profit or loss 295,358 183,726
Financial instruments indexed to the price of gold 132,111 93,743
Derivatives 5,729,437 6,157,628
Loans measured at amortized cost * 466,006,550 444,805,287
Financial investments:
Securities measured at fair value through other comprehensive income 85,234,138 78,926,437
Securities measured at amortized cost * 37,819,886 39,701,389
Loans measured at fair value through other comprehensive income 1,095,323 801,050
Other financial assets * 23,775,818 16,544,513
715,517,311 687,531,295
Off-balance sheet items
Acceptances and guarantees contracts 14,037,148 13,763,222
Financial guarantee contracts 6,328,420 7,828,205
Commitments 207,900,943 203,906,179
228,266,511 225,497,606
~~W~~ 943,783,822 ~~W~~ 913,028,901
* After netting of allowance
--- ---

4.2.4 Credit risk of loans

The Group maintains allowances for loan losses associated with credit risk of loans to manage its credit risk.

The Group assesses expected credit losses and recognizes loss allowances of financial assets at amortized cost and financial assets at fair value through other comprehensive income. Financial assets at fair value through profit or loss are excluded. Expected credit losses are a probability-weighted estimate of possible credit losses occurring in a certain range by reflecting reasonable and supportable information that is reasonably available at the end of the reporting period without undue cost or effort, including information about past events, current conditions, and forecasts of future economic conditions. The Group measures the expected credit losses of loans classified as financial assets at amortized cost, by deducting allowances for credit losses. The expected credit losses of loans classified as financial assets at fair value through other comprehensive income are presented in other comprehensive income in the consolidated financial statements.

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KB Financial Group Inc. and Subsidiaries

Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

4.2.4.1 Credit risk exposure

Credit qualities of loans as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30, 2024
12-monthexpected creditlosses Lifetime expected credit losses Not applyingexpected creditlosses Total
Not impaired Impaired
Loans measured at amortized cost *
Corporate
Grade 1 ~~W~~ 143,595,450 ~~W~~ 7,558,693 ~~W~~ 3,366 ~~W~~ — ~~W~~ 151,157,509
Grade 2 71,729,585 11,307,782 28,509 — 83,065,876
Grade 3 3,716,981 4,706,611 68,639 — 8,492,231
Grade 4 827,154 1,171,159 68,831 — 2,067,144
Grade 5 24,057 648,292 3,056,940 — 3,729,289
219,893,227 25,392,537 3,226,285 — 248,512,049
Retail
Grade 1 174,788,606 4,579,572 12,588 — 179,380,766
Grade 2 8,098,553 3,843,639 37,009 — 11,979,201
Grade 3 4,155,278 1,491,099 31,708 — 5,678,085
Grade 4 284,216 368,189 28,877 — 681,282
Grade 5 47,160 752,537 1,237,185 — 2,036,882
187,373,813 11,035,036 1,347,367 — 199,756,216
Credit card
Grade 1 11,521,725 196,350 — — 11,718,075
Grade 2 6,108,379 804,746 — — 6,913,125
Grade 3 1,871,487 1,346,828 — — 3,218,315
Grade 4 11,105 463,277 — — 474,382
Grade 5 2,618 196,002 666,892 — 865,512
19,515,314 3,007,203 666,892 — 23,189,409
426,782,354 39,434,776 5,240,544 — 471,457,674
Loans measured at fair value through other comprehensive income
Corporate
Grade1 1,055,518 — — — 1,055,518
Grade2 39,805 — — — 39,805
Grade3 — — — — —
Grade4 — — — — —
Grade5 — — — — —
1,095,323 — — — 1,095,323
1,095,323 — — — 1,095,323
~~W~~ 427,877,677 ~~W~~ 39,434,776 ~~W~~ 5,240,544 ~~W~~ — ~~W~~ 472,552,997

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KB Financial Group Inc. and Subsidiaries

Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

4.2.4.1 Credit risk exposure (cont’d)

(In millions of Korean won) December 31, 2023
12-monthexpected creditlosses Lifetime expected credit losses Not applyingexpected creditlosses Total
Not impaired Impaired
Loans measured at amortized cost *
Corporate
Grade 1 ~~W~~ 142,216,615 ~~W~~ 6,765,165 ~~W~~ 2,122 ~~W~~ — ~~W~~ 148,983,902
Grade 2 65,606,587 10,632,633 40,942 — 76,280,162
Grade 3 3,547,489 3,964,877 8,231 — 7,520,597
Grade 4 654,654 1,285,650 31,645 — 1,971,949
Grade 5 16,188 581,524 2,871,510 — 3,469,222
212,041,533 23,229,849 2,954,450 — 238,225,832
Retail
Grade 1 165,579,777 4,147,682 11,945 — 169,739,404
Grade 2 7,133,302 3,664,451 30,019 — 10,827,772
Grade 3 4,941,476 1,614,245 26,804 — 6,582,525
Grade 4 258,300 375,964 24,908 — 659,172
Grade 5 42,561 776,597 1,064,258 — 1,883,416
177,955,416 10,578,939 1,157,934 — 189,692,289
Credit card
Grade 1 10,776,164 253,905 — — 11,030,069
Grade 2 5,854,931 936,657 — — 6,791,588
Grade 3 1,645,099 1,416,715 — — 3,061,814
Grade 4 7,827 431,083 — — 438,910
Grade 5 2,432 229,439 795,719 — 1,027,590
18,286,453 3,267,799 795,719 — 22,349,971
408,283,402 37,076,587 4,908,103 — 450,268,092
Loans measured at fair value through other comprehensive income
Corporate
Grade1 762,041 — — — 762,041
Grade2 39,009 — — — 39,009
Grade3 — — — — —
Grade4 — — — — —
Grade5 — — — — —
801,050 — — — 801,050
801,050 — — — 801,050
~~W~~ 409,084,452 ~~W~~ 37,076,587 ~~W~~ 4,908,103 ~~W~~ — ~~W~~ 451,069,142
* Before netting of allowance
--- ---

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

4.2.4.1 Credit risk exposure (cont’d)

Credit qualities of loans graded according to internal credit ratings as of September 30, 2024 and December 31, 2023, are as follows:

Range of probability of default (%) Retail Corporate
Grade 1 0.0 ~ 1.0 1 ~ 5grade AAA ~ BBB+
Grade 2 1.0 ~ 5.0 6 ~ 8grade BBB ~ BB
Grade 3 5.0 ~ 15.0 9 ~ 10 grade BB- ~ B
Grade 4 15.0 ~<br>30.0 11 grade B- ~ CCC
Grade 5 30.0 ~ 12 grade or under CC or under

4.2.4.2 Quantification of the extent to which collateral and other credit enhancements mitigate credit risk of loans as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30, 2024
12-monthexpected creditlosses Lifetime expected credit losses Total
Not impaired Impaired
Guarantees ~~W~~ 119,056,635 ~~W~~ 8,347,588 ~~W~~ 463,970 ~~W~~ 127,868,193
Deposits and savings 2,481,315 123,076 12,660 2,617,051
Property and equipment 14,738,863 1,197,608 233,454 16,169,925
Real estate 212,885,238 19,967,756 2,213,620 235,066,614
~~W~~ 349,162,051 ~~W~~ 29,636,028 ~~W~~ 2,923,704 ~~W~~ 381,721,783
(In millions of Korean won) December 31, 2023
--- --- --- --- --- --- --- --- --- --- ---
12-monthexpected creditlosses Lifetime expected credit losses Total
Not impaired Impaired
Guarantees ~~W~~ 114,669,115 ~~W~~ 7,639,754 ~~W~~ 425,696 ~~W~~ 122,734,565
Deposits and savings 2,461,434 129,853 15,176 2,606,463
Property and equipment 15,121,688 1,109,156 442,084 16,672,928
Real estate 196,412,901 19,374,276 2,893,235 218,680,412
~~W~~ 328,665,138 ~~W~~ 28,253,039 ~~W~~ 3,776,191 ~~W~~ 360,694,368

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

4.2.5 Credit risk of securities

Credit qualities of securities exposed to credit risk other than equity securities among financial investments as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30, 2024
12-monthexpected creditlosses Lifetime expected credit losses Not applyingexpected creditlosses Total
Not impaired Impaired
Securities measured at amortized cost *
Grade 1 ~~W~~ 34,272,092 ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ 34,272,092
Grade 2 3,565,471 — — — 3,565,471
Grade 3 874 — — — 874
Grade 4 — — — — —
Grade 5 — — — — —
37,838,437 — — — 37,838,437
Securities measured at fair value through other comprehensive income
Grade 1 78,321,892 — — — 78,321,892
Grade 2 6,904,390 — — — 6,904,390
Grade 3 7,856 — — — 7,856
Grade 4 — — — — —
Grade 5 — — — — —
85,234,138 — — — 85,234,138
~~W~~ 123,072,575 ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ 123,072,575
(In millions of Korean won) December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- ---
12-monthexpected creditlosses Lifetime expected credit losses Not applyingexpected creditlosses Total
Not impaired Impaired
Securities measured at amortized cost *
Grade 1 ~~W~~ 35,812,502 ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ 35,812,502
Grade 2 3,907,307 — — — 3,907,307
Grade 3 852 — — — 852
Grade 4 — — — — —
Grade 5 — — — — —
39,720,661 — — — 39,720,661
Securities measured at fair value through other comprehensive income
Grade 1 72,574,183 — — — 72,574,183
Grade 2 6,326,108 — — — 6,326,108
Grade 3 26,146 — — — 26,146
Grade 4 — — — — —
Grade 5 — — — — —
78,926,437 — — — 78,926,437
~~W~~ 118,647,098 ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ 118,647,098
* Before netting of allowance
--- ---

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

4.2.5 Credit risk of securities (cont’d)

Credit qualities of securities other than equity securities, according to the credit ratings by external credit rating agencies as of September 30, 2024 and December 31, 2023, are as follows:

Credit quality Domestic Foreign
KIS NICE P&I KAP FnPricing Inc. S&P Fitch-IBCA Moody’s
Grade 1 AA0 to AAA AA0 to AAA AA0 to AAA AA0 to AAA A- to AAA A- to AAA A3 to Aaa
Grade 2 A- to AA- A- to AA- A- to AA- A- to AA- BBB- to BBB+ BBB- to BBB+ Baa3 to Baa1
Grade 3 BBB0 to BBB+ BBB0 to BBB+ BBB0 to BBB+ BBB0 to BBB+ BB to BB+ BB to BB+ Ba2 to Ba1
Grade 4 BB0 to BBB- BB0 to BBB- BB0 to BBB- BB0 to BBB- B+ to BB- B+ to BB- B1 to Ba3
Grade 5 BB- or under BB- or under BB- or under BB- or under B or under B or under B2 or under

Credit qualities of debt securities denominated in Korean won are based on the lowest credit rating by the domestic credit rating agencies above, and those denominated in foreign currencies are based on the lowest credit rating by the foreign credit rating agencies above.

4.2.6 Credit risk of due from financial institutions

Credit qualities of due from financial institutions as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30, 2024
12-monthexpected creditlosses Lifetime expected credit losses Not applyingexpected creditlosses Total
Not impaired Impaired
Due from financial institutions measured at amortized cost *
Grade 1 ~~W~~ 22,345,503 ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ 22,345,503
Grade 2 574,173 — — — 574,173
Grade 3 105,818 — — — 105,818
Grade 4 15 — — — 15
Grade 5 570,450 — — — 570,450
~~W~~ 23,595,959 ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ 23,595,959
(In millions of Korean won) December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- ---
12-monthexpected creditlosses Lifetime expected credit losses Not applyingexpected creditlosses Total
Not impaired Impaired
Due from financial institutions measured at amortized cost *
Grade 1 ~~W~~ 26,279,729 ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ 26,279,729
Grade 2 503,794 — — — 503,794
Grade 3 108,290 — — — 108,290
Grade 4 — — — — —
Grade 5 688,487 — — — 688,487
~~W~~ 27,580,300 ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ 27,580,300
* Before netting of allowance
--- ---

The classification criteria of the credit qualities of due from financial institutions as of September 30, 2024 and December 31, 2023, are the same as the criteria for securities other than equity securities.

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

4.2.7 Credit risk concentration analysis

4.2.7.1 Classifications of corporate loans by industry as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30, 2024
Loans % Allowances Carrying amount
Financial institutions ~~W~~ 25,310,367 10.13 ~~W~~ (209,848 ) ~~W~~ 25,100,519
Manufacturing 55,915,558 22.37 (588,803 ) 55,326,755
Service 112,640,206 45.07 (1,139,835 ) 111,500,371
Wholesale and retail 30,329,293 12.14 (511,750 ) 29,817,543
Construction 7,125,065 2.85 (250,920 ) 6,874,145
Public sector 2,305,779 0.92 (62,129 ) 2,243,650
Others 16,276,462 6.52 (277,660 ) 15,998,802
~~W~~ 249,902,730 100.00 ~~W~~ (3,040,945 ) ~~W~~ 246,861,785
(In millions of Korean won) December 31, 2023
--- --- --- --- --- --- --- --- --- ---
Loans % Allowances Carrying amount
Financial institutions ~~W~~ 25,194,810 10.53 ~~W~~ (147,964 ) ~~W~~ 25,046,846
Manufacturing 51,666,785 21.60 (619,644 ) 51,047,141
Service 106,907,060 44.69 (1,247,642 ) 105,659,418
Wholesale and retail 29,904,053 12.50 (502,211 ) 29,401,842
Construction 7,047,906 2.95 (280,598 ) 6,767,308
Public sector 2,259,364 0.94 (83,029 ) 2,176,335
Others 16,230,630 6.79 (276,811 ) 15,953,819
~~W~~ 239,210,608 100.00 ~~W~~ (3,157,899 ) ~~W~~ 236,052,709

4.2.7.2 Classifications of retail loans and credit card receivables as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30, 2024
Loans % Allowances Carrying amount
Housing loan ~~W~~ 103,070,288 46.23 ~~W~~ (279,033 ) ~~W~~ 102,791,255
General loan 96,685,928 43.37 (1,237,063 ) 95,448,865
Credit card 23,189,409 10.40 (894,083 ) 22,295,326
~~W~~ 222,945,625 100.00 ~~W~~ (2,410,179 ) ~~W~~ 220,535,446
(In millions of Korean won) December 31, 2023
--- --- --- --- --- --- --- --- --- ---
Loans % Allowances Carrying amount
Housing loan ~~W~~ 97,142,065 45.81 ~~W~~ (227,758 ) ~~W~~ 96,914,307
General loan 92,550,224 43.65 (1,141,322 ) 91,408,902
Credit card 22,349,971 10.54 (935,826 ) 21,414,145
~~W~~ 212,042,260 100.00 ~~W~~ (2,304,906 ) ~~W~~ 209,737,354

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

4.2.7.3 Classifications of due from financial institutions, securities other than equity securities, and derivative financial assets by industry as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30, 2024
Amount % Allowances Carrying amount
Due from financial institutions measured at amortized cost ****
Finance and insurance ~~W~~ 23,595,959 100.00 ~~W~~ (1,706 ) ~~W~~ 23,594,253
23,595,959 100.00 (1,706 ) 23,594,253
Due from financial institutions measured at fair value through profit orloss
Finance and insurance 58,798 100.00 — 58,798
58,798 100.00 — 58,798
Securities measured at fair value through profit or loss
Government and government funded institutions 24,985,202 34.82 — 24,985,202
Finance and insurance 35,019,725 48.78 — 35,019,725
Others 11,770,712 16.40 — 11,770,712
71,775,639 100.00 — 71,775,639
Derivative financial assets
Government and government funded institutions 29,579 0.52 — 29,579
Finance and insurance 5,397,012 94.19 — 5,397,012
Others 302,846 5.29 — 302,846
5,729,437 100.00 — 5,729,437
Securities measured at fair value through other comprehensive income
Government and government funded institutions 47,550,025 55.79 — 47,550,025
Finance and insurance 25,654,682 30.10 — 25,654,682
Others 12,029,431 14.11 — 12,029,431
85,234,138 100.00 — 85,234,138
Securities measured at amortized cost
Government and government funded institutions 16,088,021 42.52 (615 ) 16,087,406
Finance and insurance 21,471,307 56.74 (17,463 ) 21,453,844
Others 279,109 0.74 (473 ) 278,636
37,838,437 100.00 (18,551 ) 37,819,886
~~W~~ 224,232,408 ~~W~~ (20,257 ) ~~W~~ 224,212,151

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

4.2.7.3 4.2.7.3 Classifications of due from financial institutions, securities other than equity securities, and derivative financial assets by industry as of September 30, 2024 and December 31, 2023, are as follows: (cont’d)

(In millions of Korean won) December 31, 2023
Amount % Allowances Carrying amount
Due from financial institutions measured at amortized cost
Finance and insurance ~~W~~ 27,580,300 100.00 ~~W~~ (1,021 ) ~~W~~ 27,579,279
27,580,300 100.00 (1,021 ) 27,579,279
Due from financial institutions measured at fair value through profit orloss
Finance and insurance 79,811 100.00 — 79,811
79,811 100.00 — 79,811
Securities measured at fair value through profit or loss
Government and government funded institutions 21,022,824 28.94 — 21,022,824
Finance and insurance 37,426,249 51.51 — 37,426,249
Others 14,209,359 19.55 — 14,209,359
72,658,432 100.00 — 72,658,432
Derivative financial assets
Government and government funded institutions 52,508 0.85 — 52,508
Finance and insurance 5,785,110 93.95 — 5,785,110
Others 320,010 5.20 — 320,010
6,157,628 100.00 — 6,157,628
Securities measured at fair value through other comprehensive income
Government and government funded institutions 44,790,264 56.75 — 44,790,264
Finance and insurance 21,546,428 27.30 — 21,546,428
Others 12,589,745 15.95 — 12,589,745
78,926,437 100.00 — 78,926,437
Securities measured at amortized cost
Government and government funded institutions 16,391,846 41.27 (655 ) 16,391,191
Finance and insurance 22,960,878 57.80 (17,965 ) 22,942,913
Others 367,937 0.93 (652 ) 367,285
39,720,661 100.00 (19,272 ) 39,701,389
~~W~~ 225,123,269 ~~W~~ (20,293 ) ~~W~~ 225,102,976

Due from financial institutions, financial instruments at fair value through profit or loss linked to gold price, and derivative financial instruments are mostly related to the finance and insurance industry with high credit ratings.

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

4.3 Liquidity Risk

4.3.1 Overview of liquidity risk

Liquidity risk is a risk that the Group becomes insolvent due to the mismatch between the inflow and outflow of funds, unexpected cash outflows, or a risk of loss due to financing funds at a high interest rate or disposing of securities at an unfavorable price due to lack of available funds. The Group manages its liquidity risk through analysis of the contractual maturity of interest-bearing assets and liabilities, assets and liabilities related to the other inflows and outflows of funds, and off-balance sheet items related to the inflows and outflows of funds such as currency derivative instruments and others.

4.3.2 Liquidity risk management and indicator

The liquidity risk is managed by risk management policies and liquidity risk management guidelines set forth in these policies that apply to all risk management policies and procedures that may arise throughout the overall business of the Group.

The Group calculates and manages liquidity ratio and others for all transactions and off-balance transactions related to liquidity, that affect the cash flows in Korean won and foreign currency funds raised and operated for the management of liquidity risks and periodically reports them to the Risk Management Committee.

4.3.3 Analysis of remaining contractual maturity of financial liabilities

The cash flows disclosed in the maturity analysis are undiscounted contractual amounts including principal and future interest payments; as such, amounts in the table below do not match with those in the consolidated statements of financial position which are based on discounted cash flows. The future interest payments for floating-rate liabilities are calculated on the assumption that the current interest rate is the same until maturity.

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

4.3.3.1 Remaining contractual maturity of financial liabilities other than derivatives held for cash flow hedge, and off-balance sheet items as of September 30, 2024 and December 31 2023, are as follows:

(In millions of Korean won) September 30, 2024
On demand Up to 1 month 1-3 months 3-12 months 1-5 years Over 5 years Total
Financial liabilities
Financial liabilities at fair value through profit or loss ^1^ ~~W~~ 3,299,318 ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ 3,299,318
Financial liabilities designated at fair value through profit or loss ^1^ 6,898,320 — — — — — 6,898,320
Derivatives held for trading ^1^ 5,111,754 — — — — — 5,111,754
Derivatives held for hedging ^2^ 1,243 985 24,733 35,877 59,606 1 122,445
Deposits ^3^ 176,042,876 38,460,143 67,250,627 124,657,148 24,881,921 1,501,711 432,794,426
Borrowings 10,582,917 16,289,032 8,129,434 19,922,290 9,698,246 1,380,613 66,002,532
Debentures 5,870 3,576,374 7,253,092 21,682,919 39,487,826 5,118,404 77,124,485
Lease liabilities 682 29,451 57,419 221,318 590,411 122,301 1,021,582
Other financial liabilities 818,671 35,917,671 153,786 377,502 1,151,266 205,880 38,624,776
~~W~~ 202,761,651 ~~W~~ 94,273,656 ~~W~~ 82,869,091 ~~W~~ 166,897,054 ~~W~~ 75,869,276 ~~W~~ 8,328,910 ~~W~~ 630,999,638
Off-balance sheet items
Commitments ^4^ ~~W~~ 207,900,943 ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ 207,900,943
Acceptances and guarantees contracts 14,037,148 — — — — — 14,037,148
Financial guarantee contracts ^5^ 6,328,420 — — — — — 6,328,420
~~W~~ 228,266,511 ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ 228,266,511

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

4.3.3.1 Remaining contractual maturity of financial liabilities other than derivatives held for cash flow hedge, and off-balance sheet items as of September 30, 2024 and December 31 2023, are as follows: (cont’d)

(In millions of Korean won) December 31, 2023
On demand Up to 1 month 1-3 months 3-12 months 1-5 years Over 5 years Total
Financial liabilities
Financial liabilities at fair value through profit or loss ^1^ ~~W~~ 2,953,472 ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ 2,953,472
Financial liabilities designated at fair value through profit or loss ^1^ 7,966,963 — — — — — 7,966,963
Derivatives held for trading ^1^ 5,966,512 — — — — — 5,966,512
Derivatives held for hedging ^2^ 7,856 11,887 16,968 48,476 50,888 (4,255 ) 131,820
Deposits ^3^ 175,103,423 35,688,530 55,092,937 131,347,718 17,325,661 1,764,854 416,323,123
Borrowings 10,729,326 18,654,410 6,594,666 21,356,372 12,432,385 1,195,946 70,963,105
Debentures 10,077 3,843,626 5,556,957 21,137,247 37,653,013 5,727,779 73,928,699
Lease liabilities 243 27,478 43,005 172,528 366,002 34,804 644,060
Other financial liabilities 875,267 25,693,343 166,001 331,289 1,128,101 264,861 28,458,862
~~W~~ 203,613,139 ~~W~~ 83,919,274 ~~W~~ 67,470,534 ~~W~~ 174,393,630 ~~W~~ 68,956,050 ~~W~~ 8,983,989 ~~W~~ 607,336,616
Off-balance sheet items
Commitments ^4^ ~~W~~ 203,906,179 ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ 203,906,179
Acceptances and guarantees contracts 13,763,222 — — — — — 13,763,222
Financial guarantee contracts ^5^ 7,828,205 — — — — — 7,828,205
~~W~~ 225,497,606 ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ 225,497,606
^1^ Financial liabilities measured or designated at fair value through profit or loss and derivatives held for<br>trading are not managed by contractual maturity because they are expected to be traded or redeemed before maturity. Therefore, the carrying amounts of those financial instruments are included in the ‘On demand’ category.<br>
--- ---
^2^ Cash flows of derivatives held for hedging are shown at net amount of cash inflows and outflows by remaining<br>contractual maturity.
--- ---
^3^ Deposits that are contractually repayable on demand or on short notice are included in the ‘On<br>demand’ category.
--- ---
^4^ Commitments are included in the ‘On demand’ category because payments can be requested at any time.<br>
--- ---
^5^ Cash flows under financial guarantee contracts are classified based on the earliest period that the contract<br>can be executed.
--- ---

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

4.4 Market Risk

4.4.1 Concept

Market risk refers to risks that can result in losses due to changes in market factors such as interest rate, stock price, and foreign exchange rate, etc., which arise from securities, derivatives, and others. The most significant risks associated with trading positions are interest rate risk, currency risk, and additional risks include stock price risk. The non-trading position is also exposed to interest rate risk. The Group manages the market risks by dividing them into those arising from the trading position and those arising from the non-trading position.

4.4.2 Risk management

The Group sets and monitors internal capital limits for market risk and interest rate risk to manage the risks of trading and non-trading positions. In order to manage market risk efficiently, the Group maintains risk management systems and procedures such as trading policies and procedures, market risk management guidelines for trading positions, and interest rate risk management guidelines for non-trading positions. The entire process is carried out through consultation with the Risk Management Council and approval by the Risk Management Committee of the Group. However, insurance companies that are engaged in the insurance business are not subject to these guidelines and are monitored by setting internal capital limits for market risk and interest rate risk based on K-ICS.

In the case of Kookmin Bank, a major subsidiary, the Risk Management Council establishes and enforces overall market risk management policies for market risk management and decides to establish position limits, loss limits, VaR limits, and approves non-standard new products. In addition, the Market Risk Management Subcommittee, chaired by Chief Risk Officer (“CRO”), is a practical decision-making body for market risk management and determines position limits, loss limits, VaR limits, sensitivity limits, and scenario loss limits for each department of the business group.

Kookmin Bank’s Asset-Liability Management Committee (“ALCO”) determines interest rate and commission operating standards and Asset Liability Management (“ALM”) operation policies and enacts and revises relevant guidelines. The Risk Management Committee and the Risk Management Council monitor the establishment and enforcement of ALM risk management policies and enact and revise ALM risk management guidelines. Interest rate risk limits are set based on future asset and liability positions and expected interest rate volatility, which reflect annual business plans. The Financial Planning Department and the Risk Management Department regularly measure and monitor interest rate risk and report the status and limit of interest rate risk including changes in Economic Value of Equity (“ΔEVE”), changes in Net Interest Income (“ΔNII”), and duration gap to the ALCO and the Risk Management Council on a monthly basis, and to the Risk Management Committee on a quarterly basis. To ensure the adequacy of interest rate risk and liquidity risk management, the Risk Management Department assigns the limits, monitors and reviews the procedures and tasks of ALM operations conducted by the ALM department, and reports related matters to the management independently.

Kookmin Bank is closely monitoring the outputs of various industry groups and markets that manage the transition to the new interest rate benchmark, including announcements by regulation authority and various consultative bodies related to the transition to alternative interest rate. In response to these announcements, Kookmin Bank has completed most of the transition and replacement plans according to LIBOR transition programs and plans consisting of major business areas such as finance, accounting, tax, legal, IT, and risk. The program is under the control of the CFO and related matters are reported to the Board of Directors and consultative bodies with senior management as members. Kookmin Bank continues its efforts as a market participant to actively express opinions so that the index interest rate benchmark reform can be carried out in the direction of minimizing the financial and non-financial impacts and operational risks and minimizing confusion among stakeholders.

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

4.5 Operational Risk

4.5.1 Concept

Operational risk of the Group refers to the risk of loss that may occur due to improper or incorrect internal procedures, personnel, systems or external events. Operational risk management plays a role in enhancing the stability and soundness of financial institutions by managing the appropriate level of capital and supplementing the internal control system.

4.5.2 Risk management

The purpose of operational risk management is not only to comply with supervisory and regulatory requirements, but also to spread risk management culture, strengthen internal control, improve processes, and provide timely feedback to management and all employees. The Parent Company manages the Group’s overall operational risk, and each subsidiary establishes and implements operational risk management policies according to its own risk level and implements and operates related systems. The Group Risk Management Committee establishes and allocates risk capital of operational risk for each subsidiary, and subsidiaries manage operational risks at an appropriate level within the allocated risk capital.

5. Segment Information

5.1 Overall Segment Information and Business Segments

The Group classifies reporting segments based on the nature of the products and services provided, the type of customer, and the Group’s management organization.

Banking business Corporate banking Loans, deposit products, and other related financial services to large, small and medium-sized<br>enterprises and SOHOs
Retail banking Loans, deposit products, and other related financial services to individuals and<br>households
Other banking services Trading activities in securities and derivatives, funding, and other supporting<br>activities
Securities business Investment banking, brokerage services, and other supporting activities
Non-life insurance business Non-life insurance and other supporting activities
Credit card business Credit sale, cash advance, card loan, and other supporting activities
Life insurance business Life insurance and other supporting activities

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

5.1 Overall Segment Information and Business Segments (cont’d)

Financial information by business segment for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024
Banking business
Corporatebanking Retailbanking Otherbankingservices Sub-total Securities Non-lifeinsurance Credit card Lifeinsurance Others Consolidationadjustments Total
Net operating revenues (expenses) from external customers ~~W~~ 4,048,364 ~~W~~ 3,109,765 ~~W~~ 809,545 ~~W~~ 7,967,674 ~~W~~ 1,420,626 ~~W~~ 1,139,373 ~~W~~ 1,587,323 ~~W~~ 340,386 ~~W~~ 911,935 ~~W~~ — ~~W~~ 13,367,317
Intersegment net operating revenues (expenses) 99,197 — 200,222 299,419 41,339 (19,522 ) (56,828 ) 19,377 249,139 (532,924 ) —
4,147,561 3,109,765 1,009,767 8,267,093 1,461,965 1,119,851 1,530,495 359,763 1,161,074 (532,924 ) 13,367,317
Net interest income (expenses) 4,345,433 2,457,563 845,601 7,648,597 446,901 (30,364 ) 1,228,047 (179,671 ) 527,906 (118,727 ) 9,522,689
Interest income 9,116,422 5,816,676 2,518,290 17,451,388 1,325,861 667,058 1,824,633 477,954 1,195,617 (79,176 ) 22,863,335
Interest expense (4,770,989 ) (3,359,113 ) (1,672,689 ) (9,802,791 ) (878,960 ) (697,422 ) (596,586 ) (657,625 ) (667,711 ) (39,551 ) (13,340,646 )
Net fee and commission income (expenses) 312,743 190,569 331,428 834,740 551,502 (28,143 ) 583,253 5,928 939,186 (34,034 ) 2,852,432
Fee and commission income 449,474 297,656 409,059 1,156,189 723,441 6,135 1,363,405 12,039 1,067,903 (259,530 ) 4,069,582
Fee and commission expense (136,731 ) (107,087 ) (77,631 ) (321,449 ) (171,939 ) (34,278 ) (780,152 ) (6,111 ) (128,717 ) 225,496 (1,217,150 )
Net insurance income — — — — — 958,859 6,204 353,182 — 54,484 1,372,729
Insurance income — — — — — 7,778,028 13,509 715,370 — (27,531 ) 8,479,376
Insurance expense — — — — — (6,819,169 ) (7,305 ) (362,188 ) — 82,015 (7,106,647 )
Net gains (losses) on financial instruments at fair value through profit or loss 33,671 — 497,269 530,940 401,405 330,577 10,339 371,564 205,394 (377,486 ) 1,472,733
Net other insurance finance expense — — — — — (32,805 ) — (236,174 ) — — (268,979 )
Net other operating income (expenses) (544,286 ) 461,633 (664,531 ) (747,184 ) 62,157 (78,273 ) (297,348 ) 44,934 (511,412 ) (57,161 ) (1,584,287 )

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

5.1 Overall Segment Information and Business Segments (cont’d)

(In millions of Korean won) 2024
Banking business
Corporatebanking Retail<br>banking Otherbankingservices Sub-total Securities Non-lifeinsurance Credit card Lifeinsurance Others Consolidationadjustments Total
General and administrative expenses ~~W~~ (1,395,678 ) ~~W~~ (1,389,404 ) ~~W~~ (439,703 ) ~~W~~ (3,224,785 ) ~~W~~ (730,415 ) ~~W~~ (102,891 ) ~~W~~ (437,101 ) ~~W~~ (103,408 ) ~~W~~ (365,362 ) ~~W~~ 91,036 ~~W~~ (4,872,926 )
Operating income (expenses) before provision for credit losses 2,751,883 1,720,361 570,064 5,042,308 731,550 1,016,960 1,093,394 256,355 795,712 (441,888 ) 8,494,391
Reversal (provision) of credit losses (436,904 ) (154,448 ) 1,193 (590,159 ) (1,699 ) 34 (614,892 ) (327 ) (280,283 ) 8,183 (1,479,143 )
Net operating income (expenses) 2,314,979 1,565,913 571,257 4,452,149 729,851 1,016,994 478,502 256,028 515,429 (433,705 ) 7,015,248
Share of profit (loss) of associates and joint ventures — — 7,318 7,318 (24,431 ) 1,654 864 (192 ) 2,440 13,004 657
Net other non-operating income (expenses) (54,650 ) — (831,518 ) (886,168 ) (698 ) (7,628 ) 12,991 7,256 (47,636 ) (33,155 ) (955,038 )
Segment profit (loss) before income tax expense 2,260,329 1,565,913 (252,943 ) 3,573,299 704,722 1,011,020 492,357 263,092 470,233 (453,856 ) 6,060,867
Income tax benefit (expense) (748,248 ) (413,401 ) 126,808 (1,034,841 ) (156,209 ) (270,538 ) (123,901 ) (67,601 ) (83,264 ) 45,405 (1,690,949 )
Profit (loss) for the period ~~W~~ 1,512,081 ~~W~~ 1,152,512 ~~W~~ (126,135 ) ~~W~~ 2,538,458 ~~W~~ 548,513 ~~W~~ 740,482 ~~W~~ 368,456 ~~W~~ 195,491 ~~W~~ 386,969 ~~W~~ (408,451 ) ~~W~~ 4,369,918
Profit (loss) attributable to shareholders of the Parent Company 1,499,338 1,152,512 (33,960 ) 2,617,890 546,790 739,997 370,383 195,491 385,106 (460,368 ) 4,395,289
Profit (loss) attributable to non-controlling<br>interests 12,743 — (92,175 ) (79,432 ) 1,723 485 (1,927 ) — 1,863 51,917 (25,371 )
Total assets * 234,824,326 175,461,526 141,973,707 552,259,559 63,200,099 39,007,932 31,111,497 33,581,358 64,390,098 (38,216,244 ) 745,334,299
Total liabilities * 212,277,240 209,038,362 93,627,509 514,943,111 56,376,115 33,116,433 25,850,799 30,446,814 27,154,600 (2,463,589 ) 685,424,283
* Assets and liabilities of the reporting segments are amounts before intersegment transactions.<br>
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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

5.1 Overall Segment Information and Business Segments (cont’d)

(In millions of Korean won) 2023
Banking business
Corporatebanking Retailbanking Otherbankingservices Sub-total Securities Non-lifeinsurance Credit card Lifeinsurance Others Consolidationadjustments Total
Net operating revenues (expenses) from external customers ~~W~~ 4,112,908 ~~W~~ 3,397,857 ~~W~~ 17,156 ~~W~~ 7,527,921 ~~W~~ 1,397,694 ~~W~~ 1,106,765 ~~W~~ 1,463,058 ~~W~~ 246,056 ~~W~~ 889,942 ~~W~~ — ~~W~~ 12,631,436
Intersegment net operating revenues (expenses) 224,463 — 195,614 420,077 (79,284 ) (76,387 ) (73,637 ) 2,881 203,007 (396,657 ) —
4,337,371 ~~W~~ 3,397,857 ~~W~~ 212,770 ~~W~~ 7,947,998 ~~W~~ 1,318,410 ~~W~~ 1,030,378 ~~W~~ 1,389,421 ~~W~~ 248,937 ~~W~~ 1,092,949 ~~W~~ (396,657 ) ~~W~~ 12,631,436
Net interest income (expenses) 4,164,284 ~~W~~ 2,588,027 ~~W~~ 579,552 ~~W~~ 7,331,863 ~~W~~ 450,873 ~~W~~ (135,682 ) ~~W~~ 1,218,365 ~~W~~ (226,882 ) ~~W~~ 450,937 ~~W~~ (131,157 ) ~~W~~ 8,958,317
Interest income 8,575,166 5,738,115 2,111,331 16,424,612 1,284,377 597,870 1,731,859 430,522 1,022,629 (81,318 ) 21,410,551
Interest expense (4,410,882 ) (3,150,088 ) (1,531,779 ) (9,092,749 ) (833,504 ) (733,552 ) (513,494 ) (657,404 ) (571,692 ) (49,839 ) (12,452,234 )
Net fee and commission income (expenses) 324,712 207,139 334,287 866,138 578,805 (23,609 ) 439,435 (8,277 ) 894,432 19,897 2,766,821
Fee and commission income 456,007 314,366 415,927 1,186,300 760,731 18,337 1,264,219 1,513 1,002,793 (244,651 ) 3,989,242
Fee and commission expense (131,295 ) (107,227 ) (81,640 ) (320,162 ) (181,926 ) (41,946 ) (824,784 ) (9,790 ) (108,361 ) 264,548 (1,222,421 )
Net insurance income — — — — — 875,814 7,157 363,357 — (14,041 ) 1,232,287
Insurance income — — — — — 7,559,510 15,547 680,113 — (27,676 ) 8,227,494
Insurance expense — — — — — (6,683,696 ) (8,390 ) (316,756 ) — 13,635 (6,995,207 )
Net gains (losses) on financial instruments at fair value through profit or loss 3,773 — 449,324 453,097 246,131 304,700 6,022 316,949 108,820 (268,964 ) 1,166,755
Net other insurance finance income — — — — — (1,086 ) — (182,390 ) — — (183,476 )
Net other operating income (expenses) (155,398 ) 602,691 (1,150,393 ) (703,100 ) 42,601 10,241 (281,558 ) (13,820 ) (361,240 ) (2,392 ) (1,309,268 )

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

5.1 Overall Segment Information and Business Segments (cont’d)

(In millions of Korean won) 2023
Banking business
Corporatebanking Retail<br>banking Otherbankingservices Sub-total Securities Non-lifeinsurance Credit card Lifeinsurance Others Consolidationadjustments Total
General and administrative expenses ~~W~~ (1,391,160 ) ~~W~~ (1,349,042 ) ~~W~~ (436,149 ) ~~W~~ (3,176,351 ) ~~W~~ (675,323 ) ~~W~~ (105,553 ) ~~W~~ (453,451 ) ~~W~~ (70,437 ) ~~W~~ (341,107 ) ~~W~~ 98,303 ~~W~~ (4,723,919 )
Operating income before provision for credit losses 2,946,211 2,048,815 (223,379 ) 4,771,647 643,087 924,825 935,970 178,500 751,842 (298,354 ) 7,907,517
Reversal (provision) of credit losses (900,954 ) (63,420 ) 46,123 (918,251 ) (37,408 ) (1,993 ) (567,152 ) 536 (246,596 ) 2,694 (1,768,170 )
Net operating income (expenses) 2,045,257 1,985,395 (177,256 ) 3,853,396 605,679 922,832 368,818 179,036 505,246 (295,660 ) 6,139,347
Share of profit (loss) of associates and joint ventures — — 9,358 9,358 (30,436 ) 1,819 580 — 15,811 14,976 12,108
Net other non-operating income (expenses) (3,800 ) — (77,033 ) (80,833 ) (98,632 ) 2,795 (2,808 ) 6,913 (47,497 ) (23,980 ) (244,042 )
Segment profit (loss) before income tax expense 2,041,457 1,985,395 (244,931 ) 3,781,921 476,611 927,446 366,590 185,949 473,560 (304,664 ) 5,907,413
Income tax benefit (expense) (534,484 ) (501,969 ) 60,284 (976,169 ) (115,094 ) (246,489 ) (91,626 ) (48,467 ) (87,426 ) 9,885 (1,555,386 )
Profit (loss) for the period ~~W~~ 1,506,973 ~~W~~ 1,483,426 ~~W~~ (184,647 ) ~~W~~ 2,805,752 ~~W~~ 361,517 ~~W~~ 680,957 ~~W~~ 274,964 ~~W~~ 137,482 ~~W~~ 386,134 ~~W~~ (294,779 ) ~~W~~ 4,352,027
Profit (loss) attributable to shareholders of the Parent Company ~~W~~ 1,525,008 ~~W~~ 1,483,426 ~~W~~ (153,062 ) ~~W~~ 2,855,372 ~~W~~ 361,147 ~~W~~ 680,326 ~~W~~ 272,405 ~~W~~ 137,482 ~~W~~ 384,895 ~~W~~ (315,113 ) ~~W~~ 4,376,514
Profit (loss) attributable to non-controlling<br>interests (18,035 ) — (31,585 ) (49,620 ) 370 631 2,559 — 1,239 20,334 (24,487 )
Total assets * 221,851,975 165,821,667 142,339,211 530,012,853 61,266,989 37,729,688 29,365,575 31,953,218 63,413,640 (38,003,811 ) 715,738,152
Total liabilities * 201,871,592 203,560,029 88,032,505 493,464,126 54,967,833 31,474,133 24,545,751 27,823,185 25,562,612 (972,798 ) 656,864,842
* Assets and liabilities of the reporting segments are amounts before intersegment transactions as of<br>December 31, 2023.
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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

5.2 Services and Geographical Segments

5.2.1 Services information

Net operating revenues from external customers by service for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024 2023
Banking service ~~W~~ 7,967,674 ~~W~~ 7,527,921
Securities service 1,420,626 1,397,694
Non-life insurance service 1,139,373 1,106,765
Credit card service 1,587,323 1,463,058
Life insurance service 340,386 246,056
Others 911,935 889,942
~~W~~ 13,367,317 ~~W~~ 12,631,436

5.2.2 Geographical information

Geographical net operating revenues from external for the nine-month periods ended September 30, 2024 and 2023, and major non-current assets as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) Net operating revenues<br>from external customers Major non-current assets
2024 2023 September 30,<br>2024 December 31,<br>2023
Domestic ~~W~~ 12,211,440 ~~W~~ 11,576,792 ~~W~~ 9,935,945 ~~W~~ 9,851,765
United States 110,915 54,707 31,479 55,125
New Zealand 9,841 9,598 903 1,051
China 146,111 135,113 21,647 21,138
Cambodia 426,354 428,750 92,952 53,322
United Kingdom 56,237 36,669 9,200 4,616
Indonesia 259,969 240,009 414,766 418,115
Others 146,450 149,798 35,451 32,405
Consolidation **** adjustments — — 576,892 568,804
~~W~~ 13,367,317 ~~W~~ 12,631,436 ~~W~~ 11,119,235 ~~W~~ 11,006,341

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

6. Financial Assets and Financial Liabilities

6.1 Classification and Fair Value of Financial Instruments

6.1.1 Carrying amount and fair value of financial assets and liabilities by category as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30, 2024
Carrying amount Fair value
Financial assets
Cash and due from financial institutions ~~W~~ 26,228,938 ~~W~~ 26,229,325
Financial assets at fair value through profit or loss: 76,935,965 76,935,965
Due from financial institutions 58,798 58,798
Debt securities 71,775,639 71,775,639
Equity securities 4,674,059 4,674,059
Loans 295,358 295,358
Others 132,111 132,111
Derivatives held for trading 5,299,079 5,299,079
Derivatives held for hedging 430,358 430,358
Loans measured at amortized cost 466,006,550 467,211,468
Securities measured at amortized cost 37,819,886 37,311,605
Financial assets at fair value through other comprehensive income: 89,451,645 89,451,645
Debt securities 85,234,138 85,234,138
Equity securities 3,122,184 3,122,184
Loans 1,095,323 1,095,323
Other financial assets 23,775,818 23,775,818
~~W~~ 725,948,239 ~~W~~ 726,645,263
Financial liabilities
Financial liabilities at fair value through profit or loss ~~W~~ 3,299,318 ~~W~~ 3,299,318
Financial liabilities designated at fair value through profit or loss 6,898,320 6,898,320
Derivatives held for trading 5,111,754 5,111,754
Derivatives held for hedging 224,566 224,566
Deposits 423,538,438 423,875,090
Borrowings 64,811,736 64,793,947
Debentures 72,371,977 72,808,190
Other financial liabilities 48,096,388 48,096,388
~~W~~ 624,352,497 ~~W~~ 625,107,573

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

6.1.1 Carrying amount and fair value of financial assets and liabilities by category as of September 30, 2024 and December 31, 2023, are as follows: (cont’d)

(In millions of Korean won) December 31, 2023
Carrying amount Fair value
Financial assets
Cash and due from financial institutions ~~W~~ 29,836,311 ~~W~~ 29,833,886
Financial assets at fair value through profit or loss: 77,038,267 77,038,267
Due from financial institutions 79,811 79,811
Debt securities 72,658,432 72,658,432
Equity securities 4,022,555 4,022,555
Loans 183,726 183,726
Others 93,743 93,743
Derivatives held for trading 5,777,682 5,777,682
Derivatives held for hedging 379,946 379,946
Loans measured at amortized cost 444,805,287 445,144,428
Securities measured at amortized cost 39,701,389 38,763,702
Financial assets at fair value through other comprehensive income: 82,498,140 82,498,140
Debt securities 78,926,437 78,926,437
Equity securities 2,770,653 2,770,653
Loans 801,050 801,050
Other financial assets 16,544,513 16,544,513
~~W~~ 696,581,535 ~~W~~ 695,980,564
Financial liabilities
Financial liabilities at fair value through profit or loss ~~W~~ 2,953,472 ~~W~~ 2,953,472
Financial liabilities designated at fair value through profit or loss 7,966,963 7,966,963
Derivatives held for trading 5,966,512 5,966,512
Derivatives held for hedging 244,127 244,127
Deposits 406,512,434 406,711,081
Borrowings 69,583,561 69,390,346
Debentures 69,176,668 68,975,750
Other financial liabilities 37,416,916 37,416,916
~~W~~ 599,820,653 ~~W~~ 599,625,167

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The Group discloses the fair value of each class of assets and liabilities in a way that permits it to be compared with its carrying amount at the end of each reporting period. The best evidence of fair value of financial instruments is a quoted price in an active market.

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

6.1.1 Carrying amount and fair value of financial assets and liabilities by category as of September 30, 2024 and December 31, 2023, are as follows: (cont’d)

Methods of determining fair value of financial instruments are as follows:

Cash and due from financial institutions Fair value of cash is same as carrying amount. Carrying amount of demand deposit and settlement deposit is a reasonable approximation of fair value because these financial instruments do not have a fixed maturity and are receivable<br>on demand. Fair value of general deposit is measured using Discounted Cash Flow (“DCF”) Model.
Securities Fair value of securities and others that are traded in an active market is determined using the quoted prices. If there is no quoted price, fair value is determined using external professional valuation institutions. The<br>institutions use one or more valuation techniques that are deemed appropriate considering the characteristics of the financial instruments among DCF Model, Free Cash Flow to Equity Model, Comparable Company Analysis, Dividend Discount Model, Risk<br>Adjusted Discount Rate Method, and Net Asset Value Method.
Loans Fair value of loans is determined using DCF Model discounting the expected cash flows, which are contractual cash flows adjusted by the expected prepayment rate, at an appropriate discount rate.
Derivatives and financial instruments at fair value through profit or loss Fair value of exchange traded derivatives is determined using quoted price in an active market, and fair value of OTC derivatives is determined using valuation techniques. The Group uses internally developed valuation models that<br>are widely used by market participants to determine fair value of plain vanilla OTC derivatives including options, interest rate swaps, and currency swaps, based on observable market parameters. However, some complex financial instruments are valued<br>using appropriate models developed from generally accepted market valuation models including Finite Difference Method (“FDM”), MonteCarlo Simulation, Black-Scholes Model, Hull-white Model, Closed Form, and Tree Model or valuation results<br>from independent external professional valuation institutions.
Deposits Carrying amount of demand deposits is a reasonable approximation of fair value because they do not have a fixed maturity and are payable on demand. Fair value of time deposits is determined using DCF Model discounting the expected<br>cash flows, which are contractual cash flows adjusted by the expected prepayment rate, at an appropriate discount rate.
Borrowings Carrying amount of overdrafts in foreign currency is a reasonable approximation of fair value because they do not have a fixed maturity and are payable on demand. Fair value of other borrowings is determined using DCF<br>Model.
Debentures Fair value is determined using valuation results of external professional valuation institutions, which are calculated using market inputs.
Other financial assets and other financial liabilities Carrying amount is a reasonable approximation of fair value because other financial assets and other financial liabilities are temporary accounts used for other various transactions and their maturities are relatively short or not<br>defined.

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

6.1.2 Fair value hierarchy

The Group believes that valuation techniques used for measuring the fair value of financial instruments are reasonable and that the fair value recognized in the consolidated statement of financial position is appropriate. However, the fair value of the financial instruments recognized in the consolidated statement of financial position may be different if other valuation techniques or assumptions are used. Additionally, as there are a variety of valuation techniques and assumptions used in measuring fair value, it may be difficult to reasonably compare the fair value with that of other financial institutions.

The Group classifies and discloses fair value of the financial instruments into the three fair value levels as follows:

Level 1: The fair values are based on quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.

Level 2: The fair values are based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3: The fair values are based on unobservable inputs for the asset or liability.

The fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. If an observable input requires an adjustment using an unobservable input and that adjustment results in a significantly higher or lower fair value measurement, the resulting measurement would be categorized within Level 3 of the fair value hierarchy.

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

6.1.2.1 Fair value hierarchy of financial assets and liabilities at fair value in the consolidated statements of financial position

Fair value hierarchy of financial assets and liabilities at fair value in the consolidated statements of financial position as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30, 2024
Fair value hierarchy Total
Level 1 Level 2 Level 3
Financial assets
Financial assets at fair value through profit or loss: ~~W~~ 24,608,807 ~~W~~ 33,632,925 ~~W~~ 18,694,233 ~~W~~ 76,935,965
Due from financial institutions — — 58,798 58,798
Debt securities 21,719,026 33,409,279 16,647,334 71,775,639
Equity securities 2,757,670 223,646 1,692,743 4,674,059
Loans — — 295,358 295,358
Others 132,111 — — 132,111
Derivatives held for trading 68,949 5,159,109 71,021 5,299,079
Derivatives held for hedging — 430,358 — 430,358
Financial assets at fair value through other comprehensive income: 42,242,048 45,777,307 1,432,290 89,451,645
Debt securities 41,707,247 43,526,891 — 85,234,138
Equity securities 534,801 1,155,093 1,432,290 3,122,184
Loans — 1,095,323 — 1,095,323
~~W~~ 66,919,804 ~~W~~ 84,999,699 ~~W~~ 20,197,544 ~~W~~ 172,117,047
Financial liabilities
Financial liabilities at fair value through profit or loss ~~W~~ 3,299,318 ~~W~~ — ~~W~~ — ~~W~~ 3,299,318
Financial liabilities designated at fair value through profit or loss 289,759 1,267,768 5,340,793 6,898,320
Derivatives held for trading 188,179 4,567,281 356,294 5,111,754
Derivatives held for hedging — 224,566 — 224,566
~~W~~ 3,777,256 ~~W~~ 6,059,615 ~~W~~ 5,697,087 ~~W~~ 15,533,958

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

6.1.2.1 Fair value hierarchy of financial assets and liabilities at fair value in the consolidated statements of financial position (cont’d)

(In millions of Korean won) December 31, 2023
Fair value hierarchy Total
Level 1 Level 2 Level 3
Financial assets
Financial assets at fair value through profit or loss: ~~W~~ 20,695,760 ~~W~~ 38,118,478 ~~W~~ 18,224,029 ~~W~~ 77,038,267
Due from financial institutions — 26,020 53,791 79,811
Debt securities 18,541,335 37,663,855 16,453,242 72,658,432
Equity securities 2,060,682 428,367 1,533,506 4,022,555
Loans — 236 183,490 183,726
Others 93,743 — — 93,743
Derivatives held for trading 58,948 5,624,691 94,043 5,777,682
Derivatives held for hedging — 379,946 — 379,946
Financial assets at fair value through other comprehensive income: 38,630,447 42,416,785 1,450,908 82,498,140
Debt securities 37,921,922 41,004,515 — 78,926,437
Equity securities 708,525 611,220 1,450,908 2,770,653
Loans — 801,050 — 801,050
~~W~~ 59,385,155 ~~W~~ 86,539,900 ~~W~~ 19,768,980 ~~W~~ 165,694,035
Financial liabilities
Financial liabilities at fair value through profit or loss ~~W~~ 2,953,472 ~~W~~ — ~~W~~ — ~~W~~ 2,953,472
Financial liabilities designated at fair value through profit or loss 56,686 881,791 7,028,486 7,966,963
Derivatives held for trading 104,866 5,100,869 760,777 5,966,512
Derivatives held for hedging — 244,127 — 244,127
~~W~~ 3,115,024 ~~W~~ 6,226,787 ~~W~~ 7,789,263 ~~W~~ 17,131,074

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

6.1.2.1 Fair value hierarchy of financial assets and liabilities at fair value in the consolidated statements of financial position (cont’d)

Valuation techniques and inputs of financial assets and liabilities classified as Level 2 and measured at fair value in the consolidated statements of financial position as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30, 2024
Fair value Valuation techniques Inputs
Financial assets
Financial assets at fair value through profit or loss: ~~W~~ 33,632,925
Debt securities 33,409,279 DCF Model, Closed Form, Monte Carlo Simulation, Black-Scholes Model, Hull-white Model, Net Asset<br>Value Method, Binomial Model, and others Projected cash flow, Fair value of underlying asset, Dividend yield, Price of underlying asset,<br>Interest rate, Discount rate, Volatility, Correlation coefficient, and others
Equity securities 223,646 DCF Model Interest rate, Discount rate, and others
Derivatives held for trading 5,159,109 DCF Model, Closed Form, FDM, Monte Carlo Simulation, Black-Scholes Model, Hull-white Model, Binomial Model, Option Model and others Price of underlying asset, Underlying asset index, Interest rate, Dividend yield, Volatility, Foreign exchange rate, Discount rate, and others
Derivatives held for hedging 430,358 DCF Model, Closed Form, FDM Projected cash flow, Discount rate, Forward exchange rate, Volatility, Foreign exchange rate, CRS interest rate, and others
Financial assets at fair value through other comprehensive income: 45,777,307
Debt securities 43,526,891 DCF Model, Option Model Underlying asset index, Interest rate, Discount rate, and others
Equity securities 1,155,093 DCF Model Interest rate, Discount rate
Loans 1,095,323 DCF Model Discount rate
~~W~~ 84,999,699
Financial liabilities
Financial liabilities designated at fair value through profit or loss ~~W~~ 1,267,768 DCF Model, Closed Form, Monte Carlo Simulation, Black-Scholes Model, Hull-white Model, Binomial<br>Model, Net Asset Value Method Price of underlying asset, Interest rate, Dividend yield, Volatility, Discount rate
Derivatives held for trading 4,567,281 DCF Model, Closed Form, Monte Carlo Simulation, Black-Scholes Model, Hull-white Model, Binomial<br>Model and others Interest rate, Price of underlying asset, Foreign exchange rate, Credit spread, Discount rate,<br>Volatility, and others
Derivatives held for hedging 224,566 DCF Model, Closed Form, FDM Projected cash flow, Discount rate, Forward exchange rate, Volatility, Foreign exchange rate,<br>risk-free interest rate and others
~~W~~ 6,059,615

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

6.1.2.1 Fair value hierarchy of financial assets and liabilities at fair value in the consolidated statements of financial position (cont’d)

(In millions of Korean won) December 31, 2023
Fair value Valuation techniques Inputs
Financial assets
Financial assets at fair value through profit or loss: ~~W~~ 38,118,478
Due from financial institutions 26,020 DCF Model, Hull-white Model Projected cash flow, Discount rate, Volatility, Correlation coefficient
Debt securities 37,663,855 DCF Model, Closed Form, Monte Carlo Simulation Model, Black-Scholes Model, Hull-white Model, Net<br>Asset Value Method, Binomial Model, and others Projected cash flow, Fair value of transferred asset, Dividend yield, Price of underlying asset,<br>Interest rate, Discount rate, Volatility, Correlation coefficient, and others
Equity securities 428,367 DCF Model Interest rate, Discount rate, and others
Loans 236 DCF Model Interest rate, Discount rate, and others
Derivatives held for trading 5,624,691 DCF Model, Closed Form, FDM, Monte Carlo Simulation, Black-Scholes Model, Hull-white Model,<br>Binomial Model, Option Model and others Price of underlying asset, Underlying asset index, interest rate, Dividend yield, Volatility,<br>Foreign exchange rate, Discount rate, and others
Derivatives held for hedging 379,946 DCF Model, Closed Form, FDM Projected cash flow, Discount rate, Forward exchange rate, Volatility, Foreign exchange rate, CRS<br>interest rate and others
Financial assets at fair value through other comprehensive income: 42,416,785
Debt securities 41,004,515 DCF Model, Option Model Underlying asset index, Discount rate, and others
Equity securities 611,220 DCF Model Discount rate
Loans 801,050 DCF Model Discount rate
~~W~~ 86,539,900
Financial liabilities
Financial liabilities designated at fair value through profit or loss ~~W~~ 881,791 DCF Model, Closed Form, Monte Carlo Simulation Model, Black-Scholes Model, Hull-white Model,<br>Binomial Model, Net Asset Value Model Price of underlying asset, Interest rate, Dividend yield, Volatility, Discount rate
Derivatives held for trading 5,100,869 DCF Model, Closed Form, Monte Carlo Simulation Model, Black-Scholes Model, Hull-white Model,<br>Binomial Model, and others Interest rate, Price of underlying asset, Foreign exchange rate, Credit spread, Discount rate,<br>Volatility, and others
Derivatives held for hedging 244,127 DCF Model, Closed Form, FDM Projected cash flow, Discount rate, Forward exchange rate, Volatility, Foreign exchange rate,<br>risk-free interest rate and others
~~W~~ 6,226,787

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

6.1.2.2 Fair value hierarchy of financial assets and liabilities whose fair value is disclosed

Fair value hierarchy of financial assets and liabilities whose fair value is disclosed as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30, 2024
Fair value hierarchy Total
Level 1 Level 2 Level 3
Financial assets
Cash and due from financial institutions<br>^1^ ~~W~~ 3,030,744 ~~W~~ 20,965,453 ~~W~~ 2,233,128 ~~W~~ 26,229,325
Loans measured at amortized cost — 83,758 467,127,710 467,211,468
Securities measured at amortized cost<br>^2^ 4,237,599 33,047,492 26,514 37,311,605
Other financial assets ^2^ — — 23,775,818 23,775,818
~~W~~ 7,268,343 ~~W~~ 54,096,703 ~~W~~ 493,163,170 ~~W~~ 554,528,216
Financial liabilities
Deposits ^1^ ~~W~~ — ~~W~~ 169,388,224 ~~W~~ 254,486,866 ~~W~~ 423,875,090
Borrowings ^3^ — 5,200,805 59,593,142 64,793,947
Debentures — 64,494,043 8,314,147 72,808,190
Other financial liabilities ^2^ — — 48,096,388 48,096,388
~~W~~ — ~~W~~ 239,083,072 ~~W~~ 370,490,543 ~~W~~ 609,573,615
(In millions of Korean won) December 31, 2023
--- --- --- --- --- --- --- --- ---
Fair value hierarchy Total
Level 1 Level 2 Level 3
Financial assets
Cash and due from financial institutions<br>^1^ ~~W~~ 2,775,618 ~~W~~ 24,501,232 ~~W~~ 2,557,036 ~~W~~ 29,833,886
Loans measured at amortized cost — 145,330 444,999,098 445,144,428
Securities measured at amortized cost<br>^2^ 4,328,010 34,410,808 24,884 38,763,702
Other financial assets ^2^ — — 16,544,513 16,544,513
~~W~~ 7,103,628 ~~W~~ 59,057,370 ~~W~~ 464,125,531 ~~W~~ 530,286,529
Financial liabilities
Deposits ^1^ ~~W~~ — ~~W~~ 167,135,143 ~~W~~ 239,575,938 ~~W~~ 406,711,081
Borrowings ^3^ — 5,835,132 63,555,214 69,390,346
Debentures — 61,678,464 7,297,286 68,975,750
Other financial liabilities ^2^ — — 37,416,916 37,416,916
~~W~~ — ~~W~~ 234,648,739 ~~W~~ 347,845,354 ~~W~~ 582,494,093
^1^ The amounts included in Level 2 are the carrying amounts which are reasonable approximations of fair<br>value.
--- ---
^2^ The amounts included in Level 3 are the carrying amounts which are reasonable approximations of fair<br>value.
--- ---
^3^ Borrowings of ~~W~~ 20,559 million and ~~W~~ 38,191 million included in<br>Level 2 are the carrying amounts which are reasonable approximations of fair value as of September 30, 2024 and December 31, 2023, respectively.
--- ---

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

6.1.2.2 Fair value hierarchy of financial assets and liabilities whose fair value is disclosed (cont’d)

For financial assets and liabilities whose carrying amount is a reasonable approximation of fair value, valuation techniques and inputs are not disclosed.

Valuation techniques and inputs of financial assets and liabilities classified as Level 2, and whose fair value is disclosed as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30, 2024
Fair value Valuation techniques Inputs
Financial assets
Loans measured at amortized cost ~~W~~ 83,758 DCF Model Discount rate
Securities measured at amortized cost 33,047,492 DCF Model,<br>MonteCarlo Simulation Discount rate,<br>Interest rate
~~W~~ 33,131,250
Financial liabilities
Borrowings ~~W~~ 5,180,246 DCF Model Discount rate
Debentures 64,494,043 DCF Model Discount rate
~~W~~ 69,674,289
(In millions of Korean won) December 31, 2023
Fair value Valuation techniques Inputs
Financial assets
Loans measured at amortized cost ~~W~~ 145,330 DCF Model Discount rate
Securities measured at amortized cost 34,410,808 DCF Model,<br> <br>MonteCarlo Simulation Discount rate,<br>Interest rate
~~W~~ 34,556,138
Financial liabilities
Borrowings ~~W~~ 5,796,941 DCF Model Discount rate
Debentures 61,678,464 DCF Model Discount rate
~~W~~ 67,475,405

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

6.1.2.2 Fair value hierarchy of financial assets and liabilities whose fair value is disclosed (cont’d)

Valuation techniques and inputs of financial assets and liabilities classified as Level 3, and whose fair value is disclosed as of September 30, 2024 and December 31, 2023 are as follows:

(In millions of Korean won) September 30, 2024
Fair value Valuationtechniques Inputs
Financial assets
Cash and due from financial institutions ~~W~~ 2,233,128 DCF Model Credit spread, Other spread, Interest rate
Loans measured at amortized cost 467,127,710 DCF Model Credit spread, Other spread, Prepayment rate, Interest rate
~~W~~ 469,360,838
Financial liabilities
Deposits ~~W~~ 254,486,866 DCF Model Other spread, Prepayment rate, Interest rate
Borrowings 59,593,142 DCF Model Other spread, Interest rate
Debentures 8,314,147 DCF Model Other spread, Interest rate
~~W~~ 322,394,155
(In millions of Korean won) December 31, 2023
--- --- --- --- --- ---
Fair value Valuationtechniques Inputs
Financial assets
Cash and due from financial institutions ~~W~~ 2,557,036 DCF Model Credit spread, Other spread, Interest rate
Loans measured at amortized cost 444,999,098 DCF Model Credit spread, Other spread, Prepayment rate, Interest rate
~~W~~ 447,556,134
Financial liabilities
Deposits ~~W~~ 239,575,938 DCF Model Other spread, Prepayment rate, Interest rate
Borrowings 63,555,214 DCF Model Other spread, Interest rate
Debentures 7,297,286 DCF Model Other spread, Interest rate
~~W~~ 310,428,438

6.2 Disclosure of Fair Value Hierarchy Level 3

6.2.1 Valuation policy and process of Level 3 fair value

The Group uses external, independent and qualified valuation service in addition to internal valuation models to determine the fair value of financial instruments at the end of every reporting period.

If the changes in situation and events which cause transfers between the fair value hierarchy level for a financial asset or liability occur, the Group’s policy is to recognize such transfers as having occurred at the beginning of the reporting period.

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

6.2.2 Changes in fair value (Level 3) measured using valuation technique based on unobservable inputs in the market

6.2.2.1 Changes in financial instruments classified as Level 3 of the fair value hierarchy for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024
Financial assets at fair value through profit or loss Financialinvestments Financial liabilitiesat fair valuethrough profit orloss Net derivativefinancialinstruments
Due from financialinstitutionsmeasured at fairvalue throughprofit or loss Securitiesmeasured at fairvalue throughprofit or loss Loans measuredat fair valuethrough profit orloss Equity securitiesmeasured at fairvalue throughothercomprehensiveincome Financial liabilitiesdesignated at fairvalue throughprofit or loss Derivatives heldfor trading
Beginning ~~W~~ 53,791 ~~W~~ 17,986,748 ~~W~~ 183,490 ~~W~~ 1,450,908 ~~W~~ (7,028,486 ) ~~W~~ (666,734 )
Total gains or losses:
Profit or loss 5,007 260,584 14,832 — (284,157 ) (59,008 )
Other comprehensive income (loss) — — — (142,787 ) (14,738 ) —
Purchases — 2,561,527 373,629 124,218 — 4,991
Sales — (2,458,596 ) (276,835 ) (49 ) — (4,993 )
Issuances — — — — (1,351,989 ) (1,881 )
Settlements — — — — 3,338,577 442,352
Transfers into Level 3 * — 6,696 242 — — —
Transfers out of Level 3 * — (16,882 ) — — — —
Ending ~~W~~ 58,798 ~~W~~ 18,340,077 ~~W~~ 295,358 ~~W~~ 1,432,290 ~~W~~ (5,340,793 ) ~~W~~ (285,273 )

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

6.2.2.1 Changes in financial instruments classified as Level 3 of the fair value hierarchy for the nine-month periods ended September 30, 2024 and 2023, are as follows: (cont’d)

(In millions of Korean won) 2023
Financial assets at fair value through profit or loss Financialinvestments Financial liabilitiesat fair valuethrough profit orloss Net derivativefinancialinstruments
Due from financialinstitutionsmeasured at fairvalue throughprofit or loss Securitiesmeasured at fairvalue throughprofit or loss Loans measuredat fair valuethrough profit orloss Equity securitiesmeasured at fairvalue throughothercomprehensiveincome Financial liabilitiesdesignated at fairvalue throughprofit or loss Derivatives heldfor trading
Beginning ~~W~~ 45,025 ~~W~~ 16,479,588 ~~W~~ 149,074 ~~W~~ 1,458,280 ~~W~~ (8,231,303 ) ~~W~~ (659,816 )
Total gains or losses:
Profit or loss 4,866 441,352 (3,037 ) — (321,699 ) (114,878 )
Other comprehensive income (loss) — 1 — (52,676 ) (35,794 ) —
Purchases — 2,737,742 40,255 126,804 — 10,504
Sales — (1,437,547 ) (3,869 ) (50,078 ) — (9,410 )
Issuances — — — — (2,456,156 ) (6,541 )
Settlements — — — — 3,692,947 48,914
Transfers into Level 3 * — 729 — — — —
Transfers out of Level 3 * — (45,946 ) — — — —
Ending ~~W~~ 49,891 ~~W~~ 18,175,919 ~~W~~ 182,423 ~~W~~ 1,482,330 ~~W~~ (7,352,005 ) ~~W~~ (731,227 )
* Transfers into or out of Level 3 of the fair value hierarchy occurred due to the change in the<br>availability of observable market data.
--- ---

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KB Financial Group Inc. and Subsidiaries

Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

6.2.2.2 In relation to changes in financial instruments classified as Level 3 of the fair value hierarchy, total gains or losses recognized in profit or loss for the period, and total gains or losses recognized in profit or loss from financial instruments held at the end of the reporting period for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024 2023
Net losses<br>on financialinstrumentsat fair valuethroughprofit or loss Otheroperatingincome Net<br>interestincome Net gains onfinancialinstrumentsat fair valuethroughprofit or loss Otheroperatingincome Net<br>interestincome
Total gains (losses) recognized in profit or loss for the period ~~W~~ (170,275 ) ~~W~~ 107,533 ~~W~~ — ~~W~~ (178,648 ) ~~W~~ 185,252 ~~W~~ —
(120,437 )
Total gains (losses) recognized in profit or loss from financial instruments held at the end of<br>the reporting period (170,275 ) 97,906 — 28,901 173,776 —

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

6.2.3 Sensitivity analysis of changes in unobservable inputs

6.2.3.1 Information about fair value measurements using unobservable inputs as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30, 2024
Fair value Valuation techniques Unobservable inputs Range ofunobservableinputs (%) Relationship of<br><br><br>unobservable inputs to fairvalue
Financial assets
Financial assets at fair value through profit or loss:
Due from financial institutions ~~W~~ 58,798 Hull-white Model Volatility 43.00 ~ 68.00 The higher the volatility, the higher the fair value fluctuation
Debt securities 16,647,334 DCF Model, Closed Form, FDM, Monte Carlo Simulation, Hull-white Model, Black-Scholes<br>Model, Option Model, Binomial Model, Net Asset Value Method, Milestone Method, Income Approach, Market Value Approach, and others Growth rate 0.00 ~ 1.00 The higher the growth rate, the higher the fair value
Volatility 0.51 ~ 68.00 The higher the volatility, the higher the fair value fluctuation
Discount rate 0.75 ~ 14.64 The lower the discount rate, the higher the fair value
Fluctuation rate of stock price 10.00 ~ 26.33 The higher the volatility, the higher the fair value
Correlation coefficient between underlying assets 90 The higher the correlation coefficient, the higher the fair value fluctuation
Liquidation value -1.00 ~ 1.00 The higher the liquidation value, the higher the fair value
Recovery rate 40.00 The higher the recovery rate, the higher the fair value
Rate of real estate price fluctuation -1.00 ~ 1.00 The higher the sale price of real estate, the higher the fair value
Equity securities 1,692,743 Income Approach, Market Value Approach, Asset Value Approach, DCF Model, Comparable<br>Company Analysis, Risk Adjusted Discount Rate Method, Dividend Discount Model, Usage of Past Transactions, Binomial Model, and others Growth rate 0.00 ~ 1.00 The higher the growth rate, the higher the fair value
Discount rate 7.00 ~ 36.83 The lower the discount rate, the higher the fair value
Volatility 0.46 ~ 0.66 The higher the volatility, the higher the fair value fluctuation
Loans 295,358 DCF Model Discount rate 8.97 The lower the discount rate, the higher the fair value

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KB Financial Group Inc. and Subsidiaries

Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

6.2.3.1 Information about fair value measurements using unobservable inputs as of September 30, 2024 and December 31, 2023, are as follows: (cont’d)

(In millions of Korean won) September 30, 2024
Fair value Valuation techniques Unobservable inputs Range ofunobservableinputs (%) Relationship of<br><br><br>unobservable inputs to fairvalue
Derivatives held for trading:
Stock and index ~~W~~ 32,020 DCF Model, Closed Form, Monte Carlo Simulation, Hull-white Model, Black-Scholes<br>Model, Binomial Model Volatility of underlying asset 22.50 ~ 74.20 The higher the volatility, the higher the fair value fluctuation
Correlation coefficient -59.63 ~ 74.20 The higher the correlation coefficient, the higher the fair value fluctuation
Currency, interest rate, and others 39,001 DCF Model, Hull-white Model, Monte Carlo Simulation, Closed Form Volatility 3.83 ~ 100.48 The higher the volatility, the higher the fair value fluctuation
Correlation coefficient -50.86 ~ 40.54 The higher the correlation coefficient, the higher the fair value fluctuation
Financial assets at fair value through other comprehensive income:
Equity securities 1,432,290 DCF Model, Comparable Company Analysis, Risk Adjusted Discount Rate Method, IMV<br>Model, Income Approach, Net Asset Value Method, Market Value Approach, and others Growth rate 0.00 ~ 1.00 The higher the growth rate, the higher the fair value
Discount rate 8.79 ~ 17.36 The lower the discount rate, the higher the fair value
Volatility 50.04 ~ 69.46 The higher the volatility, the higher the fair value fluctuation
~~W~~ 20,197,544

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

6.2.3.1 Information about fair value measurements using unobservable inputs as of September 30, 2024 and December 31, 2023, are as follows: (cont’d)

(In millions of Korean won) September 30, 2024
Fair value Valuation techniques Unobservable inputs Range ofunobservableinputs (%) Relationship of<br><br><br>unobservable inputs to fairvalue
Financial liabilities
Financial liabilities designated at fair value through profit or loss:
Derivative-linked securities ~~W~~ 5,340,793 DCF Model, Closed Form, Monte Carlo Simulation, Black-Scholes Model, Hull-white Model,<br>Net Asset Value Method, and others Volatility of underlying asset 50.86 ~ 58.87 The higher the volatility, the higher the fair value fluctuation
Correlation coefficient between underlying assets -59.63 ~ 100.00 The higher the correlation coefficient, the higher the fair value fluctuation
Derivatives held for trading:
Stock and index 57,813 DCF Model, Closed Form, Monte Carlo Simulation, Black-Scholes Model, Hull-white Model,<br>Net Asset Value Method, and others Volatility of underlying asset 22.50 ~ 58.87 The higher the volatility, the higher the fair value fluctuation
Correlation coefficient between underlying assets -59.63 ~ 100.00 The higher the correlation coefficient, the higher the fair value fluctuation
Others 298,481 DCF Model, Hull-white Model, Monte Carlo Simulation, Closed Form Discount rate 3.85 ~ 4.00 The lower the discount rate, the higher the fair value
Volatility of underlying asset 50.86 ~ 57.61 The higher the volatility, the higher the fair value fluctuation
Correlation coefficient between underlying assets -26.00 ~ 100.00 The higher the correlation coefficient, the higher the fair value fluctuation
~~W~~ 5,697,087

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

6.2.3.1 Information about fair value measurements using unobservable inputs as of September 30, 2024 and December 31, 2023, are as follows: (cont’d)

(In millions of Korean won) December 31, 2023
Fair value Valuation techniques Unobservable inputs Range ofunobservableinputs (%) Relationship of<br><br><br>unobservable inputs to fairvalue
Financial assets
Financial assets at fair value through profit or loss:
Due from financial institutions ~~W~~ 53,791 Hull-white Model Interest rate 3.20 The lower the interest rate, the higher the fair value
Debt securities 16,453,242 DCF Model, Closed Form, Monte Carlo Simulation, Hull-white Model, Black-Scholes Model,<br>Option Model, Binomial Model, Net Asset Value Method, Milestone Method, Income Approach, Market Value Approach, and others Growth rate 1.00 ~ 3.00 The higher the growth rate, the higher the fair value
Volatility 14.01 ~ 76.22 The higher the volatility, the higher the fair value fluctuation
Discount rate 2.48 ~ 16.27 The lower the discount rate, the higher the fair value
Fluctuation rate of stock price 10.00 ~ 32.55 The higher the volatility, the higher the fair value fluctuation
Correlation coefficient between underlying assets -60.02 ~ 89.73 The higher the correlation coefficient, the higher the fair value fluctuation
Liquidation value -1.00 ~ 1.00 The higher the liquidation value, the higher the fair value
Recovery rate 40.00 The higher the recovery rate, the higher the fair value
Rate of real estate price fluctuation -1.00 ~ 1.00 The higher the sale price of real estate, the higher the fair value
Equity securities 1,533,506 Income Approach, Market Value Approach, Asset Value Approach, DCF Model, Comparable<br>Company Analysis, Risk Adjusted Discount Rate Method, Dividend Discount Model, Usage of Past Transactions, Binomial Model, and others Growth rate 0.00 ~ 1.00 The higher the growth rate, the higher the fair value
Discount rate 2.15 ~ 38.00 The lower the discount rate, the higher the fair value
Volatility 0.51 ~ 45.50 The higher the volatility, the higher the fair value fluctuation
Loans 183,490 DCF Model Discount rate 9.87 The lower the discount rate, the higher the fair value

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

6.2.3.1 Information about fair value measurements using unobservable inputs as of September 30, 2024 and December 31, 2023, are as follows: (cont’d)

(In millions of Korean won) December 31, 2023
Fair value Valuation techniques Unobservable inputs Range ofunobservableinputs (%) Relationship of<br><br><br>unobservable inputs to fairvalue
Derivatives held for trading:
Stock and index ~~W~~ 72,540 DCF Model, Closed Form, FDM, Monte Carlo Simulation, Hull-white Model, Black-Scholes<br>Model, Binomial Model, Net Asset Value Volatility of underlying asset 13.79 ~ 52.45 The higher the volatility, the higher the fair value fluctuation
Correlation coefficient -60.02 ~ 77.96 The higher the correlation coefficient, the higher the fair value fluctuation
Currency, interest rate, and others 21,503 DCF Model, Hull-white Model, Monte Carlo Simulation, Closed Form Volatility 9.10 ~ 107.11 The higher the volatility, the higher the fair value fluctuation
Correlation coefficient 60.17 ~ 78.88 The higher the correlation coefficient, the higher the fair value fluctuation
Financial assets at fair value through other comprehensive income:
Equity securities 1,450,908 Risk Adjusted Discount Rate Method, IMV Model, DCF Model, Comparable Company Analysis,<br>Dividend Discount Model, Net Asset Value Method, Market Value Approach, Income Approach and others Growth rate 0.00 ~ 2.00 The higher the growth rate, the higher the fair value
Discount rate 8.83 ~ 19.90 The lower the discount rate, the higher the fair value
Volatility 20.60 ~ 27.96 The higher the volatility, the higher the fair value fluctuation
~~W~~ 19,768,980

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

6.2.3.1 Information about fair value measurements using unobservable inputs as of September 30, 2024 and December 31, 2023, are as follows: (cont’d)

(In millions of Korean won) December 31, 2023
Fair value Valuation techniques Unobservable inputs Range ofunobservableinputs (%) Relationship of<br><br><br>unobservable inputs to fairvalue
Financial liabilities
Financial liabilities designated at fair value through profit or loss:
Derivative-linked securities ~~W~~ 7,028,486 DCF Model, Closed Form, FDM, Monte Carlo Simulation, Hull-white Model, Black-Scholes<br>Model, Net Asset Valuation Volatility of underlying asset 1.00 ~ 107.11 The higher the volatility, the higher the fair value fluctuation
Correlation coefficient between underlying assets -60.02 ~ 89.73 The higher the correlation coefficient, the higher the fair value fluctuation
Derivatives held for trading:
Stock and index 437,662 DCF Model, Closed Form, Monte Carlo Simulation, Hull-white Model, Black-Scholes Model,<br>Net Asset Valuation Volatility of underlying asset 13.79 ~ 52.45 The higher the volatility, the higher the fair value fluctuation
Correlation coefficient between underlying assets -60.02 ~ 77.96 The higher the correlation coefficient, the higher the fair value fluctuation
Others 323,115 DCF Model, Hull-white Model, MonteCarlo Simulation, Closed Form Discount rate 5.07 ~ 5.19 The lower the discount rate, the higher the fair value
Volatility of underlying asset 4.49 ~ 107.11 The higher the volatility, the higher the fair value fluctuation
Correlation coefficient between underlying assets -60.02 ~ 89.73 The higher the correlation coefficient, the higher the fair value fluctuation
~~W~~ 7,789,263

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

6.2.3.2 Sensitivity analysis of changes in unobservable inputs

Sensitivity analysis of financial instruments is performed to measure favorable and unfavorable changes in fair value of financial instruments which are affected by unobservable parameters, using a statistical technique. When the fair value is affected by more than one input parameter, the amounts represent the most favorable or most unfavorable outcome. Level 3 financial instruments subject to sensitivity analysis are (a) equity-related derivatives, currency-related derivatives, and interest rate related derivatives whose fair value changes are recognized in profit or loss, (b) financial liabilities designated at fair value through profit or loss, and (c) due from financial institutions, debt securities (including beneficiary certificates), equity securities, and loans whose fair value changes are recognized in profit or loss or other comprehensive income or loss.

Results of the sensitivity analysis of changes in unobservable inputs as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30, 2024
Profit or loss Other comprehensive income or loss
Favorable<br>changes Unfavorable<br>changes Favorable<br>changes Unfavorable<br>changes
Financial assets
Financial assets at fair value through profit or loss: ^1^
Due from financial institutions ~~W~~ 127 ~~W~~ (137 ) ~~W~~ — ~~W~~ —
Debt securities ^4^ 97,418 (97,407 ) — —
Equity securities ^3^ 28,708 (16,501 ) — —
Loans ^5^ 2,270 (2,063 ) — —
Derivatives held for trading ^2^ 15,091 (17,164 ) — —
Financial assets at fair value through other comprehensive income:
Equity securities ^3^ — — 55,065 (35,093 )
~~W~~ 143,614 ~~W~~ (133,272 ) ~~W~~ 55,065 ~~W~~ (35,093 )
Financial liabilities
Financial liabilities designated at fair value through profit or loss ^1^ ~~W~~ 16,983 ~~W~~ (16,449 ) ~~W~~ — ~~W~~ —
Derivatives held for trading ^2^ 20,286 (21,657 ) — —
~~W~~ 37,269 ~~W~~ (38,106 ) ~~W~~ — ~~W~~ —

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

6.2.3.2 Sensitivity analysis of changes in unobservable inputs (cont’d)

(In millions of Korean won) December 31, 2023
Profit or loss Other comprehensive income or loss
Favorable<br>changes Unfavorable<br>changes Favorable<br>changes Unfavorable<br>changes
Financial assets
Financial assets at fair value through profit or loss: ^1^
Due from financial institutions ~~W~~ 211 ~~W~~ (224 ) ~~W~~ — ~~W~~ —
Debt securities ^4^ 94,310 (94,063 ) — —
Equity securities ^3^ 25,683 (17,107 ) — —
Loans ^5^ 2,218 (2,010 ) — —
Derivatives held for trading ^2^ 8,150 (8,723 ) — —
Financial assets at fair value through other comprehensive income:
Equity securities ^3^ — — 95,829 (56,625 )
~~W~~ 130,572 ~~W~~ (122,127 ) ~~W~~ 95,829 ~~W~~ (56,625 )
Financial liabilities
Financial liabilities designated at fair value through profit or loss ^1^ ~~W~~ 43,114 ~~W~~ (42,487 ) ~~W~~ — ~~W~~ —
Derivatives held for trading ^2^ 17,983 (19,125 ) — —
~~W~~ 61,097 ~~W~~ (61,612 ) ~~W~~ — ~~W~~ —
^1^ For financial instruments at fair value through profit or loss, changes in fair value are calculated by<br>shifting principal unobservable input parameters such as discount rate, recovery rate, liquidation value by ±1%p and volatility of underlying asset, growth rate by ±1%p or ±10% and correlation coefficient by ±10%.<br>
--- ---
^2^ For derivative financial instruments, changes in fair value are calculated by shifting principal unobservable<br>input parameters such as price of underlying asset and volatility by ± 10%.
--- ---
^3^ For equity securities, changes in fair value are calculated by shifting principal unobservable input parameters<br>such as discount rate (-1%p~1%p) and growth rate (-1%p~1%p).
--- ---
^4^ For beneficiary certificates, it is practically impossible to analyze sensitivity of changes in unobservable<br>inputs. However, for beneficiary certificates whose underlying assets are real estates, changes in fair value are calculated by shifting rate of real estate price fluctuation by -1%p~1%p, and for beneficiary certificates whose underlying assets are<br>equity investments, changes in fair value are calculated by shifting principal unobservable input parameters such as liquidation value by -1%p~1%p and discount rate by -1%p~1%p.
--- ---
^5^ For loans, changes in fair value are calculated by shifting principal unobservable input parameters such as<br>discount rate by -1%p~1%p.
--- ---

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

6.2.4 Valuation gains and losses on transaction day

When the Group measures the fair value of OTC derivatives using inputs that are not based on observable market data, there could be a difference between the transaction price and the amount determined using that valuation technique. In these circumstances, the fair value of financial instruments is recognized as the transaction price, and the difference is not recognized in profit or loss but deferred and amortized using the straight-line method over the life of the financial instrument. When the fair value of the financial instruments is subsequently determined using observable market inputs, the remaining deferred amount is recognized in profit or loss.

Changes in deferred valuation gains and losses on transaction day for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024 2023
Balance at the beginning of the period ~~W~~ 23,431 ~~W~~ 71,504
New transactions 47,496 77,898
Changes during the period (53,013 ) (111,931 )
Balance at the end of the period ~~W~~ 17,914 ~~W~~ 37,471

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

6.3 Carrying Amount of Financial Instruments by Category

Financial assets and liabilities are measured at fair value or amortized cost. Carrying amount of financial assets and liabilities by category as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30, 2024
Financialinstruments atfair valuethrough profitor loss Financialinstruments atfair valuethrough othercomprehensiveincome Financialinstrumentsdesignated atfair valuethrough othercomprehensiveincome Financialinstruments atamortized cost Derivativesheld forhedging Total
Financial assets
Cash and due from financial institutions ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ 26,228,938 ~~W~~ — ~~W~~ 26,228,938
Financial assets at fair value through profit or loss 76,935,965 — — — — 76,935,965
Derivative financial assets 5,299,079 — — — 430,358 5,729,437
Loans measured at amortized cost — — — 466,006,550 — 466,006,550
Financial investments — 86,329,459 3,122,186 37,819,886 — 127,271,531
Other financial assets — — — 23,775,818 — 23,775,818
~~W~~ 82,235,044 ~~W~~ 86,329,459 ~~W~~ 3,122,186 ~~W~~ 553,831,192 ~~W~~ 430,358 ~~W~~ 725,948,239
(In millions of Korean won) September 30, 2024
--- --- --- --- --- --- --- --- --- --- ---
Financialinstruments atfair valuethrough profitor loss Financialinstrumentsdesignated atfair valuethrough profitor loss Financialinstruments atamortized cost Derivativesheld forhedging Total
Financial liabilities
Financial liabilities at fair value through profit or loss ~~W~~ 3,299,318 ~~W~~ 6,898,320 ~~W~~ — ~~W~~ — ~~W~~ 10,197,638
Derivative financial liabilities 5,111,754 — — 224,566 5,336,320
Deposits — — 423,538,438 — 423,538,438
Borrowings — — 64,811,736 — 64,811,736
Debentures — — 72,371,977 — 72,371,977
Other financial liabilities * — — 48,096,388 — 48,096,388
~~W~~ 8,411,072 ~~W~~ 6,898,320 ~~W~~ 608,818,539 ~~W~~ 224,566 ~~W~~ 624,352,497

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

6.3 Carrying Amount of Financial Instruments by Category (cont’d)

(In millions of Korean won) December 31, 2023
Financialinstruments atfair valuethrough profitor loss Financialinstruments atfair valuethrough othercomprehensiveincome Financialinstrumentsdesignated atfair valuethrough othercomprehensiveincome Financialinstruments atamortized cost Derivativesheld forhedging Total
Financial assets
Cash and due from financial institutions ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ 29,836,311 ~~W~~ — ~~W~~ 29,836,311
Financial assets at fair value through profit or loss 77,038,267 — — — — 77,038,267
Derivative financial assets 5,777,682 — — — 379,946 6,157,628
Loans measured at amortized cost — — — 444,805,287 — 444,805,287
Financial investments — 79,727,487 2,770,653 39,701,389 — 122,199,529
Other financial assets — — — 16,544,513 — 16,544,513
~~W~~ 82,815,949 ~~W~~ 79,727,487 ~~W~~ 2,770,653 ~~W~~ 530,887,500 ~~W~~ 379,946 ~~W~~ 696,581,535
(In millions of Korean won) December 31, 2023
--- --- --- --- --- --- --- --- --- --- ---
Financialinstruments atfair valuethrough profitor loss Financialinstrumentsdesignated atfair valuethrough profitor loss Financialinstruments atamortized cost Derivativesheld forhedging Total
Financial liabilities
Financial liabilities at fair value through profit or loss ~~W~~ 2,953,472 ~~W~~ 7,966,963 ~~W~~ — ~~W~~ — ~~W~~ 10,920,435
Derivative financial liabilities 5,966,512 — — 244,127 6,210,639
Deposits — — 406,512,434 — 406,512,434
Borrowings — — 69,583,561 — 69,583,561
Debentures — — 69,176,668 — 69,176,668
Other financial liabilities * — — 37,416,916 — 37,416,916
~~W~~ 8,919,984 ~~W~~ 7,966,963 ~~W~~ 582,689,579 ~~W~~ 244,127 ~~W~~ 599,820,653
* Other financial liabilities include lease liabilities that are not included in the category of financial<br>instruments measured at amortized cost.
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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

7. Due from Financial Institutions Measured at Amortized Cost

7.1 Details of due from financial institutions as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) Financial institutions Interest rate (%)<br>as of<br>September 30,2024 September 30,<br>2024 December 31,<br><br><br>2023
Due from financial institutions in Korean won* Due from the Bank of Korea The Bank of Korea 0.00 ~ 0.00 ~~W~~ 11,214,191 ~~W~~13,731,708
Due from banks Hana Bank and others 0.00 ~ 5.20 3,359,221 3,953,940
Due from others Samsung securities and others 0.00 ~ 3.97 1,224,720 1,030,310
15,798,132 18,715,958
Due from financial institutions in foreign currencies* Due from banks in foreign currencies The Bank of Korea and others 0.00 ~ 5.25 5,138,820 6,210,917
Time deposits in foreign currencies INDUSTRIAL BANK CHANGSHA BR. and others 0.00 ~ 11.00 625,562 442,122
Due from others THE BANK OF NEW YORK MELLON and others 0.00 ~ 7.50 2,033,445 2,211,303
7,797,827 8,864,342
~~W~~ 23,595,959 ~~W~~27,580,300
* Before netting of allowance
--- ---
7.2 Details of restricted due from financial institutions as of September 30, 2024 and December 31, 2023,<br>are as follows:
--- ---
(In millions of Korean won) Financial institutions September 30,<br>2024 December 31,2023 Reasons ofrestriction
--- --- --- --- --- --- --- ---
Due from financial institutions in Korean won* Due from the Bank of Korea The Bank of Korea ~~W~~11,214,191 ~~W~~ 13,731,708 Bank of Korea Act
Due from banks Hana Bank and others 124,419 40,721 Establishment of pledge and others
Due from others The Korea Securities Finance Corporation and others 666,877 799,361 Derivatives margin account and others
12,005,487 14,571,790
Due from financial institutions in foreign currencies* Due from banks in foreign currencies The Bank of Korea and others 1,852,402 1,630,348 Bank of Korea Act and others
Time deposits in foreign currencies AGRICULTURAL BANK OF CHINA NEW YORK BRANCH and others 88,613 86,406 Bank Act of the State of New York and others
Due from others THE BANK OF NEW YORK MELLON and others 1,872,344 1,689,065 Derivatives margin account and others
3,813,359 3,405,819
~~W~~ 15,818,846 ~~W~~ 17,977,609
* Before netting of allowance
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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

7.3 Changes in allowances for credit losses of due from financial institutions for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024
12-monthexpected creditlosses Lifetime expected credit losses
Not impaired Impaired
Beginning ~~W~~ 1,021 ~~W~~ — ~~W~~ —
Transfer between stages:
Transfer to 12-month expected credit losses — — —
Transfer to lifetime expected credit losses — — —
Impairment — — —
Sales — — —
Provision of credit losses 650 — —
Others 36 — —
Ending ~~W~~ 1,707 ~~W~~ — ~~W~~ —
(In millions of Korean won) 2023
12-monthexpected creditlosses Lifetime expected credit losses
Not impaired Impaired
Beginning ~~W~~ 2,743 ~~W~~ — ~~W~~ —
Transfer between stages:
Transfer to 12-month expected credit losses — — —
Transfer to lifetime expected credit losses — — —
Impairment — — —
Sales — — —
Provision of credit losses 386 — —
Business combination 6 — —
Others 540 — —
Ending ~~W~~ 3,675 ~~W~~ — ~~W~~ —

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

8. Derivative Financial Instruments and Hedge Accounting

The Group’s derivative operations focus on addressing the needs of the Group’s corporate clients to hedge their risk exposure and hedging the Group’s risk exposure that results from such client contracts. The Group also engages in derivative trading activities to hedge the interest rate risk and currency risk arising from the Group’s own assets and liabilities. In addition, the Group engages in proprietary trading of derivatives within the predetermined transaction limit.

The Group provides and trades a range of derivative financial instruments, including:

• Interest rate swaps relating to interest rate risk in Korean won
• Cross-currency swaps, forwards, and options relating to currency risk
--- ---
• Stock index options linked with the Korea Composite Stock Price Index (“KOSPI”)
--- ---

In particular, the Group applies fair value hedge accounting using interest rate swaps, currency forwards, and others to hedge the risk of changes in fair value due to the changes in interest rate and foreign exchange rate of structured debentures in Korean won, debentures in foreign currencies, structured deposits in foreign currencies, and others. The Group applies cash flow hedge accounting using interest rate swaps, currency swaps, and others to hedge the risk of changes in cash flows of floating rate debt securities in Korean won, borrowings in foreign currencies, group of loans measured at amortized cost, and others. In addition, the Group applies net investments in foreign operations hedge accounting by designating debentures in foreign currencies and cross currency forwards as hedging instruments to hedge the currency risk of net investments in foreign operations.

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

8.1 Details of derivative financial instruments held for trading as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30, 2024 December 31, 2023
Notional amount Assets Liabilities Notional amount Assets Liabilities
Interest rate
Forwards ~~W~~ 17,753,448 ~~W~~ 552,249 ~~W~~ 667,389 ~~W~~ 14,872,481 ~~W~~ 488,542 ~~W~~ 465,983
Futures * 7,766,399 2,524 2,085 5,398,495 6,226 4,576
Swaps 366,356,204 332,198 540,684 416,613,927 556,985 574,865
Options 7,154,100 146,041 133,602 9,384,000 203,718 208,277
399,030,151 1,033,012 1,343,760 446,268,903 1,255,471 1,253,701
Currency
Forwards 125,836,505 1,607,258 1,167,871 136,805,906 1,316,968 1,273,558
Futures * 688,821 129 423 576,730 696 989
Swaps 75,601,915 2,180,616 1,995,283 84,027,181 2,731,314 2,426,152
Options 1,605,429 4,837 10,425 1,238,475 7,668 4,713
203,732,670 3,792,840 3,174,002 222,648,292 4,056,646 3,705,412
Stock and index
Futures * 2,661,474 6,308 34,793 1,352,920 11,179 13,232
Swaps 4,308,690 348,660 164,622 5,165,523 330,132 493,475
Options 2,426,618 47,409 147,618 4,880,805 80,576 240,274
9,396,782 402,377 347,033 11,399,248 421,887 746,981
Credit
Swaps 4,152,843 45,176 34,720 2,864,357 17,799 8,695
4,152,843 45,176 34,720 2,864,357 17,799 8,695
Commodity
Futures * 57,603 4,188 110 26,037 1,305 106
Swaps 997,320 6,536 6,047 31,635 4,348 4,352
Options 308,264 4,736 4,948 100,484 1,091 1,147
1,363,187 15,460 11,105 158,156 6,744 5,605
Others 840,213 10,214 201,134 788,841 19,135 246,118
~~W~~ 618,515,846 ~~W~~ 5,299,079 ~~W~~ 5,111,754 ~~W~~ 684,127,797 ~~W~~ 5,777,682 ~~W~~ 5,966,512
* Gains or losses arising from daily<br>mark-to-market futures are reflected in the margin accounts.
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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

8.2 Average price conditions of future nominal cash flows by type of hedge accounting as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won)
2 years 3 years 4 years 5 years Over<br>5 years Total
Fair value hedge
Nominal amount of the hedging instrument 4,119,731 ~~W~~ 1,597,519 ~~W~~ 530,486 ~~W~~ 230,022 ~~W~~ 845,208 ~~W~~ 1,984,972 ~~W~~ 9,307,938
Average price condition (%) 4.73 4.87 4.95 5.77 6.86 3.94 4.83
Average price condition (KRW/) 1,325.05 1,294.05 1,305.43 — — — 1,313.40
Average price condition (KRW/) 1,444.96 1,468.79 1,447.71 — — — 1,453.31
Average price condition (KRW/AUD) 885.24 885.27 — — — — 885.24
Average price condition (KRW/) 1,536.92 1,667.00 — — — — 1,539.22
Cash flow hedge
Nominal amount of the hedging instrument 1,448,447 ~~W~~ 2,626,710 ~~W~~ 2,799,572 ~~W~~ 795,890 ~~W~~ 323,775 ~~W~~ 100,000 ~~W~~ 8,094,394
Average price condition (%) 3.04 4.54 5.03 5.26 3.60 3.12 4.61
Average price condition (KRW/) 1,225.46 1,229.35 1,331.54 1,289.25 1,353.74 — 1,277.05
Average price condition (KRW/) 1,370.12 — — 1,392.00 — — 1,373.62
Average price condition (KRW/AUD) 851.50 889.00 932.60 — — — 885.25
Hedge of net investments in foreign operations
Nominal amount of the hedging instrument 14,252 ~~W~~ — ~~W~~ 212,456 ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ 226,708
Average price condition (KRW/) 1,071.00 — 1,178.92 — — — 1,172.13

All values are in US Dollars.

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

8.2 Average price conditions of future nominal cash flows by type of hedge accounting as of September 30, 2024 and December 31, 2023, are as follows: (cont’d)

(In millions of Korean won)
2 years 3 years 4 years 5 years Over<br>5 years Total
Fair value hedge
Nominal amount of the hedging instrument 2,998,238 ~~W~~ 3,555,510 ~~W~~ 1,667,087 ~~W~~ 349,482 ~~W~~ 267,778 ~~W~~ 2,304,270 ~~W~~ 11,142,365
Average price condition (%) 4.77 4.86 5.18 5.23 5.73 4.93 4.95
Average price condition (KRW/) 1,257.22 1,277.42 1,242.04 — — — 1,257.90
Average price condition (KRW/) 1,373.58 1,427.96 1,436.77 — — — 1,404.28
Average price condition (KRW/AUD) 872.12 840.73 — — — — 869.67
Average price condition (KRW/) — 1,536.92 — — — — 1,536.92
Cash flow hedge
Nominal amount of the hedging instrument 1,651,669 ~~W~~ 2,035,885 ~~W~~ 1,994,375 ~~W~~ 1,364,708 ~~W~~ 154,813 ~~W~~ 160,000 ~~W~~ 7,361,450
Average price condition (%) 4.6 3.05 11.94 7.98 2.67 3.11 10.68
Average price condition (KRW/) 1,220.93 1,221.93 1,230.48 1,325.04 1,147.95 — 1,235.39
Average price condition (KRW/) 1,364.00 1,374.73 — — 1,392.00 — 1,372.29
Average price condition (KRW/AUD) 856.4 851.5 889 — — — 866.92
Hedge of net investments in foreign operations
Nominal amount of the hedging instrument 31,332 ~~W~~ — ~~W~~ 207,593 ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ 238,925
Average price condition (KRW/) 1,071.00 — 1,178.92 — — — 1,164.76

All values are in US Dollars.

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

8.3 Fair Value Hedge

8.3.1 Details of fair value hedged items as of September 30, 2024 and December 31, 2023 and changes in fair value for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) September 30, 2024 2024
Carrying amount Accumulated amount ofhedge adjustments Changes in<br>fairvalue
Assets Liabilities Assets Liabilities
Hedge accounting
Interest rate Debt securities in Korean won ~~W~~ 1,353,103 ~~W~~ — ~~W~~ (10,478 ) ~~W~~ — ~~W~~ 23,303
Debt securities in foreign currencies 1,746,497 — (18,733 ) — 46,662
Deposits in Korean won — 247,241 — 7,241 (7,256 )
Deposits in foreign currencies — 339,348 — (3,749 ) (2,931 )
Debentures in Korean won — 2,333,911 — (115,147 ) (28,418 )
Debentures in foreign currencies — 1,389,768 — (35,400 ) (32,809 )
3,099,600 4,310,268 (29,211 ) (147,055 ) (1,449 )
Currency Debt securities in foreign currencies 1,531,934 — 159,315 — 68,392
1,531,934 — 159,315 — 68,392
~~W~~ 4,631,534 ~~W~~ 4,310,268 ~~W~~ 130,104 ~~W~~ (147,055 ) ~~W~~ 66,943

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

8.3.1 Details of fair value hedged items as of September 30, 2024 and December 31, 2023 and changes in fair value for the nine-month periods ended September 30, 2024 and 2023, are as follows: (cont’d)

(In millions of Korean won) December 31, 2023 2023
Carrying amount Accumulated amount ofhedge adjustments Changes in<br>fairvalue
Assets Liabilities Assets Liabilities
Hedge accounting
Interest rate Debt securities in Korean won ~~W~~ 1,975,442 ~~W~~ — ~~W~~ (50,746 ) ~~W~~ — ~~W~~ 17,800
Debt securities in foreign currencies 2,585,073 — (111,902 ) — 16,552
Deposits in Korean won — 49,985 — (15 ) 1,961
Deposits in foreign currencies — 32,016 — (6,667 ) 896
Debentures in Korean won — 5,678,927 — (141,073 ) (17,137 )
Debentures in foreign currencies — 1,310,952 — (68,706 ) 20,313
4,560,515 7,071,880 (162,648 ) (216,461 ) 40,385
Currency Debt securities in foreign currencies 1,525,072 — 140,391 — 4,778
1,525,072 — 140,391 — 4,778
~~W~~ 6,085,587 ~~W~~ 7,071,880 ~~W~~ (22,257 ) ~~W~~ (216,461 ) ~~W~~ 45,163

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

8.3.2 Details of derivative instruments designated as fair value hedge as of September 30, 2024 and December 31, 2023 and changes in fair value for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) September 30, 2024 2024
Notionalamount Carrying amount Changes in<br>fair value
Assets Liabilities
Interest rate
Futures ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ (4,675 )
Swaps 7,665,534 84,200 48,411 3,357
7,665,534 84,200 48,411 (1,318 )
Currency
Forwards 1,642,404 19,901 21,483 (61,356 )
~~W~~ 9,307,938 ~~W~~ 104,101 ~~W~~ 69,894 ~~W~~ (62,674 )
(In millions of Korean won) December 31, 2023 2023
--- --- --- --- --- --- --- --- --- --- --- ---
Notionalamount Carrying amount Changes in<br>fair value
Assets Liabilities
Interest rate
Swaps ~~W~~ 9,654,617 ~~W~~ 111,360 ~~W~~ 75,776 ~~W~~ (33,733 )
Currency
Forwards 1,487,748 18,916 28,793 (64,913 )
~~W~~ 11,142,365 ~~W~~ 130,276 ~~W~~ 104,569 ~~W~~ (98,646 )

8.3.3 Details of hedge ineffectiveness recognized in profit or loss on derivative instruments designated as fair value hedge for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024 2023
Hedge accounting
Interest rate ~~W~~ (5,989 ) ~~W~~ 6,652
Currency 7,036 (60,135 )
~~W~~ 1,047 ~~W~~ (53,483 )

8.3.4 Gains or losses on fair value hedging instruments and hedged items attributable to the hedged for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024 2023
Losses on hedging instruments ~~W~~ (65,896 ) ~~W~~ (95,172 )
Gains (losses) on hedged items attributable to the hedged risk 69,360 43,022
~~W~~ 3,464 ~~W~~ (52,150 )

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

8.4 Cash Flow Hedge

8.4.1 Details of cash flow hedged items as of September 30, 2024 and December 31, 2023 and changes in fair value for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) Cash flow hedge reserve Changes in fair value
September 30,<br>2024 December 31,<br>2023 2024 2023
Hedge accounting
Interest rate risk ~~W~~ 117,893 ~~W~~ 113,361 ~~W~~ 29,129 ~~W~~ 14,635
Currency risk (38,935 ) (39,806 ) 1,639 (5,191 )
~~W~~ 78,958 ~~W~~ 73,555 ~~W~~ 30,768 ~~W~~ 9,444

8.4.2 Details of derivative instruments designated as cash flow hedge as of September 30, 2024 and December 31, 2023 and changes in fair value for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) September 30, 2024 2024
Notionalamount Assets Liabilities Changes in<br>fair value
Interest rate
Forwards ~~W~~ 875,792 ~~W~~ 165,324 ~~W~~ 1,306 ~~W~~ 50,396
Swaps 2,743,771 33,719 23,471 (44,153 )
Currency
Swaps 4,474,831 127,214 127,210 25,392
~~W~~ 8,094,394 ~~W~~ 326,257 ~~W~~ 151,987 ~~W~~ 31,635
(In millions of Korean won) December 31, 2023 2023
--- --- --- --- --- --- --- --- --- ---
Notionalamount Assets Liabilities Changes in<br>fair value
Interest rate
Forwards ~~W~~ 750,396 ~~W~~ 105,124 ~~W~~ 7,856 ~~W~~ (23,522 )
Swaps 3,115,818 59,376 3,547 16,739
Currency
Swaps 3,495,236 85,170 122,848 3,724
~~W~~ 7,361,450 ~~W~~ 249,670 ~~W~~ 134,251 ~~W~~ (3,059 )

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

8.4.3 Gains or losses on cash flow hedging instruments and hedged items attributable to the hedged risk for the three-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024 2023
Gains (losses) on hedging instruments: ~~W~~ 31,635 ~~W~~ (3,059 )
Effective portion of gains (losses) on cash flow hedging instruments (recognized in other<br>comprehensive income or loss) 34,923 (5,185 )
Ineffective portion of gains on cash flow hedging instruments (recognized in profit or<br>loss) (3,288 ) 2,126

8.4.4 Amounts recognized in other comprehensive income (loss) and reclassified from equity to profit or loss related to derivative instruments designated as cash allow hedge for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024 2023
Other comprehensive income (loss) ~~W~~ 34,923 ~~W~~ (5,185 )
Reclassification to profit or loss (27,581 ) (44,187 )
Income tax effect (1,939 ) 1,488
~~W~~ 5,403 ~~W~~ (47,884 )

8.5 Hedge of Net Investments in Foreign Operations

8.5.1 Details of net investments in foreign operations hedged items as of September 30, 2024 and December 31, 2023 and changes in fair value for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) Foreign currency<br>translation reserve Changes in fair value
September 30,<br>2024 December 31,<br>2023 2024 2023
Hedge accounting
Currency risk ~~W~~ (146,567) ~~W~~ (129,401 ) ~~W~~ 23,323 ~~W~~ 94,983

8.5.2 Details of financial instruments designated as hedge of net investments in foreign operations as of September 30, 2024 and December 31, 2023 and changes in fair value for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) September 30, 2024 2024
Notional<br>amount Assets Liabilities Changes in<br>fair value
Currency
Forwards ~~W~~ 14,252 ~~W~~ — ~~W~~ 2,685 ~~W~~ 2,622
Debentures in foreign currencies 1,849,917 — 1,849,917 (25,945 )
~~W~~ 1,864,169 ~~W~~ — ~~W~~ 1,852,602 ~~W~~ (23,323 )

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

8.5.2 Details of financial instruments designated as hedge of net investments in foreign operations as of September 30, 2024 and December 31, 2023 and changes in fair value for the nine-month periods ended September 30, 2024 and 2023, are as follows: (cont’d)

(In millions of Korean won) December 31, 2023 2023
Notional<br>amount Assets Liabilities Changes in<br>fair value
Currency
Forwards ~~W~~ 31,332 ~~W~~ — ~~W~~ 5,307 ~~W~~ 1,124
Debentures in foreign currencies 1,435,817 — 1,435,817 (96,107 )
~~W~~ 1,467,149 ~~W~~ — ~~W~~ 1,441,124 ~~W~~ (94,983 )

8.5.3 Fair value of non-derivative financial instruments designated as hedge of net investments in foreign operations as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30,<br>2024 December 31,<br>2023
Debentures in foreign currencies ~~W~~ 1,976,749 ~~W~~ 1,509,978

8.5.4 Gains or losses on net investments in foreign operations hedging instruments and hedged items attributable to the hedged risk for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024 2023
Losses on hedging instruments: ~~W~~ (23,323 ) ~~W~~ (94,983 )
Effective portion of losses on hedge of net investments in foreign operations (recognized in other<br>comprehensive income or loss) (23,323 ) (94,983 )
Ineffective portion of losses on hedge of net investments in foreign operations (recognized in<br>profit or loss) — —

8.5.5 Effective portion of gains or losses on net investments in foreign operations hedging instruments recognized in other comprehensive income (loss) for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024 2023
Other comprehensive loss ~~W~~ (23,323 ) ~~W~~ (94,983 )
Reclassification to profit or loss — —
Income tax effect 6,157 25,081
~~W~~ (17,166 ) ~~W~~ (69,902 )

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

9. Loans Measured at Amortized Cost

9.1 Details of loans as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30,<br>2024 December 31,<br>2023
Loans measured at amortized cost ~~W~~ 470,800,657 ~~W~~ 449,676,848
Deferred loan origination fees and costs 657,017 591,244
Less: Allowances for credit losses (5,451,124 ) (5,462,805 )
~~W~~ 466,006,550 ~~W~~ 444,805,287

9.2 Details of loans to banks as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30,<br>2024 December 31,<br>2023
Loans measured at amortized cost ~~W~~ 10,059,475 ~~W~~ 11,569,466
Less: Allowances for credit losses (29,782 ) (20,429 )
~~W~~ 10,029,693 ~~W~~ 11,549,037

9.3 Details of loan types and customer types of loans to customers other than banks as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30, 2024
Retail Corporate Credit card Total
Loans in Korean won ~~W~~ 187,673,908 ~~W~~ 201,644,641 ~~W~~ — ~~W~~ 389,318,549
Loans in foreign currencies 5,423,869 26,045,421 — 31,469,290
Domestic import usance bills — 3,601,858 — 3,601,858
Off-shore funding loans — 465,742 — 465,742
Call loans — 50,000 — 50,000
Bills bought in Korean won — 2,066 — 2,066
Bills bought in foreign currencies — 2,671,969 — 2,671,969
Guarantee payments under acceptances and guarantees — 13,469 — 13,469
Credit card receivables in Korean won — — 23,147,076 23,147,076
Credit card receivables in foreign currencies — — 42,333 42,333
Bonds purchased under repurchase agreements — 2,411,911 — 2,411,911
Privately placed bonds — 402,996 — 402,996
Factored receivables 12 57,270 — 57,282
Lease receivables 397,333 233,402 — 630,735
Loans for installment credit 6,261,094 851,829 — 7,112,923
199,756,216 238,452,574 23,189,409 461,398,199
Proportion (%) 43.29 51.68 5.03 100.00
Less: Allowances for credit losses (1,516,096 ) (3,011,163 ) (894,083 ) (5,421,342 )
~~W~~ 198,240,120 ~~W~~ 235,441,411 ~~W~~ 22,295,326 ~~W~~ 455,976,857

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

9.3 Details of loan types and customer types of loans to customers other than banks as of September 30, 2024 and December 31, 2023, are as follows: (cont’d)

(In millions of Korean won) December 31, 2023
Retail Corporate Credit card Total
Loans in Korean won ~~W~~ 178,476,837 ~~W~~ 190,160,636 ~~W~~ — ~~W~~ 368,637,473
Loans in foreign currencies 4,859,698 25,449,011 — 30,308,709
Domestic import usance bills — 3,398,981 — 3,398,981
Off-shore funding loans — 507,683 — 507,683
Call loans — 269,198 — 269,198
Bills bought in Korean won — 1,861 — 1,861
Bills bought in foreign currencies — 1,276,579 — 1,276,579
Guarantee payments under acceptances and guarantees — 20,085 — 20,085
Credit card receivables in Korean won — — 22,304,522 22,304,522
Credit card receivables in foreign currencies — — 45,449 45,449
Bonds purchased under repurchase agreements — 3,633,073 — 3,633,073
Privately placed bonds — 901,609 — 901,609
Factored receivables 70 99 — 169
Lease receivables 447,494 337,407 — 784,901
Loans for installment credit 5,908,190 700,144 — 6,608,334
189,692,289 226,656,366 22,349,971 438,698,626
Proportion (%) 43.24 51.67 5.09 100.00
Less: Allowances for credit losses (1,369,081 ) (3,137,470 ) (935,825 ) (5,442,376 )
~~W~~ 188,323,208 ~~W~~ 223,518,896 ~~W~~ 21,414,146 ~~W~~ 433,256,250

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

10. Allowances for Credit Losses

10.1 Changes in allowances for credit losses of loans measured at amortized cost for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024
Retail Corporate Credit card
12-monthexpected<br>credit losses Lifetime expected credit losses 12-monthexpectedcredit losses Lifetime expected credit losses 12-monthexpectedcredit losses Lifetime expected credit losses
Not impaired Impaired Not impaired Impaired Notimpaired Impaired
Beginning ~~W~~ 584,650 ~~W~~ 283,382 ~~W~~ 501,049 ~~W~~ 939,640 ~~W~~ 935,715 ~~W~~ 1,282,544 ~~W~~ 206,525 ~~W~~ 328,152 ~~W~~ 401,148
Transfer between stages:
Transfer to 12-month expected credit losses 112,608 (105,442 ) (7,166 ) 312,496 (272,404 ) (40,092 ) 55,747 (54,350 ) (1,397 )
Transfer to lifetime expected credit losses (89,467 ) 115,727 (26,260 ) (232,524 ) 269,188 (36,664 ) (26,353 ) 30,084 (3,731 )
Impairment (18,666 ) (73,152 ) 91,818 (53,513 ) (134,599 ) 188,112 (4,372 ) (28,969 ) 33,341
Write-offs — — (458,467 ) — (1 ) (363,960 ) — — (492,181 )
Sales (2,163 ) (1,217 ) (56,693 ) — (458 ) (82,342 ) — — —
Provision (reversal) for credit losses<br>^1,2^ 20,773 55,901 592,645 (85,320 ) 52,147 373,377 (3,066 ) 21,452 588,607
Others (exchange differences, etc.) 326 36 (4,126 ) (6,866 ) (173 ) (3,358 ) (15 ) 6 (156,545 )
Ending ~~W~~ 608,061 ~~W~~ 275,235 ~~W~~ 632,800 ~~W~~ 873,913 ~~W~~ 849,415 ~~W~~ 1,317,617 ~~W~~ 228,466 ~~W~~ 296,375 ~~W~~ 369,242

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

10.1 Changes in allowances for credit losses of loans measured at amortized cost for the nine-month periods ended September 30, 2024 and 2023, are as follows: (cont’d)

(In millions of Korean won) 2023
Retail Corporate Credit card
12-monthexpected<br>credit losses Lifetime expected credit losses 12-monthexpectedcredit losses Lifetime expected credit losses 12-monthexpectedcredit losses Lifetime expected credit losses
Not impaired Impaired Not impaired Impaired Not impaired Impaired
Beginning ~~W~~ 602,037 ~~W~~ 284,816 ~~W~~ 450,513 ~~W~~ 522,552 ~~W~~ 561,936 ~~W~~ 901,288 ~~W~~ 163,185 ~~W~~ 354,315 ~~W~~ 320,342
Transfer between stages:
Transfer to 12-month expected credit losses 119,890 (115,826 ) (4,064 ) 108,494 (101,651 ) (6,843 ) 79,739 (77,440 ) (2,299 )
Transfer to lifetime expected credit losses (96,344 ) 126,180 (29,836 ) (97,441 ) 128,059 (30,618 ) (21,268 ) 25,165 (3,897 )
Impairment (9,711 ) (66,885 ) 76,596 (6,007 ) (93,590 ) 99,597 (2,687 ) (29,620 ) 32,307
Write-offs — — (474,543 ) — 9 (197,707 ) — — (420,304 )
Sales (979 ) (528 ) (12,639 ) — (241 ) (17,904 ) — — —
Provision (reversal) for credit losses<br>^1,2^ (42,849 ) 56,808 491,928 295,077 116,915 370,827 (14,333 ) 41,952 537,330
Others (exchange differences, etc.) 2,391 749 6,857 16 1,014 41,718 134 139 (29,555 )
Ending ~~W~~ 574,435 ~~W~~ 285,314 ~~W~~ 504,812 ~~W~~ 822,691 ~~W~~ 612,451 ~~W~~ 1,160,358 ~~W~~ 204,770 ~~W~~ 314,511 ~~W~~ 433,924
^1^ Provision for credit losses in the consolidated statements of comprehensive income also includes provision<br>(reversal) for credit losses of due from financial institutions (Note 7.3), provision (reversal) for credit losses of financial investments (Note 11.5), provision (reversal) for credit losses of unused commitments, acceptances and guarantees (Note<br>17.2), provision (reversal) for credit losses of financial guarantee contracts (Note 17.3), and provision (reversal) for credit losses of other financial assets.
--- ---
^2^ Includes ~~W~~ 225,060 million and ~~W~~ 232,917 million of collections<br>from written-off loans for the nine-month periods ended September 30, 2024 and 2023, respectively.
--- ---

The amount of financial assets that the Group wrote off during the current year but is continuing recovery activities is ~~W~~ 1,314,609 million. Also, the Group manages the written-off loans that their legal extinctive prescriptions have not been completed, and that have not been collected. The balances of those loans are ~~W~~ 10,968,930 million and ~~W~~ 10,301,118 million as of September 30, 2024 and December 31, 2023, respectively.

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

10.2 Changes in gross carrying amount of loans for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024
12-monthexpected<br>credit losses Lifetime expected credit losses
Not impaired Impaired
Beginning ~~W~~ 408,283,402 ~~W~~ 37,076,587 ~~W~~ 4,908,103
Transfer between stages:
Transfer to 12-month expected credit losses 24,009,889 (23,660,790 ) (349,099 )
Transfer to lifetime expected credit losses (not impaired) (30,908,488 ) 31,583,551 (675,063 )
Transfer to lifetime expected credit losses (impaired) (1,319,668 ) (2,767,272 ) 4,086,940
Write-offs — (1 ) (1,314,608 )
Sales (2,740,049 ) (81,609 ) (716,362 )
Net increase (decrease)<br>(execution, repayment, and others) 29,457,268 (2,715,690 ) (699,367 )
Ending ~~W~~ 426,782,354 ~~W~~ 39,434,776 ~~W~~ 5,240,544
(In millions of Korean won) 2023
--- --- --- --- --- --- --- --- --- --- --- ---
12-monthexpected<br>credit losses Lifetime expected credit losses
Not impaired Impaired
Beginning ~~W~~ 399,089,134 ~~W~~ 34,563,171 ~~W~~ 3,547,610
Transfer between stages:
Transfer to 12-month expected credit losses 27,874,429 (27,563,651 ) (310,778 )
Transfer to lifetime expected credit losses (not impaired) (31,308,737 ) 31,864,424 (555,687 )
Transfer to lifetime expected credit losses (impaired) (1,397,503 ) (2,194,373 ) 3,591,876
Write-offs — 9 (1,092,554 )
Sales (3,058,051 ) (36,288 ) (215,524 )
Net increase (decrease)<br>(execution, repayment, and others) 18,201,847 (4,289,165 ) (76,257 )
Ending ~~W~~ 409,401,119 ~~W~~ 32,344,127 ~~W~~ 4,888,686

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

11. Financial Assets at Fair Value through Profit or Loss and Financial Investments

11.1 Details of financial assets at fair value through profit or loss and financial investments as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30,<br>2024 December 31,<br>2023
Financial assets at fair value through profit or loss
Debt securities:
Government and public bonds ~~W~~ 12,502,672 ~~W~~ 10,100,109
Financial bonds 12,091,355 12,793,559
Corporate bonds 6,914,505 6,677,388
Asset-backed securities 29,101 68,093
Beneficiary certificates 20,618,372 20,511,995
Derivative-linked securities 2,000,100 2,197,575
Other debt securities 17,619,534 20,309,713
Equity securities:
Stocks 4,205,735 3,498,880
Other equity securities 468,324 523,675
Loans:
Privately placed bonds 206,689 150,208
Other loans 88,669 33,518
Due from financial institutions:
Other due from financial institutions 58,798 79,811
Others 132,111 93,743
~~W~~ 76,935,965 ~~W~~ 77,038,267
Financial investments
Financial assets at fair value through other comprehensive income
Debt securities:
Government and public bonds ~~W~~ 36,496,587 ~~W~~ 33,455,476
Financial bonds 24,535,301 20,898,723
Corporate bonds 21,746,807 22,492,869
Asset-backed securities 2,342,637 1,963,242
Other debt securities 112,806 116,127
Equity securities:
Stocks 1,641,931 1,951,150
Equity investments 8,801 9,560
Other equity securities 1,471,452 809,943
Loans:
Privately placed bonds 1,095,323 801,050
89,451,645 82,498,140
Financial assets at amortized cost
Debt securities:
Government and public bonds 6,199,877 6,507,625
Financial bonds 12,604,155 14,257,747
Corporate bonds 9,231,810 9,368,943
Asset-backed securities 9,621,102 9,418,498
Other debt securities 181,493 167,848
Less: Allowances for credit losses (18,551 ) (19,272 )
37,819,886 39,701,389
~~W~~ 127,271,531 ~~W~~ 122,199,529

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

11.2 Dividend income from equity securities designated at fair value through other comprehensive income for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024 2023
From the<br>equity securitiesderecognized From the<br>equity securities<br>held From the<br>equity securitiesderecognized From the<br>equity securities<br>held
Equity securities measured at fair value through other comprehensive income:
Stocks Listed ~~W~~ — ~~W~~ 3,597 ~~W~~ — ~~W~~ 1,999
Unlisted — 19,723 — 14,406
Other equity securities 632 40,273 1,874 19,871
~~W~~ 632 ~~W~~ 63,593 ~~W~~ 1,874 ~~W~~ 36,276

11.3 Derecognized equity securities measured at fair value through other comprehensive income for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024 2023
Disposal price Accumulated othercomprehensiveincome (loss)<br>as of disposal date Disposal<br>price Accumulated othercomprehensiveincome as of<br>disposal date
Equity securities measured at fair value through other comprehensive income:
Stocks Listed ~~W~~ 8,054 ~~W~~ (5,586 ) ~~W~~ 36,595 ~~W~~ 36,719
Unlisted — — — (758 )
Other equity securities 131,788 1,788 — —
~~W~~ 139,842 ~~W~~ (3,798 ) ~~W~~ 36,595 ~~W~~ 35,961

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

11.4 Provision (reversal) for credit losses of financial investments for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024
Provision Reversal Total
Securities measured at fair value through other<br>comprehensive income ~~W~~ 6,371 ~~W~~ (5,082 ) ~~W~~ 1,289
Loans measured at fair value through other<br>comprehensive income 558 (174 ) 384
Securities measured at amortized cost 1,609 (2,374 ) (765 )
~~W~~ 8,538 ~~W~~ (7,630) ~~W~~ 908
(In millions of Korean won) 2023
Provision Reversal Total
Securities measured at fair value through other<br>comprehensive income ~~W~~ 11,197 ~~W~~ (2,327 ) ~~W~~ 8,870
Loans measured at fair value through other<br>comprehensive income 490 (3 ) 487
Securities measured at amortized cost 13,474 (1,033 ) 12,441
~~W~~ 25,161 ~~W~~ (3,363 ) ~~W~~ 21,798

11.5 Changes in allowances for credit losses of financial investments for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024
12-month expected<br>credit losses Lifetime expected credit losses
Not impaired Impaired
Beginning ~~W~~ 44,465 ~~W~~ — ~~W~~ 77
Transfer between stages:
Transfer to 12-month expected credit losses — — —
Transfer to lifetime expected credit losses — — —
Sales (1,584 ) — —
Provision for credit losses 903 — 5
Others 539 — —
Ending ~~W~~ 44,323 ~~W~~ — ~~W~~ 82
(In millions of Korean won) 2023
12-month expected<br>credit losses Lifetime expected credit losses
Not impaired Impaired
Beginning ~~W~~ 16,343 ~~W~~ 270 ~~W~~ 76
Transfer between stages:
Transfer to 12-month expected credit losses — — —
Transfer to lifetime expected credit losses — — —
Sales (512 ) (270 ) —
Provision for credit losses 21,798 — —
Others (189 ) — —
Ending ~~W~~ 37,440 ~~W~~ — ~~W~~ 76

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

12. Deferred Income Tax Assets and Liabilities

Details of deferred income tax assets and liabilities as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30, 2024
Assets Liabilities Net amount
Other provisions ~~W~~ 260,212 ~~W~~ — ~~W~~ 260,212
Allowances for credit losses 15,337 — 15,337
Impairment losses of property and equipment 11,227 (1,372 ) 9,855
Share-based payments 32,872 — 32,872
Provisions for acceptances and guarantees 50,749 (126 ) 50,623
Gains or losses on valuation of derivatives 75,981 (142,126 ) (66,145 )
Present value discount 13,698 (14 ) 13,684
Gains or losses on fair value hedge — (38,823 ) (38,823 )
Accrued interest 134 (223,374 ) (223,240 )
Deferred loan origination fees and costs 14,228 (190,163 ) (175,935 )
Advanced depreciation provision — (4,003 ) (4,003 )
Gains or losses on revaluation 313 (290,223 ) (289,910 )
Investments in subsidiaries and others 65,258 (235,493 ) (170,235 )
Gains or losses on valuation of security investment 476,754 (423,180 ) 53,574
Defined benefit liabilities 569,596 (170 ) 569,426
Accrued expenses 267,926 — 267,926
Retirement insurance expense — (608,503 ) (608,503 )
Adjustments to the prepaid contributions — (48,293 ) (48,293 )
Derivative-linked securities 5,894 (36,544 ) (30,650 )
Others * 1,162,321 (2,526,136 ) (1,363,815 )
3,022,500 (4,768,543 ) (1,746,043 )
Offsetting of deferred income tax assets and liabilities (2,860,338 ) 2,860,338 —
~~W~~ 162,162 ~~W~~ (1,908,205 ) ~~W~~ (1,746,043 )

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

12. Deferred Income Tax Assets and Liabilities (cont’d)

(In millions of Korean won) December 31, 2023
Assets Liabilities Net amount
Other provisions ~~W~~ 317,698 ~~W~~ — ~~W~~ 317,698
Allowances for credit losses 29,768 — 29,768
Impairment losses of property and equipment 8,516 (1,407 ) 7,109
Share-based payments 24,326 — 24,326
Provisions for acceptances and guarantees 48,917 — 48,917
Gains or losses on valuation of derivatives 238,875 (184,469 ) 54,406
Present value discount 14,471 (13 ) 14,458
Gains or losses on fair value hedge — (57,146 ) (57,146 )
Accrued interest 146 (213,708 ) (213,562 )
Deferred loan origination fees and costs 14,593 (179,868 ) (165,275 )
Advanced depreciation provision — (4,003 ) (4,003 )
Gains or losses on revaluation 313 (290,547 ) (290,234 )
Investments in subsidiaries and others 56,338 (216,908 ) (160,570 )
Gains or losses on valuation of security investment 912,706 (354,353 ) 558,353
Defined benefit liabilities 575,599 (26 ) 575,573
Accrued expenses 323,229 — 323,229
Retirement insurance expense — (627,556 ) (627,556 )
Adjustments to the prepaid contributions — (33,005 ) (33,005 )
Derivative-linked securities 5,735 (262,523 ) (256,788 )
Others * 1,091,821 (3,143,260 ) (2,051,439 )
3,663,051 (5,568,792 ) (1,905,741 )
Offsetting of deferred income tax assets and liabilities (3,388,826 ) 3,388,826 —
~~W~~ 274,225 ~~W~~ (2,179,966 ) ~~W~~ (1,905,741 )
* Includes Purchase Price Allocation (“PPA”) amount arising from the acquisition of KB Life Insurance<br>Co., Ltd. and KB Insurance Co., Ltd.
--- ---

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

13. Financial Liabilities at Fair Value through Profit or Loss

13.1 Details of financial liabilities at fair value through profit or loss and financial liabilities designated at fair value through profit or loss as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30,<br>2024 December 31,2023
Financial liabilities at fair value through profit or loss
Borrowed securities sold ~~W~~ 3,166,820 ~~W~~ 2,860,034
Others 132,498 93,438
3,299,318 2,953,472
Financial liabilities designated at fair value through profit or loss
Derivative-linked securities 6,898,320 7,966,963
6,898,320 7,966,963
~~W~~ 10,197,638 ~~W~~ 10,920,435

13.2 Difference between the amount contractually required to pay at maturity and carrying amount of financial liabilities designated at fair value through profit or loss as of September 30, 2024 and December 31, 2023 are as follows:

(In millions of Korean won) September 30,<br>2024 December 31,2023
Amount contractually required to pay at maturity ~~W~~ 6,821,503 ~~W~~ 7,871,014
Carrying amount 6,898,320 7,966,963
Difference ~~W~~ (76,817 ) ~~W~~ (95,949 )

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

14. Deposits

Details of deposits as of September 30, 2024 and December 31, 2023 are as follows:

(In millions of Korean won) September 30,<br>2024 December 31,2023
Demand deposits
Demand deposits in Korean won ~~W~~ 154,300,591 ~~W~~ 151,836,599
Demand deposits in foreign currencies 12,134,261 11,517,076
166,434,852 163,353,675
Time deposits
Time deposits in Korean won 215,929,050 201,194,217
Fair value adjustments of fair value hedged time deposits in foreign currencies 7,241 (15 )
215,936,291 201,194,202
Time deposits in foreign currencies 26,240,194 24,602,818
Fair value adjustments of fair value hedged time deposits in foreign currencies (3,749 ) (6,667 )
26,236,445 24,596,151
242,172,736 225,790,353
Certificates of deposits 9,844,860 12,145,510
Investment contract liabilities 5,085,990 5,222,896
~~W~~ 423,538,438 ~~W~~ 406,512,434

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

15. Borrowings

15.1 Details of borrowings as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30,<br>2024 December 31,<br>2023
General borrowings ~~W~~ 50,298,737 ~~W~~ 50,675,884
Bonds sold under repurchase agreements and others 11,315,172 15,652,135
Call money 3,197,827 3,255,542
~~W~~ 64,811,736 ~~W~~ 69,583,561

15.2 Details of general borrowings as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) Lenders Interest rate(%) as ofSeptember 30,2024 September 30,<br>2024 December 31,<br>2023
Borrowings in Korean won Borrowings from the Bank of Korea The Bank of Korea 2.00 ~~W~~ 3,826,591 ~~W~~ 2,520,472
Borrowings from the government SEMAS and others 0.00~3.50 2,477,999 2,500,160
Borrowings from banks Shinhan Bank and others 2.20~6.78 2,199,598 1,764,900
Borrowings from non-banking financial institutions Korea Securities Finance Corporation and others 1.38~6.59 2,890,396 2,780,823
Other borrowings The Korea Development Bank and others 0.00~7.50 20,995,496 22,645,638
32,390,080 32,211,993
Borrowings in foreign currencies Due to banks Standard Chartered Bank and others — 20,559 38,191
Borrowings from banks Citicorp International Ltd and others 0.18~10.00 14,828,609 15,437,388
Borrowings from other financial institutions The Export-Import Bank of Korea and others 5.19~5.27 19,157 24,662
Other borrowings DBS BANK Ltd and others 0.00~5.60 3,040,332 2,963,650
17,908,657 18,463,891
~~W~~ 50,298,737 ~~W~~ 50,675,884

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

16. Debentures

16.1 Details of debentures as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) Interest rate(%) as of<br>September 30,2024 September 30,<br>2024 December 31,<br>2023
Debentures in Korean won
Structured debentures 4.25~5.86 ~~W~~ 40,610 ~~W~~ 90,640
Exchangeable bonds * — — 240,000
Subordinated fixed rate debentures 2.02~4.90 4,449,821 4,453,970
Fixed rate debentures 1.33~9.50 51,506,933 45,624,127
Floating rate debentures 2.98~7.28 2,457,900 5,410,000
58,455,264 55,818,737
Fair value adjustments of fair value hedged debentures in Korean won (115,147 ) (141,073 )
Less: Discount on debentures in Korean won (51,428 ) (29,670 )
Less: Adjustment for exchange right of exchangeable bonds in Korean won * — (5,104 )
58,288,689 55,642,890
Debentures in foreign currencies
Floating rate debentures 3.08~6.69 3,116,741 2,532,921
Fixed rate debentures 0.05~9.06 11,034,512 11,109,296
14,151,253 13,642,217
Fair value adjustments of fair value hedged debentures in foreign currencies (35,400 ) (68,706 )
Less: Discount on debentures in foreign currencies (32,565 ) (39,733 )
14,083,288 13,533,778
~~W~~ 72,371,977 ~~W~~ 69,176,668
* Fair value of the liability component of exchangeable bonds is calculated by using market interest rate of<br>bonds under the same conditions without the exchange right. The residual amount, after deducting liability component from the issuance amount, represents the value of exchange right and is recorded in equity. Shares to be exchanged are<br>5 million treasury shares of KB Financial Group Inc. with the exchange price of ~~W~~ 48,000. Exchange rights were fully exercised on February 14, 2024.
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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

17. Provisions

17.1 Details of provisions as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30,<br>2024 December 31,<br>2023
Provisions for credit losses of unused loan commitments ~~W~~ 352,779 ~~W~~ 379,666
Provisions for credit losses of acceptances and guarantees 187,450 183,454
Provisions for credit losses of financial guarantee contracts 7,218 6,500
Provisions for restoration costs 160,836 155,214
Others 484,114 719,584
~~W~~ 1,192,397 ~~W~~ 1,444,418

17.2 Changes in provisions for credit losses of unused loan commitments, and acceptances and guarantees for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won)
2024
Provisions for credit losses of<br>unused loan commitments Provisions for credit losses ofacceptances and guarantees
12-monthexpectedcredit<br>losses Lifetime expected<br>credit losses 12-monthexpectedcreditlosses Lifetime expected<br>credit losses
Not<br>impaired Impaired Not<br>impaired Impaired
Beginning ~~W~~ 232,674 ~~W~~ 136,318 ~~W~~ 10,674 ~~W~~ 30,849 ~~W~~ 148,197 ~~W~~ 4,408
Transfer between stages:
Transfer to 12-month expected credit losses 42,064 (39,440 ) (2,624 ) 826 (826 ) —
Transfer to lifetime expected credit losses (16,985 ) 17,215 (230 ) (459 ) 459 —
Impairment (1,004 ) (2,967 ) 3,971 (52 ) (81 ) 133
Provision (reversal) for credit losses (38,792 ) 17,315 (2,508 ) 1,021 (9,291 ) 10,004
Others (exchange differences, etc.) (3,517 ) 615 — 363 1,851 48
Ending ~~W~~ 214,440 ~~W~~ 129,056 ~~W~~ 9,283 ~~W~~ 32,548 ~~W~~ 140,309 ~~W~~ 14,593

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

17.2 Changes in provisions for credit losses of unused loan commitments, and acceptances and guarantees for the nine-month periods ended September 30, 2024 and 2023, are as follows: (cont’d)

(In millions of Korean won)
2023
Provisions for credit losses of<br>unused loan commitments Provisions for credit losses ofacceptances and guarantees
12-monthexpectedcredit<br>losses Lifetime expected<br>credit losses 12-monthexpectedcreditlosses Lifetime expected<br>credit losses
Not<br>impaired Impaired Not<br>impaired Impaired
Beginning ~~W~~ 179,885 ~~W~~ 151,067 ~~W~~ 11,230 ~~W~~ 26,906 ~~W~~ 118,724 ~~W~~ 7,899
Transfer between stages:
Transfer to 12-month expected credit losses 57,546 (55,414 ) (2,132 ) 414 (414 ) —
Transfer to lifetime expected credit losses (14,754 ) 15,049 (295 ) (262 ) 363 (101 )
Impairment (440 ) (2,064 ) 2,504 (3,994 ) (113 ) 4,107
Provision (reversal) for credit losses 8,802 25,781 (1,113 ) 8,965 28,974 (5,254 )
Others (exchange differences, etc.) 1,633 1,420 (38 ) 746 4,176 212
Ending ~~W~~ 232,672 ~~W~~ 135,839 ~~W~~ 10,156 ~~W~~ 32,775 ~~W~~ 151,710 ~~W~~ 6,863

17.3 Changes in provisions for credit losses of financial guarantee contracts for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024 2023
Beginning ~~W~~ 6,500 ~~W~~ 2,955
Provision 718 4,073
Ending ~~W~~ 7,218 ~~W~~ 7,028

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

17.4 Changes in provisions for restoration costs for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024 2023
Beginning ~~W~~ 155,214 ~~W~~ 159,033
Provision 5,997 4,638
Reversal (842 ) (1,428 )
Used (3,487 ) (13,517 )
Unwinding of discount 3,921 4,641
Effect of changes in discount rate 33 140
Ending ~~W~~ 160,836 ~~W~~ 153,507

Provisions for restoration costs are the present value of estimated costs to be incurred for the restoration of the leased properties. The expenditure of the restoration cost will be incurred at the end of each lease contract, and the lease period is used to reasonably estimate the time of expenditure. Also, the average restoration expense based on actual three-year historical data and three-year historical average inflation rate are used to estimate the present value of estimated costs.

17.5 Changes in other provisions for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024
Membershiprewardsprogram Dormantaccounts Litigations Others ^1 2^ Total
Beginning ^1^ ~~W~~ 47 ~~W~~ 3,359 ~~W~~ 185,667 ~~W~~ 530,511 ~~W~~ 719,584
Increase 57 1,881 13,605 783,335 798,878
Decrease (38 ) (2,303 ) (54,916 ) (978,193 ) (1,035,450 )
Others — — 1,101 1 1,102
Ending **** ^1 2^ ~~W~~ 66 ~~W~~ 2,937 ~~W~~ 145,457 ~~W~~ 335,654 ~~W~~ 484,114
(In millions of Korean won) 2023
Membershiprewardsprogram Dormantaccounts Litigations Others Total
Beginning ~~W~~ 46 ~~W~~ 2,794 ~~W~~ 113,527 ~~W~~ 159,635 ~~W~~ 276,002
Increase 48 2,889 9,744 4,986 17,667
Decrease (47 ) (2,609 ) (33,060 ) (23,531 ) (59,247 )
Others — — 5,662 2,044 7,706
Ending ~~W~~ 47 ~~W~~ 3,074 ~~W~~ 95,873 ~~W~~ 143,134 ~~W~~ 242,128
^1^ Includes other provisions of ~~W~~ 32,311 million and ~~W~~ 333,290 million<br>related to the Livelihood finance support program as of September 30, 2024, and December 31, 2023, respectively.
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^2^ Includes other provisions of ~~W~~ 140,356 million related to the voluntary compensation<br>for equity-linked securities products tied to the performance of the Hang Seng China Enterprise Index as of September 30, 2024.
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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

18. Net Defined Benefit Liabilities

18.1 Defined Benefit Plan

The Group operates defined benefit plans which have the following characteristics:

• The Group has the obligation to pay the agreed benefits to all its current and former employees.<br>
• The Group assumes actuarial risk (that benefits will cost more than expected) and investment risk.<br>
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The net defined benefit liabilities recognized in the consolidated statement of financial position are calculated by the independent actuary in accordance with actuarial valuation method. The defined benefit obligation is calculated using the projected unit credit method. Assumptions based on market data and historical data such as discount rate, future salary increase rate, mortality, and consumer price index are used which are updated annually.

Actuarial assumptions may differ from actual results, due to changes in the market conditions, economic trends, and mortality trends which may affect net defined benefit liabilities and future payments. Actuarial gains and losses arising from changes in actuarial assumptions are recognized in the period incurred through other comprehensive income.

18.2 Details of net defined benefit liabilities as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30,<br>2024 December 31,<br>2023
Present value of defined benefit obligation ~~W~~ 2,346,727 ~~W~~ 2,362,952
Fair value of plan assets (2,627,791 ) (2,655,173 )
Net defined benefit liabilities (assets)* ~~W~~ (281,064 ) ~~W~~ (292,221 )
* As of September 30, 2024, the net defined benefit asset of ~~W~~ 281,064 million is the<br>amount obtained by subtracting the net defined benefit liability of ~~W~~ 84,946 million from the net defined benefit asset of ~~W~~ 366,010 million. Similarly, as of December 31, 2023, the net defined<br>benefit asset of ~~W~~ 292,221 million is the amount obtained by subtracting the net defined benefit liability of ~~W~~ 81,869 million from the net defined benefit asset of ~~W~~ 374,090 million.<br>
--- ---

18.3 Details of post-employment benefits recognized in profit or loss for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024 2023
Current service cost ~~W~~ 162,524 ~~W~~ 148,770
Net interest expense on net defined benefit liabilities (10,181 ) (17,349 )
Gains or losses on settlement — 55
Post-employment benefits * ~~W~~ 152,343 ~~W~~ 131,476
* Includes post-employment benefits amounting to ~~W~~ 15,286 million recognized as insurance<br>service expenses, ~~W~~ 2,470 million recognized as other operating expenses and ~~W~~ 34 million recognized as advanced payments for the nine-month period ended September 30, 2024, and<br>~~W~~ 13,848 million recognized as insurance service expenses, ~~W~~ 2,119 million recognized as other operating expenses and ~~W~~ 103 million recognized as advanced payments for the<br>nine-month period ended September 30, 2023.
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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

19. Equity

19.1 Share Capital

19.1.1 Details of share capital as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won and in number of shares) September 30,<br>2024 December 31,<br>2023
Type of share Ordinary share Ordinary share
Number of authorized shares 1,000,000,000 1,000,000,000
Par value per share (In Korean won) ~~W~~ 5,000 ~~W~~ 5,000
Number of issued shares 393,528,423 403,511,072
Share capital * ~~W~~ 2,090,558 ~~W~~ 2,090,558
* Due to the retirement of shares deducted through retained earnings, it is different from the total par value of<br>the shares issued.
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19.1.2 Changes in outstanding shares for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In number of shares) 2024 2023
Beginning 378,663,825 389,634,335
Increase 5,000,000 —
Decrease (6,448,135 ) (7,285,996 )
Ending 377,215,690 382,348,339

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

19.2 Hybrid Securities

Details of hybrid securities classified as equity as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won)

Hybrid<br><br><br>securities Issuance date Maturity Interest rate (%)<br>as of<br>September 30, 2024 September 30,<br>2024 December 31,<br>2023
The<br>1-1^st^* May 2, 2019 Perpetual bond 3.23 ~~W~~ — ~~W~~ 349,309
The 1-2^nd^ May 2, 2019 Perpetual bond 3.44 49,896 49,896
The 2-1^st^ May 8, 2020 Perpetual bond 3.30 324,099 324,099
The 2-2^nd^ May 8, 2020 Perpetual bond 3.43 74,812 74,812
The 3-1^st^ Jul. 14, 2020 Perpetual bond 3.17 369,099 369,099
The 3-2^nd^ Jul. 14, 2020 Perpetual bond 3.38 29,922 29,922
The 4-1^st^ Oct. 20, 2020 Perpetual bond 3.00 433,996 433,996
The 4-2^nd^ Oct. 20, 2020 Perpetual bond 3.28 64,855 64,855
The 5-1^st^ Feb. 19, 2021 Perpetual bond 2.67 419,071 419,071
The 5-2^nd^ Feb. 19, 2021 Perpetual bond 2.87 59,862 59,862
The 5-3^rd^ Feb. 19, 2021 Perpetual bond 3.28 119,727 119,727
The 6-1^st^ May 28, 2021 Perpetual bond 3.20 165,563 165,563
The 6-2^nd^ May 28, 2021 Perpetual bond 3.60 109,708 109,708
The 7-1^st^ Oct. 8, 2021 Perpetual bond 3.57 208,468 208,468
The 7-2^nd^ Oct. 8, 2021 Perpetual bond 3.80 59,834 59,834
The 8-1^st^ Feb. 16, 2022 Perpetual bond 4.00 442,970 442,970
The 8-2^nd^ Feb. 16, 2022 Perpetual bond 4.30 155,626 155,626
The 9-1^st^ May 12, 2022 Perpetual bond 4.68 478,829 478,829
The 9-2^nd^ May 12, 2022 Perpetual bond 4.97 19,906 19,906
The 10-1^st^ Aug. 26, 2022 Perpetual bond 4.90 407,936 407,936
The 10-2^nd^ Aug. 26, 2022 Perpetual bond 5.15 70,819 70,819
The 10-3^rd^ Aug. 26, 2022 Perpetual bond 5.30 19,944 19,944
The 11-1^st^ Feb. 03, 2023 Perpetual bond 4.90 548,681 548,681
The 11-2^nd^ Feb. 03, 2023 Perpetual bond 5.03 49,871 49,871
The 12^nd^ Feb. 28, 2024 Perpetual bond 4.39 399,059 —
~~W~~ 5,082,553 ~~W~~ 5,032,803
* As a result of exercising the call option for the Company’s write-down contingent convertible bonds on<br>May 2, 2024, ~~W~~ 350,000 million was fully redeemed before maturity.
--- ---

The above hybrid securities are early redeemable by the Group after 5 or 7 or 10 years from the issuance date. On the other hand, hybrid securities of ~~W~~ 1,065,613 million issued by Kookmin Bank, hybrid securities of ~~W~~ 232,647 million issued by KB Securities Co., Ltd., hybrid securities of ~~W~~ 49,800 million issued by KB Life Insurance Co., Ltd., hybrid securities of ~~W~~ 249,150 million issued by KB Kookmin Card Co., Ltd. and hybrid securities of ~~W~~ 19,993 million issued by KB Real Estate Trust. Co., Ltd. are recognized as non-controlling interests and are early redeemable after 5 years from the issuance date and each interest payment date thereafter.

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

19.3 Capital Surplus

Details of capital surplus as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30,2024 December 31,<br>2023
Paid-in capital in excess of par value ~~W~~ 13,190,274 ~~W~~ 13,190,274
Losses on sales of treasury shares (477,358 ) (481,332 )
Other capital surplus 3,904,984 3,927,041
Consideration for exchange right of exchangeable bonds — 11,933
~~W~~ 16,617,900 ~~W~~ 16,647,916

19.4 Accumulated Other Comprehensive Income

Details of accumulated other comprehensive income as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30,<br>2024 December 31,<br>2023
Remeasurements of net defined benefit liabilities ~~W~~ (144,590 ) ~~W~~ (161,295 )
Currency translation differences 387,778 261,752
Losses on financial instruments at fair value through other comprehensive income (1,675,985 ) (2,735,499 )
Share of other comprehensive loss of associates and joint ventures (3,042 ) (3,318 )
Gains on cash flow hedging instruments 78,958 73,555
Losses on hedging instruments of net investments in foreign operations (146,567 ) (129,401 )
Fair value changes of financial liabilities designated at fair value through profit or loss due to<br>own credit risk (20,118 ) (11,800 )
Insurance finance income 2,018,533 5,001,171
~~W~~ 494,967 ~~W~~ 2,295,165

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

19.5 Retained Earnings

19.5.1 Details of retained earnings as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30,<br>2024 December 31,<br>2023
Legal reserves ^1^ ~~W~~ 1,219,809 ~~W~~ 1,007,686
Voluntary reserves 982,000 982,000
Unappropriated retained earnings ^2^ 32,367,451 30,039,513
~~W~~ 34,569,260 ~~W~~ 32,029,199
^1^ With respect to the allocation of net profit earned in a fiscal term, the Parent Company must set aside in its<br>legal reserve an amount equal to at least 10% of its profit after tax as reported in the financial statements, each time it pays dividends on its net profits earned until its legal reserve reaches the aggregate amount of its paid-in capital in accordance with Article 53 of the Financial Holding Company Act. This reserve is not available for the payment of cash dividends, but may be transferred to share capital, or used to reduce<br>accumulated deficit.
--- ---
^2^ The regulatory reserve for credit losses the Group appropriated in retained earnings is ~~W~~<br>4,159,140 million and ~~W~~ 4,320,506 million as of September 30, 2024 and December 31, 2023, respectively.
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19.5.2 Regulatory reserve for credit losses

Measurement and disclosure of regulatory reserve for credit losses are required in accordance with Articles 26 through 28 of Regulations on Supervision of Financial Holding Companies.

19.5.2.1 Details of regulatory reserve for credit losses as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30, 2024 December 31, 2023
Regulatory reserve for credit losses attributable to:
Shareholders of the Parent Company ~~W~~ 4,159,140 ~~W~~ 4,320,506
Non-controlling interests 159,646 173,393
~~W~~ 4,318,786 ~~W~~ 4,493,899

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

19.5.2.2 Regulatory reserve for credit losses estimated to be appropriated and adjusted profit after provision of regulatory reserve for credit losses for the three-month and nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won, except for per share amounts) 2024 2023
Three<br>months Nine<br>months Three<br>months Nine<br>months
Provision (reversal) of regulatory reserve for credit losses ~~W~~ (20,887 ) ~~W~~ (161,366 ) ~~W~~ 180,616 ~~W~~ (240,179 )
Adjusted profit after provision of regulatory reserve for credit losses ^1,2^ 1,585,199 4,406,490 1,140,203 4,479,847
Adjusted basic earnings per share after provision of regulatory reserve for credit losses ^1^ 4,184 11,593 2,973 11,627
Adjusted diluted earnings per share after provision of regulatory reserve for credit losses ^1^ 4,144 11,454 2,908 11,365
^1^ Adjusted profit after provision of regulatory reserve for credit losses is not based on Korean IFRS. It is<br>calculated by reflecting provision of regulatory reserve for credit losses before tax to the net profit attributable to shareholders of the Parent Company.
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^2^ After deducting dividends on hybrid securities
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19.6 Treasury Shares

Changes in treasury shares for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won and in number of shares) 2024
Beginning Acquisition Disposal Retirement Ending
Number of treasury shares * 24,847,247 6,448,135 (5,000,000 ) (9,982,649 ) 16,312,733
Carrying amount ~~W~~ 1,165,837 ~~W~~ 490,679 ~~W~~ (234,600 ) ~~W~~ (515,177 ) 906,739
(In millions of Korean won and in number of shares) 2023
Beginning Acquisition Disposal Retirement Ending
Number of treasury shares 19,262,733 7,285,996 — (5,385,996 ) 21,162,733
Carrying amount ~~W~~ 836,188 ~~W~~ 373,695 ~~W~~ — ~~W~~ (242,096 ) 967,787
* 5 million treasury shares deposited at the Korea Securities Depository for the exchange of exchangeable<br>bonds was all disposed of on February 14, 2024 through the exercise of exchange rights.
--- ---

The Group retired 5,584,514 shares (~~W~~ 300,000 million) and 4,398,135 shares (~~W~~ 320,000 million) of the treasury shares on August 14, 2024, each acquired in accordance with the resolution of the Board of Directors on July 25, 2023, and February 7, 2024, respectively.

Additionally, in accordance with the resolution of the Board of Directors on Jully 23, 2024, the Group plans to acquire shares worth ~~W~~ 400,000 million of treasury stocks through a trust contract by March 4, 2025, and plans to retire the shares after the termination of the trust contract.

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

20. Net Interest Income

Details of interest income, interest expense, and net interest income for the three-month and nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024 2023
Three<br>months Nine<br>months Three<br>months Nine<br>months
Interest income
Due from financial institutions measured at fair value through profit or loss ~~W~~ 696 ~~W~~ 2,253 ~~W~~ 462 ~~W~~ 1,461
Securities measured at fair value through profit or loss 354,977 1,078,139 357,669 1,025,127
Loans measured at fair value through profit or loss 6,810 18,679 3,792 9,961
Securities measured at fair value through other comprehensive income 688,913 1,989,166 570,003 1,614,544
Loans measured at fair value through other comprehensive income 14,056 39,926 10,729 27,337
Due from financial institutions measured at amortized cost 92,805 298,557 88,114 252,203
Securities measured at amortized cost 313,932 935,648 285,954 813,085
Loans measured at amortized cost 6,014,733 18,032,354 5,963,419 17,277,635
Insurance finance income 7,855 24,092 5,912 17,210
Others 143,025 444,521 127,254 371,988
7,637,802 22,863,335 7,413,308 21,410,551
Interest expense
Deposits 2,614,728 7,809,463 2,554,604 7,320,728
Borrowings 654,345 1,939,012 642,341 1,851,835
Debentures 674,727 1,937,602 579,448 1,686,630
Insurance finance expense 390,740 1,179,194 385,293 1,180,571
Others 138,295 475,375 126,974 412,470
4,472,835 13,340,646 4,288,660 12,452,234
Net interest income ~~W~~ 3,164,967 ~~W~~ 9,522,689 ~~W~~ 3,124,648 ~~W~~ 8,958,317

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

21. Net Fee and Commission Income

Details of fee and commission income, fee and commission expense, and net fee and commission income for the three-month and nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024 2023
Three<br>months Nine<br>months Three<br>months Nine<br>months
Fee and commission income
Banking activity fees ~~W~~ 47,252 ~~W~~ 141,780 ~~W~~ 44,927 ~~W~~ 136,091
Lending activity fees 28,211 87,001 22,963 74,415
Credit card and debit card related fees 417,239 1,243,309 364,917 1,162,448
Agent activity fees 62,142 169,110 44,214 147,838
Trust and other fiduciary fees 74,429 219,367 93,834 283,239
Fund management related fees 35,600 100,728 35,331 100,443
Acceptances and guarantees fees 20,729 71,760 20,359 54,846
Foreign currency related fees 91,791 259,211 80,413 233,398
Securities agency fees 32,731 92,599 28,514 87,631
Other business account commission on consignment 6,820 28,197 6,621 27,656
Commissions received on securities business 145,423 467,492 180,288 520,299
Lease fees 279,145 844,515 270,139 806,295
Others 101,166 344,513 100,306 354,643
1,342,678 4,069,582 1,292,826 3,989,242
Fee and commission expense
Trading activity related fees * 12,695 38,594 17,173 43,434
Lending activity fees 8,483 26,240 9,020 26,032
Credit card and debit card related fees 208,820 616,724 194,862 623,772
Outsourcing related fees 38,357 111,462 40,111 123,146
Foreign currency related fees 34,002 86,839 25,012 66,321
Others 97,617 337,291 105,237 339,716
399,974 1,217,150 391,415 1,222,421
Net fee and commission income ~~W~~ 942,704 ~~W~~ 2,852,432 ~~W~~ 901,411 ~~W~~ 2,766,821
* Fees from financial instruments at fair value through profit or loss
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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

22. Net Gains or Losses on Financial Instruments at Fair Value through Profit or Loss

22.1 Net Gains or Losses on Financial Instruments at Fair Value through Profit or Loss

Net gains or losses on financial instruments at fair value through profit or loss include dividend income, gains or losses arising from changes in fair value, and gains or losses arising from sales and redemptions. Details of net gains or losses on financial instruments at fair value through profit or loss for the three-month and nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024 2023
Three<br>months Nine<br>months Three<br>months Nine<br>months
Gains on financial instruments at fair value through profit or loss
Financial assets at fair value through profit or loss:
Debt securities ~~W~~ 1,005,843 ~~W~~ 2,809,517 ~~W~~ 297,245 ~~W~~ 2,274,400
Equity securities 48,126 595,686 86,605 610,559
1,053,969 3,405,203 383,850 2,884,959
Derivatives held for trading:
Interest rate 1,331,045 4,021,795 1,560,122 4,753,946
Currency (730,326 ) 8,988,357 3,036,824 8,994,046
Stock or stock index 807,460 1,916,448 259,847 1,641,910
Credit 14,908 48,286 967 25,567
Commodity 24,036 51,749 1,378 20,586
Others 37,162 61,798 (29,665 ) 87,314
1,484,285 15,088,433 4,829,473 15,523,369
Financial liabilities at fair value through profit or loss 59,706 238,920 93,044 211,589
Other financial instruments 698 749 105 508
2,598,658 18,733,305 5,306,472 18,620,425
Losses on financial instruments at fair value through profit or loss
Financial assets at fair value through profit or loss:
Debt securities 156,553 951,088 456,139 1,044,541
Equity securities 285,929 574,373 93,870 279,238
442,482 1,525,461 550,009 1,323,779
Derivatives held for trading:
Interest rate 1,737,886 4,194,193 1,354,157 4,425,657
Currency (1,273,773 ) 9,048,486 3,109,009 9,345,190
Stock or stock index 558,935 1,689,160 427,798 1,602,854
Credit 13,617 46,190 1,209 29,144
Commodity 21,481 44,873 4,080 29,801
Others (20,603 ) 65,622 26,485 123,199
1,037,543 15,088,524 4,922,738 15,555,845
Financial liabilities at fair value through profit or loss 84,545 314,465 53,562 268,098
Other financial instruments 691 854 108 318
1,565,261 16,929,304 5,526,417 17,148,040
Net gains on financial instruments at fair value through profit or loss ~~W~~ 1,033,397 ~~W~~ 1,804,001 ~~W~~ (219,945 ) ~~W~~ 1,472,385

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

22.2 Net Gains or Losses on Financial Instruments Designated at Fair Value through Profit or Loss

Net gains or losses on financial instruments designated at fair value through profit or loss include gains or losses arising from changes in fair value, and gains or losses arising from sales and redemptions. Details of net gains or losses on financial instruments designated at fair value through profit or loss for the three-month and nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024 2023
Three<br>months Nine<br>months Three<br>months Nine<br>months
Gains on financial instruments designated at fair value through profit or loss
Financial liabilities designated at fair value through profit or loss ~~W~~ 38,517 ~~W~~ 233,821 ~~W~~ 225,516 ~~W~~ 512,943
38,517 233,821 225,516 512,943
Losses on financial instruments designated at fair value through profit or loss
Financial liabilities designated at fair value through profit or loss 169,891 565,089 (1,870 ) 818,573
169,891 565,089 (1,870 ) 818,573
Net losses on financial instruments designated at fair value through profit orloss ~~W~~ (131,374 ) ~~W~~ (331,268 ) ~~W~~ 227,386 ~~W~~ (305,630 )

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

23. Net Other Operating Income and Expenses

Details of other operating income and expenses for the three-month and nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024 2023
Three<br>months Nine<br>months Three<br>months Nine<br>months
Other operating income
Gains on financial instruments at fair value through other comprehensive income:
Gains on redemption of financial instruments at fair value through other comprehensive<br>income ~~W~~ 4,438 ~~W~~ 8,354 ~~W~~ 3,038 ~~W~~ 5,688
Gains on disposal of financial instruments at fair value through other comprehensive<br>income 31,314 107,840 1,977 57,021
35,752 116,194 5,015 62,709
Gains on financial assets at amortized cost:
Gains on sale of loans measured at amortized cost 19,310 119,384 17,582 91,023
Gains on disposal of securities measured at amortized cost 224 589 — 118
19,534 119,973 17,582 91,141
Gains on hedge accounting 24,038 259,914 48,005 177,518
Gains on foreign exchange transactions 666,610 3,228,744 1,180,625 5,536,748
Dividend income 20,191 64,224 8,598 38,150
Others 173,983 496,067 148,695 434,923
940,108 4,285,116 1,408,520 6,341,189
Other operating expenses
Losses on financial instruments at fair value through other comprehensive income:
Losses on redemption of financial instruments at fair value through other comprehensive<br>income 27 60 3 5
Losses on disposal of financial instruments at fair value through other comprehensive<br>income 102,876 150,194 73,758 190,422
102,903 150,254 73,761 190,427
Losses on financial assets at amortized cost:
Losses on sale of loans measured at amortized cost 31,456 61,493 8,456 24,352
31,456 61,493 8,456 24,352
Losses on hedge accounting 61,814 270,929 63,310 239,896
Losses on foreign exchanges transactions 874,126 2,982,707 1,084,523 4,934,479
Deposit insurance fee 147,862 439,663 141,936 426,420
Credit guarantee fund fee 95,226 267,009 81,288 230,699
Depreciation expenses of operating lease assets 175,350 530,259 181,792 532,278
Others 345,090 1,167,089 364,514 1,071,906
1,833,827 5,869,403 1,999,580 7,650,457
Net other operating expenses ~~W~~ (893,719 ) ~~W~~ (1,584,287 ) ~~W~~ (591,060 ) ~~W~~ (1,309,268 )

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

24. General and Administrative Expenses

24.1 Details of general and administrative expenses for the three-month and nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024 2023
Three<br>months Nine<br>months Three<br>months Nine<br>months
Expenses related to employee
Employee benefits - salaries ~~W~~ 696,636 ~~W~~ 2,011,917 ~~W~~ 655,546 ~~W~~ 1,993,893
Employee benefits - others 211,174 642,157 204,391 639,644
Post-employment benefits - defined benefit plans 43,837 134,553 39,520 115,406
Post-employment benefits - defined contribution plans 5,987 23,103 8,537 22,624
Termination benefits 432 3,162 2 4,221
Share-based payments 21,699 113,370 32,767 59,435
979,765 2,928,262 940,763 2,835,223
Depreciation and amortization 232,219 675,950 216,553 633,417
Other general and administrative expenses
Rental expense 23,079 66,640 23,582 71,924
Tax and dues 76,424 245,621 69,466 239,358
Communication 10,906 33,640 12,253 34,658
Electricity and utilities 14,113 37,270 11,097 29,707
Publication 1,826 5,359 1,929 6,417
Repairs and maintenance 10,453 30,534 11,587 33,239
Vehicle 4,729 13,454 4,557 13,071
Travel 3,747 12,483 4,478 13,384
Training 10,926 28,962 10,879 30,611
Service fees 63,280 174,123 49,000 158,784
Electronic data processing expenses 88,451 263,043 85,431 262,929
Advertising 59,430 152,029 54,257 154,748
Others 71,451 205,556 68,859 206,449
438,815 1,268,714 407,375 1,255,279
~~W~~ 1,650,799 ~~W~~ 4,872,926 ~~W~~ 1,564,691 ~~W~~ 4,723,919

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

24.2 Share-based Payments

24.2.1 Stock grants

The Group changed the scheme of share-based payments awarded to executives and employees from stock options to stock grants in November 2007. The stock grants award program is an incentive plan that sets, on grant date, the maximum number of shares that can be awarded. Actual shares to be granted is determined in accordance with achievement of pre-set performance targets over the vesting period.

24.2.1.1 Details of stock grants linked to long-term performance as of September 30, 2024, are as follows:

(In number of shares) Grant date Number of grantedshares ^1^ Vesting conditions ^2^
KB Financial Group Inc.
Series 34 Feb. 1, 2022 644 Services fulfillment, market performance ^3^ 30%, and non-market performance ^4^<br>70%
Series 36 Jan. 1, 2023 26,071 Services fulfillment, market performance ^3^ 0~30%, and non-market performance ^4^<br>70~100%
Series 37 Apr. 1, 2023 2,087 Services fulfillment, market performance ^3^ 30%, and non-market performance ^4^<br>70%
Series 38 Nov. 21, 2023 55,547 Services fulfillment, market performance ^3^ 35%, and non-market performance ^5^<br>65%
Series 39 Jan. 1, 2024 93,935 Services fulfillment, market performance ^3^ 0~30%, and non-market performance ^4^<br>70~100%
Series 40 Feb. 1, 2024 511 Services fulfillment, market performance ^3^ 30%, and non-market performance ^4^<br>70%
Series 41 Apr. 6, 2024 6,270 Services fulfillment, market performance ^3^ 30%, and non-market performance ^4^<br>70%
Series 42 Apr. 26, 2024 616 Services fulfillment, market performance ^3^ 0%, and non-market performance ^4^<br>100%
Deferred grant in 2015 2,123 Satisfied
Deferred grant in 2020 284 Satisfied
Deferred grant in 2021 9,060 Satisfied
Deferred grant in 2022 26,240 Satisfied
Deferred grant in 2023 85,309 Satisfied
308,697
Kookmin Bank
Series 85 Jan. 1, 2022 6,740 Services fulfillment, market performance ^3^ 0~30%, and non-market performance ^4^ 70~100%<br> <br>Services fulfillment, market<br>performance ^3^ 30%, and non-market performance ^6^ 70%
Series 86 Feb. 1, 2022 1,525 Services fulfillment, market performance ^3^ 0~30%, and non-market performance ^4^<br>70~100%
Series 90 Jul. 18, 2022 3,716 Services fulfillment, market performance ^3^ 0~30%, and non-market performance ^4^<br>70~100%
Series 91 Aug. 24, 2022 7,277 Services fulfillment, market performance ^3^ 0~30%, and non-market performance ^4^<br>70~100%
Series 92 Jan. 1, 2023 153,444 Services fulfillment, market performance ^3^ 0~30%, and non-market performance ^4^<br>70~100%
Series 94 Apr. 1, 2023 5,997 Services fulfillment, market performance ^3^ 0~30%, and non-market performance ^4^<br>70~100%

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

24.2.1.1 Details of stock grants linked to long-term performance as of September 30, 2024, are as follows: (cont’d)

(In number of shares) Grant date Number of grantedshares ^1^ Vesting conditions ^2^
Series 96 Jan. 1, 2024 371,616 Services fulfillment, market performance ^3^ 0~30%, and<br>non-market performance ^4^ 70~100%<br> <br>Services fulfillment, market<br>performance ^3^ 30%, and non-market performance ^6^ 70%
Series 97 Feb. 1, 2024 2,556 Services fulfillment, market performance ^3^ 0~30%, and non-market performance ^4^<br>70~100%
Series 98 Apr. 22, 2024 2,959 Services fulfillment, market performance ^3^ 0~30%, and non-market performance ^4^<br>70~100%
Series 99 July. 5, 2024 4,926 Services fulfillment, market performance ^3^ 0~30%, and non-market performance ^4^<br>70~100%
Series 100 July. 18, 2024 2,406 Services fulfillment, market performance ^3^ 0~30%, and non-market performance ^4^<br>70~100%
Series 101 Aug. 24, 2024 4,450 Services fulfillment, market performance ^3^ 0~30%, and non-market performance ^4^<br>70~100%
Deferred grant in 2021 52,347 Satisfied
Deferred grant in 2022 58,485 Satisfied
Deferred grant in 2023 138,055 Satisfied
Deferred grant in 2024 5,260 Satisfied
821,759
Other subsidiaries
Stock granted in 2012 160 Services fulfillment, market performance ^3^ 0~50%, and non-market performance ^4^<br>50~100%
Stock granted in 2013 219
Stock granted in 2014 1,028
Stock granted in 2015 1,287
Stock granted in 2016 234
Stock granted in 2017 5,834
Stock granted in 2018 13,883
Stock granted in 2019 18,106
Stock granted in 2020 53,629
Stock granted in 2021 52,505
Stock granted in 2022 146,378
Stock granted in 2023 386,058
Stock granted in 2024 322,593
1,001,914
2,132,370
^1^ Granted shares represent the total number of shares initially granted to executives and employees who have<br>residual shares as of September 30, 2024 (Deferred grants are residual shares vested as of September 30, 2024).
--- ---
^2^ Executives and employees were given the right of choice about the timing of the deferred payment (after the<br>date of retirement), payment ratio, and payment period. Accordingly, a certain percentage of the granted shares is deferred for up to five years after the date of retirement after the deferred grant has been confirmed.
--- ---
^3^ Relative TSR (Total Shareholder Return): [(Fair value at the end of the contract - Fair value at the beginning<br>of the contract) + (Total amount of dividend per share paid during the contract period)] / Fair value at the beginning of the contract.
--- ---
^4^ Performance results of company and employee
--- ---
^5^ EPS (Earnings Per Share), Asset Quality, HCROI (Human Capital Return On Investment), Non-bank segment profit
--- ---
^6^ EPS, Asset Quality
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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

24.2.1.2 Details of stock grants linked to short-term performance as of September 30, 2024, are as follows:

(In number of shares) Estimated number of<br>vested shares * Vesting<br>conditions
KB Financial Group Inc.
Stock granted in 2015 1,078 Satisfied
Stock granted in 2016 2,076 Satisfied
Stock granted in 2020 156 Satisfied
Stock granted in 2021 11,857 Satisfied
Stock granted in 2022 29,285 Satisfied
Stock granted in 2023 41,923 Satisfied
Stock granted in 2024 19,340 Proportional to service period
Kookmin Bank
Stock granted in 2016 706 Satisfied
Stock granted in 2021 43,194 Satisfied
Stock granted in 2022 107,840 Satisfied
Stock granted in 2023 178,583 Satisfied
Stock granted in 2024 70,070 Proportional to service period
Other subsidiaries
Stock granted in 2015 2,672 Satisfied
Stock granted in 2016 12,312 Satisfied
Stock granted in 2017 26,375 Satisfied
Stock granted in 2018 64,040 Satisfied
Stock granted in 2019 56,724 Satisfied
Stock granted in 2020 75,969 Satisfied
Stock granted in 2021 234,222 Satisfied
Stock granted in 2022 349,858 Satisfied
Stock granted in 2023 575,294 Satisfied
Stock granted in 2024 124,536 Proportional to service period
2,028,110
* Executives and employees were given the right of choice about the timing of the deferred payment (after the<br>date of retirement), payment ratio, and payment period. Accordingly, a certain percentage of the granted shares is deferred for up to five years after the date of retirement after the deferred grant has been confirmed.
--- ---

24.2.1.3 The accrued expenses for share-based payments related to stock grants are ~~W~~ 266,403 million and ~~W~~ 202,243 million as of September 30, 2024, and December 31, 2023, respectively, and the compensation costs amounting to ~~W~~ 131,214 million and ~~W~~ 65,621 million were recognized for the nine-month periods ended September 30, 2024, and 2023, respectively.

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

24.2.2 Mileage stock

24.2.2.1 Details of mileage stock as of September 30, 2024, are as follows:

(In number of shares) Grant date Number of<br>granted shares ^1^ Expected exerciseperiod (years)^2^ Remainingshares
Stock granted in 2019
Nov. 1, 2019 119 0.00~0.08 24
Nov. 8, 2019 14 0.00~0.10 6
Dec. 5, 2019 56 0.00~0.18 30
Dec. 6, 2019 84 0.00~0.18 23
Dec. 31, 2019 87 0.00~0.25 22
Stock granted in 2020
Jan. 18, 2020 28,645 0.00~0.30 10,628
May 12, 2020 46 0.00~0.61 25
Jun. 30, 2020 206 0.00~0.75 118
Aug. 26, 2020 40 0.00~0.90 16
Oct. 29, 2020 160 0.00~1.08 80
Nov. 6, 2020 45 0.00~1.10 35
Nov. 30, 2020 35 0.00~1.16 29
Dec. 2, 2020 57 0.00~1.17 24
Dec. 4, 2020 154 0.00~1.18 38
Dec. 30, 2020 88 0.00~1.25 47
Stock granted in 2021
Jan. 15, 2021 28,156 0.00~1.29 10,903
Apr. 5, 2021 89 0.00~1.51 53
Jul. 1, 2021 54 0.00~1.75 18
Jul. 2, 2021 11 0.00~1.75 11
Jul. 27, 2021 70 0.00~1.82 32
Nov. 1, 2021 71 0.00~2.08 53
Nov. 16, 2021 53 0.00~2.13 13
Dec. 3, 2021 91 0.00~2.17 39
Dec. 6, 2021 87 0.00~2.18 26
Dec. 30, 2021 76 0.00~2.25 57
Stock granted in 2022
Jan. 14, 2022 20,909 0.00~2.29 11,762
Apr. 4, 2022 65 0.00~2.51 33
Apr. 19, 2022 33 0.00~2.55 20
Jul. 1, 2022 62 0.00~2.84 15
Aug. 3, 2022 80 0.00~2.85 35
Aug. 9, 2022 55 0.00~3.05 5
Oct. 19, 2022 177 0.00~3.08 90
Nov. 1, 2022 49 0.00~3.17 48
Dec. 1, 2022 42 0.00~3.17 5
Dec. 2, 2022 88 0.00~3.18 40
Dec. 6, 2022 114 0.00~3.20 48
Dec. 12, 2022 42 0.00~3.21 28
Dec. 15, 2022 114 0.00~3.25 63

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

24.2.2.1 Details of mileage stock as of September 30, 2024, are as follows: (cont’d)

(In number of shares) Grant date Number of<br>granted shares ^1^ Expected exerciseperiod (years)^2^ Remainingshares
Stock granted in 2023
Jan. 9, 2023 23,071 0.00~3.27 11,186
Jan. 14, 2023 742 0.00~3.29 433
Mar. 7, 2023 58 0.00~3.43 29
Mar. 27, 2023 58 0.00~3.48 58
Mar. 31, 2023 97 0.00~3.50 57
May 4, 2023 105 0.00~3.59 57
Jul. 3, 2023 63 0.00~3.75 21
Jul. 26, 2023 38 0.00~3.82 33
Jul. 31, 2023 220 0.00~3.83 142
Oct. 20, 2023 80 0.00~4.05 75
Nov. 1, 2023 78 0.00~4.08 78
Dec. 1, 2023 49 0.00~4.17 49
Dec. 13, 2023 115 0.00~4.20 115
Dec. 14, 2023 57 0.00~4.20 57
Dec. 27, 2023 19 0.00~4.24 19
Dec. 28, 2023 162 0.00~4.24 162
Dec. 29, 2023 95 0.00~4.24 95
Stock granted in 2024
Jan. 9, 2024 611 0.00~4.27 595
Jan. 10, 2024 16,912 0.00~4.28 16,301
Jan. 31, 2024 297 0.00~4.33 297
Apr. 1, 2024 89 0.00~4.50 88
July. 1, 2024 38 0.00~4.75 38
Aug. 1, 2024 141 0.00~4.84 141
Sep. 2, 2024 14 0.00~4.92 14
123,633 64,682
^1^ Mileage stock is exercisable for four years after one year from the grant date at the closing price of the end<br>of the previous month. However, mileage stock can be exercised at the closing price of the end of the previous month on the date of occurrence of retirement or transfer despite a one-year grace period.<br>
--- ---
^2^ Assessed based on the stock price as of September 30, 2024. These shares are vested immediately at grant<br>date.
--- ---

24.2.2.2 The accrued expenses for share-based payments related to mileage stock are ~~W~~ 5,233 million and ~~W~~ 3,910 million as of September 30, 2024 and December 31, 2023, respectively. The compensation costs amounting to ~~W~~ 2,993 million and ~~W~~ 3,242 million were recognized as expenses for the nine-month periods ended September 30, 2024 and 2023, respectively.

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

25. Income Tax Expense

25.1 Details of income tax expense for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024 2023
Income tax payable
Current income tax expense ~~W~~ 1,151,437 ~~W~~ 1,166,633
Adjustments of income tax of prior years’ recognized in current tax (7,698 ) (25,707 )
1,143,739 1,140,926
Changes in deferred income tax assets and liabilities (159,698 ) 648,651
Income tax recognized directly in equity and others 692,426 (246,926 )
Remeasurements of net defined benefit liabilities (5,884 ) 696
Currency translation differences (6,587 ) (6,086 )
Net gains or losses on financial assets at fair value through other comprehensive income (372,034 ) (64,026 )
Share of other comprehensive income or loss of associates and joint ventures (130 ) 188
Gains or losses on cash flow hedging instruments (1,939 ) 1,488
Gains or losses on hedging instruments of net investments in foreign operations 6,157 25,081
Gain on revaluation of property, plant and equipment — 84
Fair value changes of financial liabilities designated at fair value through profit or loss due to<br>own credit risk 2,984 18,475
Insurance finance income 1,069,859 (222,826 )
Others 14,482 12,735
Income tax expense ~~W~~ 1,690,949 ~~W~~ 1,555,386

26. Dividends

The annual dividends to the shareholders of the Company for the year ended December 31, 2023, amounting to ~~W~~ 587,006 million (~~W~~ 1,530 per share) were declared at the annual general shareholders’ meeting on March 22, 2024 and paid on April 11, 2024. According to the resolution of the Board of Directors on April 25, 2024, the interim dividends per share of ~~W~~ 784 (total dividends: ~~W~~ 300,087 million) with dividend record date of March 31, 2024 were paid on May 9, 2024. and the resolution of the Board of Directors on July 23, 2024, the quarterly dividend per share of ~~W~~ 791 (total dividend: ~~W~~ 299,999 million) with dividend record date of June 30, 2024 were paid on August 8, 2024. Meanwhile, the annual dividends and interim dividends paid in 2023 were ~~W~~ 564,970 million (~~W~~ 1,450 per share) and ~~W~~ 586,931 million (~~W~~ 510 per share), respectively.

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

27. Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss) for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024
Beginning Changesexcept forreclassification Reclassificationto profit or loss Transfer<br>within equity Tax effect Ending
Remeasurements of net defined benefit liabilities ~~W~~ (161,295 ) ~~W~~ 22,589 ~~W~~ — ~~W~~ — ~~W~~ (5,884 ) ~~W~~ (144,590 )
Currency translation differences 261,752 132,613 — — (6,587 ) 387,778
Losses on financial instruments at fair value through other comprehensive income (2,735,499 ) 1,370,777 56,501 3,797 (371,561 ) (1,675,985 )
Share of other comprehensive loss of associates and joint ventures (3,318 ) 407 (1 ) — (130 ) (3,042 )
Gains (losses) on cash flow hedging instruments 73,555 34,923 (27,580 ) — (1,940 ) 78,958
Losses on hedging instruments of net investments in foreign operations (129,401 ) (23,323 ) — — 6,157 (146,567 )
Fair value changes of financial liabilities designated at fair value through profit or loss due to<br>own credit risk (11,800 ) (11,302 ) — — 2,984 (20,118 )
Finance gains or losses on insurance contract assets (liabilities) 5,001,171 (4,052,497 ) — — 1,069,859 2,018,533
~~W~~ 2,295,165 ~~W~~ (2,525,813 ) ~~W~~ 28,920 ~~W~~ 3,797 ~~W~~ 692,898 ~~W~~ 494,967

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

27. Accumulated Other Comprehensive Income (Loss) (cont’d)

Changes in accumulated other comprehensive income (loss) for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2023
Beginning Changesexcept forreclassification Reclassificationto profit or loss Transfer<br>within equity Tax effect Ending
Remeasurements of net defined benefit liabilities ~~W~~ (88,770 ) ~~W~~ (2,046 ) ~~W~~ — ~~W~~ — ~~W~~ 696 ~~W~~ (90,120 )
Currency translation differences 254,446 191,889 (23,753 ) — (6,086 ) 416,496
Losses on financial instruments at fair value through other comprehensive income (6,081,560 ) 97,438 151,888 (35,961 ) (64,026 ) (5,932,221 )
Share of other comprehensive loss of associates and joint ventures (3,342 ) (777 ) — — 188 (3,931 )
Gains (losses) on cash flow hedging instruments 19,632 (5,185 ) (44,187 ) — 1,488 (28,252 )
Losses on hedging instruments of net investments in foreign operations (114,742 ) (94,983 ) — — 25,081 (184,644 )
Fair value changes of financial liabilities designated at fair value through profit or loss due to<br>own credit risk 41,063 (69,768 ) — — 18,475 (10,230 )
Gains on revaluation of property and equipment — (84 ) — — 84 —
Finance gains or losses on insurance contract assets (liabilities) 7,223,195 865,202 — — (222,826 ) 7,865,571
~~W~~ 1,249,922 ~~W~~ 981,686 ~~W~~ 83,948 ~~W~~ (35,961 ) ~~W~~ (246,926 ) ~~W~~ 2,032,669

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

28. Earnings per Share

28.1 Basic Earnings per Share

Basic earnings per share is calculated by dividing profit attributable to ordinary equity holders of the Parent Company by the weighted average number of ordinary shares outstanding.

28.1.1 Weighted average number of ordinary shares outstanding

(In number of shares) 2024 2023
Three months Nine months Three months Nine months
Number of issued ordinary shares 393,528,423 393,528,423 403,511,072 403,511,072
Number of treasury shares* (16,312,733 ) (16,312,733 ) (21,162,733 ) (21,162,733 )
Weighted average number of ordinary shares outstanding 378,880,364 380,100,693 383,565,730 385,292,960
* The initial dates of treasury shares retired during the current and previous quarters are Agust 14, 2024, and<br>April 4, 2023, respectively.
--- ---

28.1.2 Basic earnings per share

(In Korean won except for number of shares) 2024
Three months Nine months
Profit attributable to shareholders of the Parent Company ~~W~~ 1,613,945,580,750 ~~W~~ 4,395,288,539,684
Deduction: Dividends on hybrid securities (49,634,075,000 ) (150,164,725,000 )
Profit attributable to the ordinary equity holders of the Parent Company (A) 1,564,311,505,750 4,245,123,814,684
Weighted average number of ordinary shares outstanding (B) 378,880,364 380,100,693
Basic earnings per share (A/B) ~~W~~ 4,129 ~~W~~ 11,168
(In Korean won except for number of shares) 2023
--- --- --- --- --- --- ---
Three months Nine months
Profit attributable to shareholders of the Parent Company ~~W~~ 1,368,889,245,027 ~~W~~ 4,376,513,141,900
Deduction: Dividends on hybrid securities (48,070,325,000 ) (136,844,725,000 )
Profit attributable to the ordinary equity holders of the Parent Company (A) 1,320,818,920,027 4,239,668,416,900
Weighted average number of ordinary shares outstanding (B) 383,565,730 385,292,960
Basic earnings per share (A/B) ~~W~~ 3,444 ~~W~~ 11,004

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

28.2 Diluted Earnings per Share

Diluted earnings per share is calculated through increasing the weighted average number of ordinary shares outstanding by the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares. The Group has dilutive potential ordinary shares such as stock grants and ordinary share exchange right of exchangeable bonds.

A calculation is done to determine the number of shares that could have been acquired at fair value (determined as the average market share price during the period) based on the monetary value of stock grants. The number of shares calculated above is compared with the number of shares that would have been issued assuming the settlement of stock grants.

Exchangeable bonds are included in potential ordinary shares from the exercisable date of the exchange right, and interest expense after tax for the period is added to profit for diluted earnings per share.

28.2.1 Adjusted profit for diluted earnings per share

(In Korean won) 2024
Three months Nine months
Profit attributable to shareholders of the Parent Company ~~W~~ 1,613,945,580,750 ~~W~~ 4,395,288,539,684
Deduction: Dividends on hybrid securities (49,634,075,000 ) (150,164,725,000 )
Profit attributable to ordinary equity holders of the Parent Company 1,564,311,505,750 4,245,123,814,684
Adjustments: Interest expense on exchangeable bonds — 306,631,690
Adjusted profit for diluted earnings per share ~~W~~ 1,564,311,505,750 ~~W~~ 4,245,430,446,374
(In Korean won) 2023
Three months Nine months
Profit attributable to shareholders of the Parent Company ~~W~~ 1,368,889,245,027 ~~W~~ 4,376,513,141,900
Deduction: Dividends on hybrid securities (48,070,325,000 ) (136,844,725,000 )
Profit attributable to ordinary equity holders of the Parent Company 1,320,818,920,027 4,239,668,416,900
Adjustments: Interest expense on exchangeable bonds 618,000,813 1,833,850,237
Adjusted profit for diluted earnings per share ~~W~~ 1,321,436,920,840 ~~W~~ 4,241,502,267,137

28.2.2 Weighted average number of ordinary shares outstanding for diluted earnings per share

(In number of shares) 2024 2023
Three months Nine months Three months Nine months
Weighted average number of ordinary shares outstanding 378,880,364 380,100,693 383,565,730 385,292,960
Adjustment:
Stock grants 3,633,208 3,848,545 3,804,449 4,064,265
Exchangeable bonds — 802,920 5,000,000 5,000,000
Adjusted weighted average number of ordinary shares outstanding for diluted earnings per<br>share 382,513,572 384,752,158 392,370,179 394,357,225

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

28.2.3 Diluted earnings per share

(In Korean won and in number of shares) 2024
Three months Nine months
Adjusted profit for diluted earnings per share ~~W~~ 1,564,311,505,750 ~~W~~ 4,245,430,446,374
Adjusted weighted average number of ordinary shares outstanding for diluted earnings per<br>share 382,513,572 384,752,158
Diluted earnings per share ~~W~~ 4,090 ~~W~~ 11,034
(In Korean won and in number of shares) 2023
--- --- --- --- ---
Three months Nine months
Adjusted profit for diluted earnings per share ~~W~~ 1,321,436,920,840 ~~W~~ 4,241,502,267,137
Adjusted weighted average number of ordinary shares outstanding for diluted earnings per<br>share 392,370,179 394,357,225
Diluted earnings per share ~~W~~ 3,368 ~~W~~ 10,755

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

29. Insurance Contracts

29.1 Insurance Contracts Assets and Liabilities

29.1.1 Details of insurance contract assets and insurance contract liabilities as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30, 2024
Life insurance Non-life insurance
Death Health Pension Variables Compound Long-term General Automobile Overseas
Insurance contract assets ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ 303,890 ~~W~~ 8,867 ~~W~~ — ~~W~~ —
Insurance contract liabilities 14,363,094 567,552 7,176,965 6,654,310 — 22,533,023 1,490,093 2,167,075 201,873
Net insurance contract liabilities ~~W~~ 14,363,094 ~~W~~ 567,552 ~~W~~ 7,176,965 ~~W~~ 6,654,310 ~~W~~ — ~~W~~ 22,229,133 ~~W~~ 1,481,226 ~~W~~ 2,167,075 ~~W~~ 201,873
Reinsurance contract assets ~~W~~ 308 ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ 5,402 ~~W~~ 464,926 ~~W~~ 854,751 ~~W~~ 7,846 ~~W~~ 173,674
Reinsurance contract liabilities 18,176 17,566 — — — — 3,815 — —
Net reinsurance contract assets (liabilities) ~~W~~ (17,868 ) ~~W~~ (17,566 ) ~~W~~ — ~~W~~ — ~~W~~ 5,402 ~~W~~ 464,926 ~~W~~ 850,936 ~~W~~ 7,846 ~~W~~ 173,674

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

29.1.1 Details of insurance contract assets and insurance contract liabilities as of September 30, 2024 and December 31, 2023, are as follows: (cont’d)

(In millions of Korean won) December 31, 2023
Life insurance Non-life insurance
Death Health Pension Variables Compound Long-term General Automobile Overseas
Insurance contract assets ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ 219,782 ~~W~~ 9,858 ~~W~~ — ~~W~~ —
Insurance contract liabilities 12,184,805 449,459 6,992,772 6,256,123 — 20,429,882 1,505,850 2,224,924 264,737
Net insurance contract liabilities ~~W~~ 12,184,805 ~~W~~ 449,459 ~~W~~ 6,992,772 ~~W~~ 6,256,123 ~~W~~ — ~~W~~ 20,210,100 ~~W~~ 1,495,992 ~~W~~ 2,224,924 ~~W~~ 264,737
Reinsurance contract assets ~~W~~ 365 ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ 5,545 ~~W~~ 455,016 ~~W~~ 957,040 ~~W~~ 10,513 ~~W~~ 226,689
Reinsurance contract liabilities 14,913 17,275 — — — — 3,842 — —
Net reinsurance contract assets (liabilities) ~~W~~ (14,548 ) ~~W~~ (17,275 ) ~~W~~ — ~~W~~ — ~~W~~ 5,545 ~~W~~ 455,016 ~~W~~ 953,198 ~~W~~ 10,513 ~~W~~ 226,689

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

29.2 Details of insurance service results for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024
Life insurance Non-life insurance Total
Death Health Pension Variables Compound Long-term General Automobile Overseas
Insurance revenue:
Insurance contracts not applying the premium allocation approach:
Expected insurance claims and expenses ~~W~~ 198,378 ~~W~~ 26,315 ~~W~~ 31,412 ~~W~~ 68,792 ~~W~~ — ~~W~~ 3,395,550 ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ 3,720,447
Changes in risk adjustment due to release of risk 13,574 2,015 5,173 4,311 — 133,361 — — — 158,434
Changes in contractual service margin recognized in profit or loss for the services<br>provided 201,091 13,288 39,414 65,638 — 644,868 — — — 964,299
Recovery of insurance acquisition cash flows 21,675 2,543 13,410 8,073 — 158,237 — — — 203,938
Other insurance revenues (2,413 ) (418 ) (458 ) (484 ) — — — — — (3,773 )
~~W~~ 432,305 43,743 88,951 146,330 — 4,332,016 — — — 5,043,345
Insurance revenue for insurance contracts applying the premium allocation approach — — — — — — 1,017,106 2,109,818 41,224 3,168,148
Total insurance revenue ~~W~~ 432,305 ~~W~~ 43,743 ~~W~~ 88,951 ~~W~~ 146,330 ~~W~~ — ~~W~~ 4,332,016 ~~W~~ 1,017,106 ~~W~~ 2,109,818 ~~W~~ 41,224 ~~W~~ 8,211,493

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

29.2 Details of insurance service results for the nine-month periods ended September 30, 2024 and 2023, are as follows: (cont’d)

(In millions of Korean won) 2024
Life insurance Non-life insurance Total
Death Health Pension Variables Compound Long-term General Automobile Overseas
Insurance service expenses:
Incurred claims and expenses ~~W~~ (154,036 ) ~~W~~ (25,266 ) ~~W~~ (23,038 ) ~~W~~ (62,155 ) ~~W~~ — ~~W~~ (3,385,369 ) ~~W~~ (612,195 ) ~~W~~ (1,863,960 ) ~~W~~ 2,878 ~~W~~ (6,123,141 )
Amortization of insurance acquisition cash flows (21,675 ) (2,543 ) (13,410 ) (8,073 ) — (164,919 ) (108,171 ) (241,033 ) (2,361 ) (562,185 )
Changes in fulfilment cash flows relating to incurred claims (8,249 ) (366 ) (2,146 ) (1,881 ) — 179,793 92,281 41,719 — 301,151
Losses on onerous contracts and reversals (973 ) 4,291 (1,317 ) 79 — (50,000 ) (814 ) — — (48,734 )
Other insurance service expenses (6 ) (648 ) (3,050 ) (2,069 ) — — — — — (5,773 )
Insurance service expenses for insurance contracts not applying the premium allocation<br>approach (184,939 ) (24,532 ) (42,961 ) (74,099 ) — (3,420,495 ) — 1 (1 ) (3,747,026 )
Insurance service expenses for insurance contracts applying the premium allocation<br>approach — — — — — — (628,899 ) (2,063,275 ) 518 (2,691,656 )
Total insurance service expenses ~~W~~ (184,939 ) ~~W~~ (24,532 ) ~~W~~ (42,961 ) ~~W~~ (74,099 ) ~~W~~ — ~~W~~ (3,420,495 ) ~~W~~ (628,899 ) ~~W~~ (2,063,274 ) ~~W~~ 517 ~~W~~ (6,438,682 )
Reinsurance income:
Recovery of incurred reinsurance claims and expenses 725 1,258 — — 2,594 101,328 209,182 148 27,190 342,425
Changes in fulfilment cash flows relating to incurred claims 603 102 — — (575 ) (21,095 ) (60,702 ) 246 — (81,421 )
Recognition and reversal of loss-recovery component 176 (60 ) — — (1,472 ) 7,971 264 — — 6,879
Reinsurance income for reinsurance contracts not applying the premium allocation approach 1,504 1,300 — — 547 88,408 — — — 91,759
Reinsurance income for reinsurance contracts applying the premium allocation approach — — — — — (204 ) 148,744 394 27,190 176,124
Total reinsurance income ~~W~~ 1,504 ~~W~~ 1,300 ~~W~~ — ~~W~~ — ~~W~~ 547 ~~W~~ 88,204 ~~W~~ 148,744 ~~W~~ 394 ~~W~~ 27,190 ~~W~~ 267,883

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

29.2 Details of insurance service results for the nine-month periods ended September 30, 2024 and 2023, are as follows: (cont’d)

(In millions of Korean won) 2024
Life insurance Non-life insurance
Death Health Pension Variables Compound Long-term General Automobile Overseas Total
Reinsurance expense:
Reinsurance contracts not applying the premium allocation approach: —
Expected recovery of incurred claims and expenses ~~W~~ (905 ) ~~W~~ (1,415 ) ~~W~~ — ~~W~~ — ~~W~~ (844 ) ~~W~~ (133,536 ) ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ (136,700 )
Changes in risk adjustment due to release of risk (127 ) (65 ) — — (28 ) (6,928 ) — — — (7,148 )
Contractual service margin recognized in profit or loss for the services received (1,316 ) 72 — — (187 ) (355 ) — — — (1,786 )
Other reinsurance expenses 17 13 — — 323 — — — — 353
~~W~~ (2,331 ) ~~W~~ (1,395 ) ~~W~~ — ~~W~~ — ~~W~~ (736 ) ~~W~~ (140,819 ) ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ (145,281 )
Reinsurance expenses for reinsurance contracts applying the premium allocation approach — — — — — (1,308 ) (444,924 ) (5,763 ) (70,689 ) (522,684 )
Total reinsurance expense (2,331 ) (1,395 ) — — (736 ) (142,127 ) (444,924 ) (5,763 ) (70,689 ) (667,965 )
Total insurance service result ~~W~~ 246,539 ~~W~~ 19,116 ~~W~~ 45,990 ~~W~~ 72,231 ~~W~~ (189 ) ~~W~~ 857,598 ~~W~~ 92,027 ~~W~~ 41,175 ~~W~~ (1,758 ) ~~W~~ 1,372,729

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

29.2 Details of insurance service results for the nine-month periods ended September 30, 2024 and 2023, are as follows: (cont’d)

(In millions of Korean won) 2023
Life insurance Non-life insurance
Death Health Pension Variables Compound Long-term General Automobile Overseas Total
Insurance revenue:
Insurance contracts not applying the premium allocation approach:
Expected insurance claims and expenses ~~W~~ 189,966 ~~W~~ 24,719 ~~W~~ 27,132 ~~W~~ 64,222 ~~W~~ — ~~W~~ 3,079,712 ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ 3,385,751
Changes in risk adjustment due to release of risk 13,374 2,144 3,575 4,016 — 137,629 — — — 160,738
Contractual service margin recognized in profit or loss for the services provided 219,658 15,184 26,093 67,466 — 612,724 — — — 941,125
Recovery of insurance acquisition cash flows 12,340 2,069 4,211 3,872 — 124,235 — — — 146,727
Other insurance revenues (1,609 ) (171 ) (2,349 ) (608 ) — — — — — (4,737 )
~~W~~ 433,729 43,945 58,662 138,968 — 3,954,300 — — — 4,629,604
Insurance revenue for insurance contracts applying the premium allocation approach — — — — — — 962,849 2,017,364 68,502 3,048,715
Total insurance revenue ~~W~~ 433,729 ~~W~~ 43,945 ~~W~~ 58,662 ~~W~~ 138,968 ~~W~~ — ~~W~~ 3,954,300 ~~W~~ 962,849 ~~W~~ 2,017,364 ~~W~~ 68,502 ~~W~~ 7,678,319

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

29.2 Details of insurance service results for the nine-month periods ended September 30, 2024 and 2023, are as follows: (cont’d)

(In millions of Korean won) 2023
Life insurance Non-life insurance
Death Health Pension Variables Compound Long-term General Automobile Overseas Total
Insurance service expenses:
Incurred claims and expenses ~~W~~ (178,103 ) ~~W~~ (25,024 ) ~~W~~ (24,680 ) ~~W~~ (62,960 ) ~~W~~ — ~~W~~ (3,032,416 ) ~~W~~ (922,662 ) ~~W~~ (1,712,636 ) ~~W~~ (131,050 ) ~~W~~ (6,089,531 )
Amortization of insurance acquisition cash flows (12,340 ) (2,069 ) (4,211 ) (3,872 ) — (107,030 ) (96,260 ) (228,202 ) (1,909 ) (455,893 )
Changes in fulfilment cash flows relating to incurred claims 4,064 (1,536 ) (1,759 ) (477 ) — 25,245 200,801 33,650 — 259,988
Losses on onerous contracts and reversals (3,269 ) 104 (1,254 ) 11,845 — (89,333 ) 1,098 — — (80,809 )
Other insurance service expenses 2,757 136 (1,836 ) (941 ) — — — — — 116
Insurance service expenses for insurance contracts not applying the premium allocation<br>approach (186,891 ) (28,389 ) (33,740 ) (56,405 ) — (3,203,534 ) — — — (3,508,959 )
Insurance service expenses for insurance contracts applying the premium allocation<br>approach — — — — — — (817,023 ) (1,907,188 ) (132,959 ) (2,857,170 )
Total insurance service expenses ~~W~~ (186,891 ) ~~W~~ (28,389 ) ~~W~~ (33,740 ) ~~W~~ (56,405 ) ~~W~~ — ~~W~~ (3,203,534 ) ~~W~~ (817,023 ) ~~W~~ (1,907,188 ) ~~W~~ (132,959 ) ~~W~~ (6,366,129 )
Reinsurance income:
Recovery of incurred reinsurance claims and expenses ~~W~~ 310 ~~W~~ 1,286 ~~W~~ — ~~W~~ — ~~W~~ 1,425 ~~W~~ 91,139 ~~W~~ 484,840 ~~W~~ 309 ~~W~~ 106,889 ~~W~~ 686,198
Changes in fulfilment cash flows relating to incurred claims (177 ) (171 ) — — 539 5,480 (162,884 ) 1,445 — (155,768 )
Recognition and reversal of loss-recovery component 34 20 — — 825 18,071 (205 ) — — 18,745
Reinsurance income for reinsurance contracts not applying the premium allocation approach 167 1,135 — — 2,789 113,452 — — — 117,543
Reinsurance income for reinsurance contracts applying the premium allocation approach — — — — — 1,238 321,751 1,754 106,889 431,632
Total reinsurance income ~~W~~ 167 ~~W~~ 1,135 ~~W~~ — ~~W~~ — ~~W~~ 2,789 ~~W~~ 114,690 ~~W~~ 321,751 ~~W~~ 1,754 ~~W~~ 106,889 ~~W~~ 549,175

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

29.2 Details of insurance service results for the nine-month periods ended September 30, 2024 and 2023, are as follows: (cont’d)

(In millions of Korean won) 2023
Life insurance Non-life insurance Total
Death Health Pension Variables Compound Long-term General Automobile Overseas
Reinsurance expense:
Reinsurance contracts not applying the premium allocation approach:
Expected recovery of incurred claims and expenses ~~W~~ (688 ) ~~W~~ (1,598 ) ~~W~~ — ~~W~~ — ~~W~~ (991 ) ~~W~~ (108,793 ) ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ (112,070 )
Changes in risk adjustment due to release of risk (92 ) (97 ) — — (36 ) (5,882 ) — — — (6,107 )
Changes in contractual service margin recognized in profit or loss for the services<br>received (833 ) (393 ) — — (1,195 ) 3,199 — — — 778
Other reinsurance expenses 11 6 — — 328 — — — — 345
~~W~~ (1,602 ) ~~W~~ (2,082 ) ~~W~~ — ~~W~~ — ~~W~~ (1,894 ) ~~W~~ (111,476 ) ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ (117,054 )
Reinsurance expenses for reinsurance contracts applying the premium allocation approach — — — — — (1,464 ) (446,525 ) (7,553 ) (56,482 ) (512,024 )
Total reinsurance expense (1,602 ) (2,082 ) — — (1,894 ) (112,940 ) (446,525 ) (7,553 ) (56,482 ) (629,078 )
Total insurance service result ~~W~~ 245,403 ~~W~~ 14,609 ~~W~~ 24,922 ~~W~~ 82,563 ~~W~~ 895 ~~W~~ 752,516 ~~W~~ 21,052 ~~W~~ 104,377 ~~W~~ (14,050 ) ~~W~~ 1,232,287

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

29.3 Details of insurance finance income and expenses for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024
Life insurance Non-life insurance Total
Variables Others Long-term General andAutomobile Overseas
Insurance finance income (expenses)
Insurance finance income (expenses) recognized in profit or loss:
Net Interest Income (Expense) ~~W~~ (71,501 ) ~~W~~ (554,062 ) ~~W~~ (538,379 ) ~~W~~ (3,153 ) ~~W~~ — ~~W~~ (1,167,095 )
Effect of changes in discount rates and financial assumptions (226 ) 18,379 — — — 18,153
Effect of exchange rate fluctuations (2,532 ) (4,944 ) — (12,645 ) — (20,121 )
Changes in the fair value of the underlying assets of insurance contract with direct participation<br>features (246,472 ) — — — — (246,472 )
Other insurance finance income (expenses) — — (2,732 ) (1,150 ) (133 ) (4,015 )
(320,731 ) (540,627 ) (541,111 ) (16,948 ) (133 ) (1,419,550 )
Insurance finance income (expenses) recognized in other comprehensive income (184,649 ) (1,946,426 ) (1,949,194 ) (2,192 ) — (4,082,461 )
Total insurance finance income (expenses) ~~W~~ (505,380 ) ~~W~~ (2,487,053 ) ~~W~~ (2,490,305 ) ~~W~~ (19,140 ) ~~W~~ (133 ) ~~W~~ (5,502,011 )
Reinsurance finance income (expenses)
Net Interest Income (Expense) — (769 ) 11,352 1,410 — 11,993
Effect of changes in discount rates and financial assumptions — (361 ) — — — (361 )
Effect of exchange rate fluctuations — (18 ) — 5,979 — 5,961
Other reinsurance finance income (expenses) — — (1,504 ) (20,480 ) (140 ) (22,124 )
~~W~~ — ~~W~~ (1,148 ) ~~W~~ 9,848 ~~W~~ (13,091 ) ~~W~~ (140 ) ~~W~~ (4,531 )
Reinsurance finance income (expenses) recognized in other comprehensive income — (4,115 ) 29,373 3,126 — 28,384
Total reinsurance finance income (expenses) ~~W~~ — ~~W~~ (5,263 ) ~~W~~ 39,221 ~~W~~ (9,965 ) ~~W~~ (140 ) ~~W~~ 23,853
Total ~~W~~ (505,380 ) ~~W~~ (2,492,316 ) ~~W~~ (2,451,084 ) ~~W~~ (29,105 ) ~~W~~ (273 ) ~~W~~ (5,478,158 )

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

29.3 Details of insurance finance income and expenses for the nine-month periods ended September 30, 2024 and 2023, are as follows: (cont’d)

(In millions of Korean won) 2023
Life insurance Non-life insurance Total
Variables Others Long-term General andAutomobile Overseas
Insurance finance income (expenses)
Insurance finance income (expenses) recognized in profit or loss:
Net Interest Income (Expense) ~~W~~ (67,839 ) ~~W~~ (557,211 ) ~~W~~ (546,010 ) ~~W~~ (3,162 ) ~~W~~ — ~~W~~ (1,174,222 )
Effect of changes in discount rates and financial assumptions (24,993 ) 47,228 — — — 22,235
Effect of exchange rate fluctuations (5,142 ) (11,064 ) — (20,359 ) — (36,565 )
Changes in the fair value of the underlying assets of insurance contract with direct participation<br>features (188,363 ) — — — — (188,363 )
Other insurance finance income (expenses) — — (148 ) (793 ) 141 (800 )
(286,337 ) (521,047 ) (546,158 ) (24,314 ) 141 (1,377,715 )
Insurance finance income (expenses) recognized in other comprehensive income 56,154 641,667 164,407 (3,382 ) — 858,846
Total insurance finance income (expenses) ~~W~~ (230,183 ) ~~W~~ 120,620 ~~W~~ (381,751 ) ~~W~~ (27,696 ) ~~W~~ 141 ~~W~~ (518,869 )
Reinsurance finance income (expenses)
Net Interest Income (Expense) — (789 ) 9,616 2,034 — 10,861
Effect of changes in discount rates and financial assumptions — (14 ) — — — (14 )
Effect of exchange rate fluctuations — (42 ) — 17,647 — 17,605
Other reinsurance finance income (expenses) — — 1,078 1,349 (1 ) 2,426
~~W~~ — ~~W~~ (845 ) ~~W~~ 10,694 ~~W~~ 21,030 ~~W~~ (1 ) ~~W~~ 30,878
Reinsurance finance income (expenses) recognized in other comprehensive income — 390 3,609 2,865 — 6,864
Total reinsurance finance income (expenses) ~~W~~ — ~~W~~ (455 ) ~~W~~ 14,303 ~~W~~ 23,895 ~~W~~ (1 ) ~~W~~ 37,742
Total ~~W~~ (230,183 ) ~~W~~ 120,165 ~~W~~ (367,448 ) ~~W~~ (3,801 ) ~~W~~ 140 ~~W~~ (481,127 )

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

30. Statements of Cash Flows

30.1 Details of cash and cash equivalents as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30,<br>2024 December 31,<br>2023
Cash ~~W~~ 2,368,691 ~~W~~ 2,114,596
Checks issued by other banks 265,994 142,437
Due from the Bank of Korea 13,066,593 15,362,056
Due from other financial institutions 10,527,660 12,217,222
26,228,938 29,836,311
Due from financial institutions measured at fair value through profit or loss 58,797 79,810
26,287,735 29,916,121
Deduction:
Restricted due from financial institutions (2,979,987 ) (3,273,428 )
Due from financial institutions with original maturities over three months (1,191,302 ) (816,105 )
(4,171,289 ) (4,089,533 )
~~W~~ 22,116,446 ~~W~~ 25,826,588

30.2 Cash inflows and outflows from income tax, interest, and dividends for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) Activities 2024 2023
Income tax paid Operating ~~W~~ 784,241 ~~W~~ 1,726,858
Interest received Operating 22,736,549 20,781,541
Interest paid Operating 10,926,039 8,360,728
Dividends received Operating 331,481 245,435
Dividends paid Financing 1,337,256 1,093,747

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

31. Contingent Liabilities and Commitments

31.1 Details of acceptances and guarantees as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30,<br>2024 December 31,<br>2023
Confirmed acceptances and guarantees
Confirmed acceptances and guarantees in Korean won:
Acceptances and guarantees for KB purchasing loan ~~W~~ 135,215 ~~W~~ 148,786
Others 938,966 945,027
1,074,181 1,093,813
Confirmed acceptances and guarantees in foreign currencies:
Acceptances of letter of credit 331,301 277,370
Letter of guarantees 37,411 47,665
Bid bond 8,183 12,549
Performance bond 1,459,084 1,111,589
Refund guarantees 3,662,723 3,561,227
Others 3,915,039 3,572,149
9,413,741 8,582,549
Financial guarantee contracts:
Acceptances and guarantees for mortgage 28,970 94,027
Overseas debt guarantees 388,694 470,579
International financing guarantees in foreign currencies 769,530 616,554
1,187,194 1,181,160
11,675,116 10,857,522
Unconfirmed acceptances and guarantees
Guarantees of letter of credit 2,269,541 2,785,484
Refund guarantees 1,279,685 1,301,376
3,549,226 4,086,860
~~W~~ 15,224,342 ~~W~~ 14,944,382

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

31.2 Details of commitments as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30,<br>2024 December 31,<br>2023
Commitments
Corporate loan commitments ~~W~~ 53,832,327 ~~W~~ 55,688,438
Retail loan commitments 58,505,613 56,142,850
Credit line of credit cards 85,791,607 83,325,862
Purchase of other securities 9,771,396 8,749,029
207,900,943 203,906,179
Financial guarantee contracts
Credit line 4,496,026 5,901,644
Purchase of securities 645,200 745,401
5,141,226 6,647,045
~~W~~ 213,042,169 ~~W~~ 210,553,224

31.3 Other Matters

a) The Group has 97 pending lawsuits as a plaintiff (excluding simple lawsuits related to the collection or management of loans), with aggregate claims amount of ~~W~~ 1,679,209 million, and 309 pending lawsuits as a defendant (excluding simple lawsuits related to the collection or management of loans) with aggregate claims amount of ~~W~~ 1,207,197 million, which arose in the normal course of the business, as of September 30, 2024. Details of major pending lawsuits in which the Group is a defendant are as follows:

(In number of cases, in millions of Korean won)

Company Lawsuits No. ofcases Amount Description of the lawsuits Status of the lawsuits
Kookmin Bank Request for a return of redemption amount 1 ~~W~~55,437 Kookmin Bank invested the assets entrusted by OO Invest Trust Management in the Fairfield Sentry Limited and Fairfield Sentry Limited<br>reinvested the assets in Bernard L. Madoff Investment Securities LLC managed by Bernard Madoff. (Bernard L. Madoff Investment Securities LLC is in the liquidation process due to Ponzi scheme fraud-related losses.)<br><br><br>Bankruptcy trustee of Bernard L. Madoff Investment Securities LLC filed a lawsuit against Kookmin Bank seeking to return the amount of redemptions received by<br>Kookmin Bank through Fairfield Sentry Limited. Application for dismissal by the defendant has been denied, and further proceedings are scheduled. [Related litigation is pending at the New York Southern District Federal Bankruptcy Court<br>(10-3777)]

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

31.3 Other Matters (cont’d)

Company Lawsuits No. ofcases Amount Description of the lawsuits Status of the lawsuits
Kookmin Bank Expropriation of long-term leasehold rights 1 329,900 Kookmin Bank invested assets entrusted by OO Asset Management Co., Ltd. in loans that are directly or indirectly collateralized by long-term<br>leasehold rights of the building and the land (hereinafter referred to as “the real estate in this case”) of Union Station in Washington, D.C., the United States.<br><br><br>The Plaintiff, who is the operator of the railway facility, filed this lawsuit against those concerned with the real estate in this case, including Kookmin<br>Bank, to expropriate the real estate in this case and determine indemnity. Following the court’s approval of the plaintiff’s urgent application for transfer of possession, the subject property has been<br>delivered to the plaintiff, and the main proceedings are ongoing.<br> <br>[An appeal procedure filed by the defendant against the court’s order for transfer<br>of possession is in progress.]
Return of unjust enrichment 1 144,159 As MTS Bank, which was trading with Kookmin Bank through a foreign exchange account, was listed on the SDN (Specifically Designated<br>Nationals) list of the Office of Foreign Assets Control (OFAC) under the U.S. Treasury Department, Kookmin Bank froze the foreign currency account in the name of MTS Bank.<br><br><br>Accordingly, MTS Bank filed a lawsuit seeking the return of the account balance to the Moscow City Commercial Court in Russia. Responding to local court trial schedule.
Claim for damages 1 92,811 PT Bank KB Bukopin Tbk requested an auction of TMJ’s shares in order to collect the loan to TMJ (a distressed company); NKLI won the<br>auction and then received a loan from the bank for the purpose of purchasing TMJ shares. NKLI’s intention was to take control over TMJ and launch mining business; however, NKLI was unable to take control and launch the business due to legal<br>disputes with the bankruptcy trustee of TMJ and court-appointed mine management company, and also lost a lawsuit against the mine management company.<br> <br>As a<br>result, NKLI filed a legal suit to PT Bank KB Bukopin Tbk stating that the bank’s recommendation to purchase TMJ’s shares was inappropriate since the bank did not intentionally share the legal issues and associated risks thereof. The first trial was won, and NKLI has filed an appeal. Active response is planned in the second trial in cooperation with the legal representative.

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

31.3 Other Matters (cont’d)

(In number of cases, in millions of Korean won)

Company Lawsuits No. ofcases Amount Description of the lawsuits Status of the lawsuits
KB Securities Co., Ltd. Request for the return of unjust enrichment and transaction amount (Australian fund) 3 64,471 As an investment broker for a private fund that lends money to a corporation (borrower) investing in Australian disability apartment rental business, KB Securities Co., Ltd. brokered investments of<br>~~W~~ 326,500 million in trust products and funds to individual and institutional investors. However, due to the local Australian borrower’s breach of contract, the fund management was suspended, and related to this, a<br>lawsuit was filed against KB Securities Co., Ltd. for the return of unjust enrichment and transaction amount. No.1 case: The third trial is in progress (The first trial: On February 7, 2023, a ruling was made to pay the principal investment of<br>~~W~~ 29,800 million and the delayed interest on it. The second trial: On January 29, 2024, the conclusion was different; a ruling was made to pay the principal investment of ~~W~~ 12,000 million and the<br>delayed interest on it.)<br> <br>No. 2 case: The second trial is in progress (The first trial: On February 14, 2024, a ruling was made to pay the<br>principal investment of ~~W~~ 12,200 million and the delayed interest on it.)<br> <br>No. 3 case: The second trial is in progress (The first<br>trial: On October 26, 2023, a ruling was made to pay the remaining principal and interest of ~~W~~ 8,460 million and the delayed interest on the principal of ~~W~~ 8,290 million)

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

31.3 Other Matters (cont’d)

b) On April 7, 2023, Kookmin Bank entered into a new share subscription agreement with STIC Eugene Star Holdings Inc. (hereinafter referred to as “STIC”), under which STIC will acquire 31,900,000,000 shares at a price of IDR 3.19 trillion, which Kookmin Bank’s subsidiary, PT Bank KB Bukopin Tbk, issued. As a result of the agreement, Kookmin Bank will hold a call option to purchase the shares held by STIC, starting from 2 years and 6 months after the date of acquisition, for a period of 6 months. If Kookmin Bank does not exercise the call option during the designated period, STIC will have the right to sell the acquired shares back to the bank, also known as holding a put option right, within 1 year after the expiration of the call option exercise period.

c) Kookmin Bank is currently under investigation by the Fair-Trade Commission regarding the possibility of unfair joint actions by commercial banks. It is impossible to predict the outcome of the investigation.

d) As of September 30, 2024, KB Real Estate Trust Co., Ltd. may lend ~~W~~ 3,483,300 million to the trust accounts, which is part of the total project cost related to borrowing-type land trust contracts (including maintenance projects). Whether or not KB Real Estate Trust Co., Ltd. will lend to a trust account is not an unconditional payment obligation, and it is judged by considering all matters such as the fund balance plan of its own account and trust business.

e) KB Real Estate Trust Co., Ltd. is carrying out the completion guarantee management-type land trust project (50 cases, including Gonghang-dong Airport City, excluding construction project), that bears responsibility for the completion guarantee when the construction company fails to fulfill responsibility for the completion guarantee and bears responsibility for compensating for damages to lending financial institutions as of September 30, 2024. The total credit line of PF loan related to the completion guarantee management-type land trust project is ~~W~~ 3,644,000 million, and the used credit line is ~~W~~ 2,680,100 million as of September 30, 2024. The amount of compensation for damages charged to KB Real Estate Trust Co., Ltd. is measured after determining whether the damage occurred due to the company’s failure to fulfill the completion guarantee. Since the amount of loss cannot be measured reliably, this impact is not reflected in the Financial statements as of and for the nine-month periods ended September 30, 2024. The Group plans to continuously monitor the process progress at each business site.

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

32. Subsidiaries

32.1 Details of major consolidated subsidiaries as of September 30, 2024, are as follows:

Investor Investee Ownership(%) Location Date offinancialstatements Industry
KB Financial Group Inc. Kookmin Bank 100.00 Korea Sep. 30 Banking and foreign exchange transaction
KB Kookmin Card Co., Ltd. 100.00 Korea Sep. 30 Credit card and installment financing
KB Asset Management Co., Ltd. 100.00 Korea Sep. 30 Collective investment and advisory
KB Capital Co., Ltd. 100.00 Korea Sep. 30 Financial Leasing
KB Savings Bank Co., Ltd. 100.00 Korea Sep. 30 Savings banking
KB Real Estate Trust Co., Ltd. 100.00 Korea Sep. 30 Real estate trust management
KB Investment Co., Ltd. 100.00 Korea Sep. 30 Capital investment
KB Data System Co., Ltd. 100.00 Korea Sep. 30 Software advisory, development, and supply
KB Securities Co., Ltd. 100.00 Korea Sep. 30 Financial investment
KB Insurance Co., Ltd. 100.00 Korea Sep. 30 Non-life insurance
KB Life Insurance Co., Ltd. 100.00 Korea Sep. 30 Life insurance
Kookmin Bank KB PRASAC BANK PLC.^3^ 100.00 Cambodia Sep. 30 Banking and foreign exchange transaction
Kookmin Bank (China) Ltd. 100.00 China Sep. 30 Banking and foreign exchange transaction
KB Microfinance Myanmar Co., Ltd. 100.00 Myanmar Sep. 30 Microfinance services
PT Bank Syariah Bukopin 95.92 Indonesia Sep. 30 Banking
PT Bukopin Finance 99.24 Indonesia Sep. 30 Installment financing
KB Bank Myanmar Co., Ltd. 100.00 Myanmar Sep. 30 Banking and foreign exchange transaction
KB FUND PARTNERS Co., Ltd. 100.00 Korea Sep. 30 Other financial services

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

32.1 Details of major consolidated subsidiaries as of September 30, 2024, are as follows: (cont’d)

Investor Investee Ownership(%) Location Date offinancialstatements Industry
Kookmin Bank, KB Kookmin Card Co., Ltd., KB Securities Co., Ltd., KB Insurance Co., Ltd., KB<br>Capital Co., Ltd. PT Bank KB Bukopin, Tbk. 67.57 ^1^ Indonesia Sep. 30 Banking and foreign exchange transaction
KB Securities Co., Ltd. KBFG Securities America Inc. 100.00 United<br>States Sep. 30 Investment advisory and securities trading
KB Securities Hong Kong Ltd. 100.00 China Sep. 30 Investment advisory and securities trading
KB Securities Vietnam Joint Stock Company 99.81 Vietnam Sep. 30 Investment advisory and securities trading
KB FINA Joint Stock Company 77.82 Vietnam Sep. 30 Investment advisory and securities trading
PT KB VALBURY SEKURITAS 65.00 Indonesia Sep. 30 Investment advisory and securities trading
KB Insurance Co., Ltd. Leading Insurance Services, Inc. 100.00 United<br>States Sep. 30 Management service
KBFG Insurance(China) Co., Ltd. 100.00 China Sep. 30 Non-life insurance
PT. KB Insurance Indonesia 70.00 Indonesia Sep. 30 Non-life insurance
KB Claims Survey & Adjusting 100.00 Korea Sep. 30 Claim service
KB Sonbo CNS 100.00 Korea Sep. 30 Management service
KB Healthcare Co., Ltd. 100.00 Korea Sep. 30 Information and communication
KB Life Insurance Co., Ltd. KB Life Partners Co., Ltd. 100.00 Korea Sep. 30 Insurance agent
KB Golden Life Care Co., Ltd. 100.00 Korea Sep. 30 Service
KB Kookmin Card Co., Ltd. KB Credit Information Co., Ltd. 100.00 Korea Sep. 30 Collection of receivables or credit investigation
KB Daehan Specialized Bank Plc. 97.45 Cambodia Sep. 30 Auto Installment finance
PT. KB Finansia Multi Finance 80.00 Indonesia Sep. 30 Auto Installment finance
KB J Capital Co., Ltd. 77.40 Thailand Sep. 30 Service
i-Finance Leasing Plc. 100.00 Cambodia Sep. 30 Leasing
KB Capital Co., Ltd. PT Sunindo Kookmin Best Finance 85.00 Indonesia Sep. 30 Auto Installment finance
Teamwink Inc. 95.95 Korea Sep. 30 E-commerce

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

32.1 Details of major consolidated subsidiaries as of September 30, 2024, are as follows: (cont’d)

Investor Investee Ownership(%) Location Date offinancialstatements Industry
KB Kookmin Card Co., Ltd., KB Capital Co., Ltd. KB KOLAO Leasing Co., Ltd. 80.00 Laos Sep. 30 Auto Installment finance
Kookmin Bank, KB Data System Co., Ltd. PT KB Data Systems Indonesia 100.00 Indonesia Sep. 30 Service
KB Asset Management Co., Ltd. KBAM Shanghai Advisory Services Co., Ltd. 100.00 China Sep. 30 General advisory
PT KB Valbury Capital Management ^2^ 70.00 Indonesia Sep. 30 Collective investment
KB Asset Management Singapore PTE. LTD. 100.00 Singapore Sep. 30 Collective investment
^1^ Among the ownership in PT Bank KB Bukopin, Tbk., 0.05% (100,000,000 shares) is<br>no-voting shares with no-dividends.
--- ---
^2^ In January 2024, PT KB Valbury Capital Management was changed from a subsidiary of KB Securities Co., Ltd. to a<br>subsidiary of KB Asset Management Co., Ltd., and the official name of PT KB Valbury Capital Management has changed to PT KB Valbury Asset Management during the Nine months period ended September 30, 2024.
--- ---
^3^ On September 1, 2023, PRASAC Microfinance Institution PLC. (merging entity), a subsidiary of Kookmin Bank<br>Co., Ltd., merged with Kookmin Bank Cambodia PLC. (merged entity), and the official name of PRASAC Microfinance Institution PLC. (merging entity) has changed to KB PRASAC BANK PLC.
--- ---

32.2 Details of consolidated structured entities as of September 30, 2024, are as follows:

Consolidated structured entities Reasons for consolidation
Trusts Kookmin Bank (development trust) and 10 others The Group controls the trust because it has power to determine management performance of the trust and is significantly exposed to variable returns that absorb losses through the guarantees of payment of principal, or payment of<br>principal and fixed rate of return.
Asset-backed securitization Taejon Samho The First Co., Ltd. and 79 others The Group controls these investees because it has power over relevant activities in the event of default, is significantly exposed to variable returns by providing lines of credit or ABCP purchase commitments or acquiring<br>subordinated debt and has ability to affect those returns through its power.
Investment funds and others KB Global Platform Fund No.2 and 207 others Funds are consolidated if the Group, as a collective investor or operating manager (member), etc., can manage fund assets on behalf of other investors or dismiss the collective investor and operating manager, and is substantially<br>exposed to significant variable returns or has such rights.

If the Group holds more than half of the ownership interests but does not have the power over relevant activities of structured entities in accordance with agreements with trust and other related parties, those structured entities are excluded from the consolidation.

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

32.3 Condensed financial information of major subsidiaries as of September 30, 2024 and December 31, 2023 and for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won)

September 30, 2024 2024
Assets Liabilities Equity Operatingrevenue Profit (loss)attributable toshareholdersof the ParentCompany Total compre-hensive income(loss) attributableto shareholdersof the ParentCompany
Kookmin Bank ^1^ ~~W~~ 552,259,559 ~~W~~ 514,943,111 ~~W~~ 37,316,448 ~~W~~ 34,096,985 ~~W~~ 2,617,890 ~~W~~ 2,667,867
KB Securities Co., Ltd. ^1,2^ 63,200,100 56,376,115 6,823,985 7,985,764 546,790 555,443
KB Insurance Co., Ltd. ^1,2^ 39,007,931 33,116,432 5,891,499 9,315,510 739,997 (114,824 )
KB Kookmin Card Co., Ltd.^1^ 31,111,497 25,850,801 5,260,696 3,302,592 370,383 382,618
KB Life Insurance Co., Ltd.^1,2^ 33,581,358 30,446,815 3,134,543 2,000,193 195,491 (843,397 )
KB Asset Management Co., Ltd. ^1^ 384,630 98,779 285,851 187,445 58,522 58,826
KB Capital Co., Ltd. ^1,2^ 18,038,121 15,597,477 2,440,644 1,910,827 195,663 199,782
KB Real Estate Trust Co., Ltd. 1,079,278 562,890 516,388 106,098 (86,139 ) (86,146 )
KB Savings Bank Co., Ltd. 2,519,209 2,324,777 194,432 175,801 708 656
KB Investment Co., Ltd. ^1^ 1,523,194 1,234,482 288,712 130,059 9,238 9,238
KB Data System Co., Ltd. ^1^ 65,090 42,205 22,885 177,231 1,834 2,016

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

32.3 Condensed financial information of major subsidiaries as of September 30, 2024 and December 31, 2023 and for the nine-month periods ended September 30, 2024 and 2023, are as follows: (cont’d)

(In millions of Korean won)

December 31, 2023 2023
Assets Liabilities Equity Operatingrevenue Profit (loss)attributable toshareholdersof the ParentCompany Total compre-hensive income(loss) attributableto shareholdersof the ParentCompany
Kookmin Bank ^1^ ~~W~~ 530,012,853 ~~W~~ 493,464,126 ~~W~~ 36,548,727 ~~W~~ 34,621,072 ~~W~~ 2,855,372 ~~W~~ 3,219,223
KB Securities Co., Ltd. ^1,2^ 61,266,990 54,967,833 6,299,157 8,704,432 361,147 345,656
KB Insurance Co., Ltd. ^1,2^ 37,729,688 31,474,132 6,255,556 9,020,857 680,326 662,246
KB Kookmin Card Co., Ltd.^1^ 29,365,575 24,545,752 4,819,823 3,094,297 272,405 276,334
KB Life Insurance Co., Ltd.^1,2,3^ 31,953,218 27,823,185 4,130,033 215,723 137,482 270,612
KB Asset Management Co., Ltd. ^1^ 377,919 109,645 268,274 149,873 44,334 44,594
KB Capital Co., Ltd. ^1,2^ 16,560,800 14,300,771 2,260,029 1,675,669 158,933 156,006
KB Real Estate Trust Co., Ltd. 859,408 573,348 286,060 108,067 49,249 49,252
KB Savings Bank Co., Ltd. 2,661,999 2,468,223 193,776 176,074 (22,633 ) (22,689 )
KB Investment Co., Ltd. ^1^ 1,544,836 1,265,361 279,475 138,327 28,975 28,981
KB Data System Co., Ltd. ^1^ 61,508 40,616 20,892 172,852 3,113 3,201
^1^ Financial information is based on its consolidated financial statements.
--- ---
^2^ Includes fair value adjustments arising from the acquisition.
--- ---

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

32.4 The Characteristics of Risks Associated with Consolidated Structured Entities

The terms of contractual arrangements to provide financial support to consolidated structured entities are as follows:

32.4.1 The Group has provided payment guarantees of ~~W~~ 3,603,901 million to K plus 1st L.L.C and other consolidated structured entities.

32.4.2 The Group has provided capital commitment to 64 consolidated structured entities including KB Sinansan Line Private Special Asset Fund (SOC). The unexecuted amount of the capital commitment is ~~W~~ 1,606,547 million. Based on the capital commitment, the Group is subject to increase its investment upon the request of the asset management company or the additional agreement among investors.

32.4.3 The Group has provided the guarantees of payment of principal, or principal and fixed rate of return in case the operating results of the trusts are less than the guaranteed principal, or principal and fixed rate of return.

32.5 Changes in Subsidiaries

32.5.1 Subsidiaries newly included in consolidation for the nine-month period ended September 30, 2024, are as follows:

Company Reasons of obtaining control
KB Fund Partners and 7 others. Holds more than half of the ownership interests
TLDC PTE.LTD. and 13 others. Has power over relevant activities in the event of default and is exposed to significant variable<br>returns by providing lines of credit or ABCP purchase commitments or acquiring subordinated debt
KB Global Private Real Estate Debt Fund 31 and 19 others. Holds the power to determine the operation of the funds and is exposed to variable returns by<br>holding significant amount of ownership interests
KB Secondary Plus Fund 2 Holds the power as an operating manager and is exposed to variable returns by holding significant<br>amount of ownership interests

32.5.2 Subsidiaries excluded from consolidation for the nine-month period ended September 30, 2024, are as follows:

Company Reasons of losing control
Beomeolandmark 2nd Ltd. and 38 others. Termination of the commitments
KB Global Commerce Private Equity Investment Fund and 13 others. Liquidation
Orient Kwang-yang Co., Ltd. and 4 others. Disposal
KB Money Market Active Securities Fund (Bond) and 11 others. Decrease in ownership interests to less than majority

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

33. Related Party Transactions

According to Korean IFRS No.1024, the Group includes investments in associates, key management personnel (including family members), and post-employment benefit plans of the Group and its related party companies in the scope of related parties. The Group discloses balances (receivables and payables) and other amounts arising from transactions with related parties in the notes to the consolidated financial statements.

33.1 **** Details of significant profit or loss arising from transactions with related parties for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024 2023
Associates and joint ventures
Balhae Infrastructure Company Fee and commission income ~~W~~ 3,906 ~~W~~ 3,797
Korea Credit Bureau Co., Ltd. Fee and commission income 550 586
Fee and commission expense 7,337 5,990
Insurance income 3 3
Reversal of credit losses 2 1
Other operating expenses 9 12
Incheon Bridge Co., Ltd. Interest income 10,435 8,120
Interest expense 746 723
Fee and commission income 25 20
Fee and commission expense 7 5
Insurance income 165 164
Gains on financial instruments at fair value through profit or loss 1,281 —
Losses on financial instruments at fair value through profit or loss — 74
Reversal of credit losses 4 —
Provision for credit losses — 57
Aju Good Technology Venture Fund Interest expense 3 110
Star-Lord General Investors Private Real Estate Investment Company No.10 Insurance income 90 103
Interest income 4,449 4,441
Interest expense 225 432
Fee and commission income — 20
Provision for credit losses — 1
General and administrative expenses 6,979 7,285
KG Capital Co., Ltd. * Interest income — 293
Fee and commission income — 18
Fee and commission expense — 1
Insurance income — 13
Other operating expenses — 11
Reversal of credit losses — 55
Food Factory Co., Ltd. Interest income 307 54
Interest expense 1 —
Insurance income 2 8
Gains on financial instruments at fair value through profit or loss — 25
Losses on financial instruments at fair value through profit or loss 238 —
Reversal of credit losses — 2

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

33.1 Details of significant profit or loss arising from transactions with related parties for the nine-month periods ended September 30, 2024 and 2023, are as follows: (cont’d)

(In millions of Korean won) 2024 2023
Dongjo Co., Ltd. Interest income ~~W~~ — ~~W~~ 10
POSCO-KB Shipbuilding Fund Fee and commission income — -18
Paycoms Co., Ltd. * Interest income — 154
Big Dipper Co., Ltd. Fee and commission expense 193 244
KB-TS Technology Venture Private Equity Fund Fee and commission income 132 271
KB-SJ Tourism Venture Fund Fee and commission income 243 257
Banksalad Co., Ltd. Losses on financial instruments at fair value through profit or loss 5,417 —
Fee and commission income 27 27
Fee and commission expense 4 9
Iwon Alloy Co., Ltd. Insurance income — 1
Bioprotect Ltd. Gains on financial instruments at fair value through profit or loss 511 —
RMGP Bio-Pharma Investment Fund, L.P. Fee and commission income 32 35
Gains on financial instruments at fair value through profit or loss 489 —
Losses on financial instruments at fair value through profit or loss 519 —
RMGP Bio-Pharma Investment, L.P. Gains on financial instruments at fair value through profit or loss 2 —
KB-MDI Centauri Fund LP Fee and commission income 330 367
Gains on financial instruments at fair value through profit or loss 1,470 —
Losses on financial instruments at fair value through profit or loss 1,000 —
Hibiscus Fund LP Fee and commission income 571 799
Gains on financial instruments at fair value through profit or loss 861 —
RMG-KB BP Management Ltd. Gains on financial instruments at fair value through profit or loss 15 —
RMG-KB BioAccess Fund L.P. Fee and commission income 252 247
Gains on financial instruments at fair value through profit or loss 200 —
Losses on financial instruments at fair value through profit or loss 810 —
S&E Bio Co., Ltd. Interest income 25 —
Interest expense 11 31
Provision for credit losses 17 —
Contents First Inc. Interest income 384 220
Interest expense 27 60
Fee and commission income 1 1
Provision for credit losses 5 5
Reversal of credit losses 1 —
December & Company Inc. Insurance income — 141
Pin Therapeutics Inc. Interest expense 44 101
Provision for credit losses 13 —

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

33.1 Details of significant profit or loss arising from transactions with related parties for the nine-month periods ended September 30, 2024 and 2023, are as follows: (cont’d)

(In millions of Korean won) 2024 2023
Wyatt Corp. Interest income ~~W~~ 378 ~~W~~ —
Gains on financial instruments at fair value through profit or loss 2,739 —
Insurance income 103 73
KB-Brain KOSDAQ<br>Scale-up New Technology Business Investment Fund Interest expense 4 4
Fee and commission income — 193
Spark Biopharma Inc. Interest expense 259 364
Provision for credit losses 13 —
Skydigital Inc. Fee and commission income 1 2
SO-MYUNG Recycling Co., Ltd. Insurance income 1 —
KB No.21 Special Purpose Acquisition Company Gains on financial instruments at fair value through profit or loss 282 82
Interest expense 57 49
KB No.22 Special Purpose Acquisition Company * Gains on financial instruments at fair value through profit or loss — 351
Interest expense 1 1
KB No.23 Special Purpose Acquisition Company * Gains on financial instruments at fair value through profit or loss — 213
Interest expense — 45
KB No.24 Special Purpose Acquisition Company * Interest expense — 7
KB No.25 Special Purpose Acquisition Company Interest expense 40 26
Gains on financial instruments at fair value through profit or loss 359 1,095
KB No.26 Special Purpose Acquisition Company Interest expense 42 22
Gains on financial instruments at fair value through profit or loss — 1,191
Losses on financial instruments at fair value through profit or loss 32 —
KB No.27 Special Purpose Acquisition Company Interest expense 120 23
Losses on financial instruments at fair value through profit or loss 17 —
KB No.28 Special Purpose Acquisition Company Interest expense 32 —
Fee and commission income 175 —
Gains on financial instruments at fair value through profit or loss 1,151 —
KB No.29 Special Purpose Acquisition Company Fee and commission income 210 —
Gains on financial instruments at fair value through profit or loss 1,608 —
Interest expense 29 —

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

33.1 Details of significant profit or loss arising from transactions with related parties for the nine-month periods ended September 30, 2024 and 2023, are as follows: (cont’d)

(In millions of Korean won) 2024 2023
KB No.30 Special Purpose Acquisition Company Interest expense ~~W~~ 10 ~~W~~ —
Fee and commission income 175 —
Gains on financial instruments at fair value through profit or loss 1,511 —
KB SPROTT Renewable Private Equity Fund No.1 Fee and commission income 212 244
KB-Stonebridge Secondary Private Equity Fund Fee and commission income 303 479
COSES GT Co., Ltd. * Gains on financial instruments at fair value through profit or loss 20 —
Losses on financial instruments at fair value through profit or loss — 4,910
Interest income — 30
Reversal of credit losses — 5
TeamSparta Inc. Fee and commission income 54 4
Interest expense 116 178
SuperNGine Co., Ltd. Interest income 32 15
Provision for credit losses 36 6
Desilo Inc. Interest income 11 9
Provision for credit losses — 3
Turing Co., Ltd. Interest expense 29 1
Interest income 55 5
Provision for credit losses — 10
Reversal of credit losses 7 —
ZIPDOC Inc. Losses on financial instruments at fair value through profit or loss 1,209 —
Grinergy Co., Ltd. Provision for credit losses — 1
Gains on financial instruments at fair value through profit or loss 516 —
Losses on financial instruments at fair value through profit or loss 216 —
Interest expense — 1
Chabot Mobility Co., Ltd. Fee and commission income 1 —
Fee and commission expense 1,867 1,563
Gains on financial instruments at fair value through profit or loss 417 —
Wemade Connect Co., Ltd. Insurance income 1 1
Interest expense 222 238
Provision for credit losses 21 11
Losses on financial instruments at fair value through profit or loss 4,562 —
TMAP Mobility Co., Ltd. Interest expense 2,177 409
Fee and commission income 5 1
Fee and commission expense 890 809
Provision for credit losses 3 —
Reversal of credit losses — 9
Insurance income 271 83

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

33.1 Details of significant profit or loss arising from transactions with related parties for the nine-month periods ended September 30, 2024 and 2023, are as follows: (cont’d)

(In millions of Korean won) 2024 2023
Nextrade Co., Ltd. Interest expense ~~W~~ 2,038 ~~W~~ 2,177
WJ Private Equity Fund No.1 Fee and commission income 5 5
UPRISE, Inc. Losses on financial instruments at fair value through profit or loss 4,056 —
Channel Corporation Interest expense 10 48
Gains on financial instruments at fair value through profit or loss 2,266 —
CWhy Inc. Insurance income 6 2
CellinCells Co., Ltd. Provision for credit losses 4 —
KB Social Impact Investment Fund Fee and commission income 200 192
KB-UTC Inno-Tech Venture Fund Fee and commission income 192 336
KB-NAU Special Situation Corporate Restructuring Private<br>Equity Fund Fee and commission income 469 878
2020 KB Fintech Renaissance Fund Fee and commission income 110 110
KB Material and Parts No.1 PEF Fee and commission income 175 616
FineKB Private Equity Fund No.1 Fee and commission income 425 365
Gains on financial instruments at fair value through profit or loss 32 16
Paramark KB Fund No.1 Fee and commission income 86 97
KB-Badgers Future Mobility ESG Fund No.1 Fee and commission income 973 972
Gains on financial instruments at fair value through profit or loss 1 —
KB-KTB Technology Venture Fund Fee and commission income 276 550
Bluepointpartners Inc. Gains on financial instruments at fair value through profit or loss 30 —
KB-Solidus Global Healthcare Fund Fee and commission income 17 221
Gains on financial instruments at fair value through profit or loss 700 8,400
Gomi corporation Inc. Interest income 84 61
Fee and commission income 1 1
Insurance income 1 1
Provision for credit losses — 63
Reversal of credit losses 21 —
KB Cape No.1 Private Equity Fund Fee and commission income 37 144
Gains on financial instruments at fair value through profit or loss 82 —
Losses on financial instruments at fair value through profit or loss — 89
KB-GeneN Medical Venture Fund No.1 Fee and commission income 66 66
KB-BridgePole Venture Investment Fund Fee and commission income — 101

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

33.1 Details of significant profit or loss arising from transactions with related parties for the nine-month periods ended September 30, 2024 and 2023, are as follows: (cont’d)

(In millions of Korean won) 2024 2023
KB-BridgePole Venture Investment Fund No.2 Fee and commission income ~~W~~ 79 ~~W~~ —
KB-Kyobo New Mobility Power Fund Fee and commission income 59 59
KB Co-Investment Private Equity Fund No.1 Fee and commission income 1,102 652
KB-NP Green ESG New Technology Venture Capital<br>Fund Fee and commission income 868 877
KB-FT Green Growth 1st Technology Investment<br>Association Fee and commission income 102 101
Interest expense 12 8
Spoon Radio Co., Ltd. Losses on financial instruments at fair value through profit or loss 1,316 —
Gushcloud Talent Agency Gains on financial instruments at fair value through profit or loss 228 —
KB-SUSUNG 1st Investment Fund Fee and commission income 144 80
KB-SUSUNG 2st Investment Fund Fee and commission income 39 —
Youngwon Corporation Insurance income — 1
Seokwang T&I Co., Ltd Insurance income 1 —
3D Interactive Co., Ltd. Fee and commission income 1 6
Interest expense — 7
Provision for credit losses — 3
Bigwave Robotics Crop. Fee and commission income 1 —
Interest income — -1
Interest expense 2 1
U-KB Credit No.1S Private Equity Fee and commission income 724 —
KY Global Cell & Gene Private Equity Fund 2nd * Interest expense -38 —
KB-SOLIDUS Healthcare Investment Fund Fee and commission income 572 —
AKK Robotech Valueup New Technology Investment Fund Fee and commission income 70 —
New Daegu Busan Expressway Co., Ltd. Interest income 2,070 —
Reversal of credit losses 4 —
Interest expense 3,048 —
Insurance income 171 —
AIM FUTURE, Inc. Interest income 33 —
Interest expense 48 —
Provision for credit losses 3 —
ADP Holdings Co., Ltd. Interest expense 44 —
ADPGREEN Interest expense 12 —
Provision for credit losses 12 —
KB-CJ Venture Fund 1st Fee and commission income 42 —
OKXE Inc. Gains on financial instruments at fair value through profit or loss 1,412 —

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

33.1 Details of significant profit or loss arising from transactions with related parties for the nine-month periods ended September 30, 2024 and 2023, are as follows: (cont’d)

(In millions of Korean won) 2024 2023
Ascent Global Fund III Gains on financial instruments at fair value through profit or loss ~~W~~ 54 ~~W~~ —
Elev8-Capital Fund I Gains on financial instruments at fair value through profit or loss 612 —
H Energy Co., Ltd * Gains on financial instruments at fair value through profit or loss 3,106 —
XL8 INC. Gains on financial instruments at fair value through profit or loss 398 —
SDT Inc. Interest expense 13 —
Losses on financial instruments at fair value through profit or loss 17 —
DYNE MEDICAL GROUP Inc. Interest income 1 —
Interest expense 95 —
Insurance income 3 —
Provision for credit losses 14 —
Bitgoeul Cheomdan Green 1st Co., Ltd. Interest expense 1 —
Logpresso Inc. Interest expense 3 —
Onheal Co., Ltd. Interest expense -20 —
TriOar Inc. Interest expense 190 —
Blinkers Inc. * Losses on financial instruments at fair value through profit or loss 508 —
KB-VEP Contact Fund Fee and commission income 29 —
ADPGREEN Insurance income 29 —
Others
Retirement pension Fee and commission income 1,296 1,165
Interest expense 40 19
* Excluded from the Group’s related party as of September 30, 2024.
--- ---

Meanwhile, the Group purchased installment financial assets, etc. from KG Capital Co., Ltd. amounting to ~~W~~ 373,044 million for the nine-month periods ended September 30, 2023.

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

33.2 Details of significant outstanding balances of receivables and payables arising from transactions with related parties as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30,<br>2024 December 31,<br>2023
Associates and joint ventures
Balhae Infrastructure Company Other assets ~~W~~ 1,293 ~~W~~ 1,304
Korea Credit Bureau Co., Ltd. Loans measured at amortized cost (gross amount) 35 37
Deposits 2,758 17,003
Provisions — 2
Insurance liabilities 2 1
Incheon Bridge Co., Ltd. Financial assets at fair value through profit or loss 34,563 33,282
Loans measured at amortized cost (gross amount) 72,640 80,512
Allowances for credit losses 36 38
Other assets 395 528
Deposits 47,998 40,992
Provisions 43 45
Insurance liabilities 146 87
Other liabilities 329 504
Jungdo Co., Ltd. Deposits 4 4
Dae-A Leisure Co., Ltd. Deposits — 150
Aju Good Technology Venture Fund Deposits 448 1,202
Other liabilities — 1
Star-Lord General Investors Private Real Estate Investment Company No.10 Loans measured at amortized cost (gross amount) 149,819 149,590
Allowances for credit losses 5 5
Property and equipment 3,460 8,934
Other assets 8,859 8,689
Insurance liabilities 61 44
Other liabilities 4,819 11,741
KB-Brain KOSDAQ<br>Scale-up New Technology Business Investment Fund Deposits 1 —
WJ Private Equity Fund No.1 Other assets 2 2
Deposits 48 103
KB Cape No.1 Private Equity Fund Financial assets at fair value through profit or loss — 1,935
Other assets — 73
RAND Bio Science Co., Ltd. Deposits 1 4
Loans measured at amortized cost (gross amount) — 1
Food Factory Co., Ltd. Financial assets at fair value through profit or loss — 738
Loans measured at amortized cost (gross amount) 1,819 2,137
Allowances for credit losses 2 2
Other assets 3 5
Deposits 1,003 629
Insurance liabilities 7 2
Other liabilities — 1
POSCO-KB Shipbuilding Fund Other assets 678 678

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

33.2 Details of significant outstanding balances of receivables and payables arising from transactions with related parties as of September 30, 2024 and December 31, 2023, are as follows: (cont’d)

(In millions of Korean won) September 30,<br>2024 December 31,<br>2023
Big Dipper Co., Ltd. Loans measured at amortized cost (gross amount) ~~W~~ 30 ~~W~~ 14
Deposits 45 40
Other liabilities 8 8
KB-KDBC Pre-IPO<br>New Technology Business Investment Fund Deposits 558 46
Iwon Alloy Co., Ltd. Deposits 3 1
Computerlife Co., Ltd. Deposits 4 —
RMGP Bio-Pharma Investment Fund, L.P. Financial assets at fair value through profit or loss 7,136 5,938
Other liabilities 30 62
RMGP Bio-Pharma Investment, L.P. Financial assets at fair value through profit or loss 23 20
Wyatt Corp. Financial assets at fair value through profit or loss 3,000 6,000
Deposits 1 1
Insurance liabilities 112 73
Skydigital Inc. Deposits 9 65
Banksalad Co., Ltd. Financial assets at fair value through profit or loss 2,131 9,148
Spark Biopharma Inc. Financial assets at fair value through profit or loss 7,450 7,450
Loans measured at amortized cost (gross amount) 10 17
Deposits 6,650 11,419
Other liabilities 16 90
Allowances for credit losses 5 —
Provisions 7 —
UPRISE, Inc. Financial assets at fair value through profit or loss 1,654 5,710
Stratio, Inc. Financial assets at fair value through profit or loss 1,000 1,000
Honest Fund, Inc. Financial assets at fair value through profit or loss 3,999 3,999
CellinCells Co., Ltd. Financial assets at fair value through profit or loss 2,000 2,000
Loans measured at amortized cost (gross amount) 2 3
Deposits 61 37
Provisions 3 —
Channel Corporation Financial assets at fair value through profit or loss 19,172 16,906
Deposits 5 2,030
Other liabilities — 11
KB No.21 Special Purpose Acquisition Company Financial assets at fair value through profit or loss 3,268 2,987
Deposits 2,265 2,261
Other liabilities 18 38

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

33.2 Details of significant outstanding balances of receivables and payables arising from transactions with related parties as of September 30, 2024 and December 31, 2023, are as follows: (cont’d)

(In millions of Korean won) September 30,<br>2024 December 31,<br>2023
KB No.22 Special Purpose Acquisition Company * Financial assets at fair value through profit or loss ~~W~~ — ~~W~~ 2,985
Deposits — 1,848
KB No.23 Special Purpose Acquisition Company * Financial assets at fair value through profit or loss — 1,489
KB No.25 Special Purpose Acquisition Company Financial assets at fair value through profit or loss 2,384 2,025
Deposits 1,548 1,586
Other liabilities 26 39
KB No.26 Special Purpose Acquisition Company Financial assets at fair value through profit or loss 2,173 2,204
Deposits 1,765 1,761
Other liabilities 16 37
KB No.27 Special Purpose Acquisition Company Financial assets at fair value through profit or loss 6,037 6,054
Deposits 4,613 4,497
Other liabilities 17 65
KB No.28 Special Purpose Acquisition Company Financial assets at fair value through profit or loss 2,146 —
Deposits 1,953 —
Other liabilities 32 —
KB No.29 Special Purpose Acquisition Company Financial assets at fair value through profit or loss 3,098 —
Deposits 2,346 —
Other liabilities 28 —
KB No.30 Special Purpose Acquisition Company Financial assets at fair value through profit or loss 2,901 —
Deposits 1,794 —
Other liabilities 10 —
KB No.31 Special Purpose Acquisition Company Financial assets at fair value through profit or loss 2,190 —
Deposits 2,000 —
COSES GT Co., Ltd. * Loans measured at amortized cost (gross amount) — 1
Deposits — 1
CWhy Inc. Insurance liabilities 5 —
MitoImmune Therapeutics Financial assets at fair value through profit or loss 7,000 7,000
KB-Solidus Global Healthcare Fund Other assets — 284
Bioprotect Ltd. Financial assets at fair value through profit or loss 4,985 4,474

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

33.2 Details of significant outstanding balances of receivables and payables arising from transactions with related parties as of September 30, 2024 and December 31, 2023, are as follows: (cont’d)

(In millions of Korean won) September 30,<br>2024 December 31,<br>2023
Gomi corporation Inc. Financial assets at fair value through profit or loss ~~W~~ 4,000 ~~W~~ 4,000
Loans measured at amortized cost (gross amount) 2,003 2,155
Allowances for credit losses 41 62
Other assets — 5
Deposits — 78
Other liabilities 1 1
Provisions 2 3
SO-MYUNG Recycling Co., Ltd. Insurance liabilities 1 —
Go2joy Co., Ltd. Financial assets at fair value through profit or loss 1,200 1,200
S&E Bio Co., Ltd. Financial assets at fair value through profit or loss 4,000 4,000
Loans measured at amortized cost (gross amount) 2,011 13
Other assets 3 —
Deposits 2,075 2,342
Other liabilities 9 13
Allowances for credit losses 15 —
Provisions 2 —
Bluepointpartners Inc. Financial assets at fair value through profit or loss 1,903 1,874
4N Inc. Deposits — 49
Xenohelix Co., Ltd. Financial assets at fair value through profit or loss 3,100 3,100
Loans measured at amortized cost (gross amount) 4 —
Deposits 25 904
Contents First Inc. Financial assets at fair value through profit or loss 7,277 7,277
Loans measured at amortized cost (gross amount) 10,066 10,365
Allowances for credit losses 13 7
Other assets 2 4
Deposits 822 1,072
Provisions — 1
Other liabilities 5 6
KB-MDI Centauri Fund LP Financial assets at fair value through profit or loss 19,463 18,993
Other assets 186 221
2020 KB Fintech Renaissance Fund Other assets 37 37
OKXE Inc. Financial assets at fair value through profit or loss 2,212 800
Newavel Co., Ltd. Loans measured at amortized cost (gross amount) 10 13
Financial assets at fair value through profit or loss 3,000 3,000
Deposits 16 46

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

33.2 Details of significant outstanding balances of receivables and payables arising from transactions with related parties as of September 30, 2024 and December 31, 2023, are as follows: (cont’d)

(In millions of Korean won) September 30,<br>2024 December 31,<br>2023
Pin Therapeutics Inc. Loans measured at amortized cost (gross amount) ~~W~~ 34 ~~W~~ 11
Financial assets at fair value through profit or loss 7,000 5,000
Deposits 14,209 265
Other liabilities 42 —
Allowances for credit losses 11 —
Provisions 2 —
IMBiologics Corp. Loans measured at amortized cost (gross amount) 2 5
Financial assets at fair value through profit or loss 7,000 7,000
SuperNGine Co., Ltd. Loans measured at amortized cost (gross amount) 483 603
Deposits 102 69
Allowances for credit losses 42 6
Other assets 1 1
Financial assets at fair value through profit or loss 1,996 1,996
Desilo Inc. Financial assets at fair value through profit or loss 3,168 3,168
Loans measured at amortized cost (gross amount) 300 300
Allowances for credit losses 5 5
Deposits 4 3
Turing Co., Ltd. Financial assets at fair value through profit or loss 3,000 3,000
Loans measured at amortized cost (gross amount) 900 1,901
Allowances for credit losses 7 14
Other assets 7 11
Deposits 1,420 1,726
Other liabilities 0 6
IGGYMOB Co., Ltd. Financial assets at fair value through profit or loss 5,000 5,000
Loans measured at amortized cost (gross amount) 2 7
Deposits 18 —
Kukka Co., Ltd. Financial assets at fair value through profit or loss 2,490 2,490
Deposits 4 —
ZIPDOC Inc. Financial assets at fair value through profit or loss 791 2,000
Deposits 30 181

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

33.2 Details of significant outstanding balances of receivables and payables arising from transactions with related parties as of September 30, 2024 and December 31, 2023, are as follows: (cont’d)

(In millions of Korean won) September 30,<br>2024 December 31,<br>2023
TeamSparta Inc. Loans measured at amortized cost (gross amount) ~~W~~ 384 ~~W~~ 307
Financial assets at fair value through profit or loss 4,001 4,001
Provisions — 1
Deposits 15,761 7,672
Other liabilities 56 62
Allowances for credit losses 2 1
Chabot Mobility Co., Ltd. Financial assets at fair value through profit or loss 2,417 2,000
Deposits 289 164
Wemade Connect Co., Ltd. Financial assets at fair value through profit or loss 7,730 12,293
Loans measured at amortized cost (gross amount) 66 44
Allowances for credit losses 24 6
Provisions 11 8
Deposits 5,343 8,843
Insurance liabilities — 1
Other liabilities 41 53
Nextrade Co., Ltd. Deposits 45,052 56,203
Other liabilities 4,267 3,174
TMAP Mobility Co., Ltd. Loans measured at amortized cost (gross amount) 57 106
Allowances for credit losses 1 1
Deposits 100,009 80,016
Insurance liabilities 339 —
Other liabilities 557 763
Provisions 6 2
FutureConnect Co., Ltd. Financial assets at fair value through profit or loss 1,499 1,499
Gushcloud Talent Agency Financial assets at fair value through profit or loss — 3,688
Grinergy Co., Ltd. Financial assets at fair value through profit or loss 6,785 6,486
Provisions 1 1
NexThera Co., Ltd. Financial assets at fair value through profit or loss 3,000 3,000
FineKB Private Equity Fund No.1 Other assets 146 13
Paramark KB Fund No.1 Other liabilities 13 34
KB-Badgers Future Mobility ESG Fund No.1 Other liabilities 327 —
KB Social Impact Investment Fund Other assets 461 260
Checkmate Therapeutics Inc. Financial assets at fair value through profit or loss 3,200 3,200
Insurance liabilities 2 —
Hibiscus Fund LP Financial assets at fair value through profit or loss 13,776 12,915
Other assets 483 258

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

33.2 Details of significant outstanding balances of receivables and payables arising from transactions with related parties as of September 30, 2024 and December 31, 2023, are as follows: (cont’d)

(In millions of Korean won) September 30,<br>2024 December 31,<br>2023
RMG-KB BioAccess Fund L.P. Financial assets at fair value through profit or loss ~~W~~ 7,997 ~~W~~ 5,036
Other assets 83 —
RMG-KB BP Management Ltd. Financial assets at fair value through profit or loss 289 174
KB Co-Investment Private Equity Fund No.1 Other assets 339 255
Spoon Radio Co., Ltd. Financial assets at fair value through profit or loss 14,600 19,506
Neuroptika Inc. Financial assets at fair value through profit or loss 5,879 5,879
Bitgoeul Cheomdan Green 1st Co., Ltd. Deposits 1,345 833
KB-FT Green Growth 1st Technology Investment Association Deposits — 700
Other liabilities — 8
KY Global Cell & Gene Private Equity Fund 2nd * Deposits — 3,790
Other liabilities — 42
Bigwave Robotics Crop. Loans measured at amortized cost (gross amount) 37 31
Financial assets at fair value through profit or loss 2,750 2,750
Deposits 501 4
Other liabilities 2 —
Blinkers Inc. * Financial assets at fair value through profit or loss — 999
3D Interactive Co., Ltd. Loans measured at amortized cost (gross amount) 3 42
Allowances for credit losses — 2
Provisions 2 —
Financial assets at fair value through profit or loss 2,300 2,300
Deposits 810 1,501
XL8 INC. Financial assets at fair value through profit or loss 5,547 5,148
Elev8-Capital Fund I Financial assets at fair value through profit or loss 14,091 6,656
New Daegu Busan Expressway Co., Ltd. Loans measured at amortized cost (gross amount) 36,380 72,742
Allowances for credit losses 2 4
Other assets 30 57
Provisions 1 —
Deposits 148,355 146,169
Other liabilities 1,503 1,891
Insurance liabilities 108 —

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

33.2 Details of significant outstanding balances of receivables and payables arising from transactions with related parties as of September 30, 2024 and December 31, 2023, are as follows: (cont’d)

(In millions of Korean won) September 30,<br>2024 December 31,<br>2023
AIM FUTURE, Inc. Financial assets at fair value through profit or loss ~~W~~ 2,000 ~~W~~ 2,000
Loans measured at amortized cost (gross amount) 908 900
Allowances for credit losses 5 2
Other assets 1 1
Deposits 1,608 3,393
Other liabilities — 48
Novorex Inc. Financial assets at fair value through profit or loss 2,000 2,000
Loans measured at amortized cost (gross amount) 22 —
Deposits 6 7
Seokwang T&I Co., Ltd Insurance liabilities — 2
ADP Holdings Co., Ltd. Deposits 2,034 —
Other liabilities 7 —
ADPGREEN Loans measured at amortized cost (gross amount) 26 —
Deposits 1,843 —
Other liabilities 10 —
Allowances for credit losses 9 —
Provisions 3 —
Insurance liabilities 145 —
Logpresso Inc. Financial assets at fair value through profit or loss 3,000 —
Loans measured at amortized cost (gross amount) 26 —
Deposits 830 —
Onheal Co., Ltd. Financial assets at fair value through profit or loss 10,000 —
Ascent Global Fund III Financial assets at fair value through profit or loss 3,560 —
DYNE MEDICAL GROUP Inc. Financial assets at fair value through profit or loss 3,001 —
Loans measured at amortized cost (gross amount) 2,044 —
Allowances for credit losses 13 —
Other assets 1 —
Deposits 5,513 —
Other liabilities 23 —
Insurance liabilities 3 —

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

33.2 Details of significant outstanding balances of receivables and payables arising from transactions with related parties as of September 30, 2024 and December 31, 2023, are as follows: (cont’d)

(In millions of Korean won) September 30,<br>2024 December 31,<br>2023
TriOar Inc. Financial assets at fair value through profit or loss ~~W~~ 3,000 ~~W~~ —
Loans measured at amortized cost (gross amount) 7 —
Deposits 7,117 —
Other liabilities 74 —
Coxwave Co., Ltd. Financial assets at fair value through profit or loss 3,000 —
SDT Inc. Financial assets at fair value through profit or loss 2,561 —
Yeoulhyulgangho Financial assets at fair value through profit or loss 500 —
Deposits 640 —
KB-VEP Contact Fund Other assets 15 —
Xpanner Inc Financial assets at fair value through profit or loss 9,673 —
Insurance liabilities 1 —
SD Speed Co.,Ltd. Insurance liabilities 1 —
Allra Fintech Corp. Deposits 8,739 —
Other liabilities 12 —
GCSM Holdings Limited Financial assets at fair value through profit or loss 3,916 —
Key management personnel Loans measured at amortized cost (gross amount) 7,670 5,490
Allowances for credit losses 6 5
Other assets 8 7
Deposits 16,127 15,902
Provisions 1 2
Insurance liabilities 2,337 2,293
Other liabilities 600 429
Others
Retirement pension Other assets 1,241 364
Other liabilities 382 606
* Excluded from the Group’s related party as of September 30, 2024, therefore, the remaining<br>outstanding balances with those entities are not disclosed.
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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

33.3 Details of significant lending transactions with related parties for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024
Beginning Loan Collection Ending
Associates and joint ventures
Korea Credit Bureau Co., Ltd. ~~W~~ 37 ~~W~~ 35 ~~W~~ (37 ) ~~W~~ 35
Incheon Bridge Co., Ltd. 113,794 15 (6,606 ) 107,203
Star-Lord General Investors Private Real Estate Investment Company No.10 149,590 229 — 149,819
KB Cape No.1 Private Equity Fund 1,935 — (1,935 ) —
RAND Bio Science Co., Ltd. 1 — (1 ) —
Food Factory Co., Ltd. 2,875 7 (1,063 ) 1,819
Big Dipper Co., Ltd. 14 30 (14 ) 30
RMGP Bio-Pharma Investment Fund, L.P. 5,938 1,198 — 7,136
RMGP Bio-Pharma Investment, L.P. 20 3 — 23
Wyatt Corp. 6,000 — (3,000 ) 3,000
Banksalad Co., Ltd. 9,148 — (7,017 ) 2,131
UPRISE, Inc. 5,710 — (4,056 ) 1,654
Stratio, Inc. 1,000 — — 1,000
Honest Fund, Inc. 3,999 — — 3,999
CellinCells Co., Ltd. 2,003 2 (3 ) 2,002
KB No.21 Special Purpose Acquisition Company 2,987 281 — 3,268
KB No.22 Special Purpose Acquisition Company * 2,985 — (2,985 ) —
KB No.25 Special Purpose Acquisition Company 2,025 359 — 2,384
KB No.26 Special Purpose Acquisition Company 2,204 — (31 ) 2,173
KB No.27 Special Purpose Acquisition Company 6,054 — (17 ) 6,037
KB No.28 Special Purpose Acquisition Company — 2,146 — 2,146
KB No.29 Special Purpose Acquisition Company — 3,098 — 3,098
KB No.30 Special Purpose Acquisition Company — 2,901 — 2,901
KB No.31 Special Purpose Acquisition Company — 2,190 — 2,190
COSES GT Co., Ltd. * 1 — (1 ) —
Channel Corporation 16,906 2,266 — 19,172
MitoImmune Therapeutics 7,000 — — 7,000
Bioprotect Ltd. 4,474 511 — 4,985
Gomi corporation Inc. 6,155 3 (155 ) 6,003
Go2joy Co., Ltd. 1,200 — — 1,200
S&E Bio Co., Ltd. 4,013 2,011 (13 ) 6,011
Bluepointpartners Inc. 1,874 29 — 1,903
Xenohelix Co., Ltd. 3,100 — — 3,100

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

33.3 Details of significant lending transactions with related parties for the nine-month periods ended September 30, 2024 and 2023, are as follows: (cont’d)

(In millions of Korean won) 2024
Beginning Loan Collection Ending
Contents First Inc. ~~W~~ 17,642 ~~W~~ 1,066 ~~W~~ (1,365 ) ~~W~~ 17,343
KB-MDI Centauri Fund LP 18,993 470 — 19,463
OKXE Inc. 800 1,412 — 2,212
Checkmate Therapeutics Inc. 3,200 — — 3,200
Newavel Co., Ltd. 3,013 10 (13 ) 3,010
IMBiologics Corp. 7,005 2 (5 ) 7,002
Spark Biopharma Inc. 7,467 10 (17 ) 7,460
Pin Therapeutics Inc. 5,011 2,034 (11 ) 7,034
Hibiscus Fund LP 12,915 861 — 13,776
SuperNGine Co., Ltd. 2,599 3 (123 ) 2,479
Desilo Inc. 3,468 — — 3,468
RMG-KB BioAccess Fund L.P. 5,036 2,961 — 7,997
RMG-KB BP Management Ltd. 174 115 — 289
IGGYMOB Co., Ltd. 5,007 2 (7 ) 5,002
Turing Co., Ltd. 4,901 — (1,001 ) 3,900
Kukka Co., Ltd. 2,490 — — 2,490
ZIPDOC Inc. 2,000 — (1,209 ) 791
Gushcloud Talent Agency 3,688 — (3,688 ) —
Grinergy Co., Ltd. 6,486 299 — 6,785
NexThera Co., Ltd. 3,000 — — 3,000
Chabot Mobility Co., Ltd. 2,000 417 — 2,417
TeamSparta Inc. 4,308 384 (307 ) 4,385
FutureConnect Co., Ltd. 1,499 — — 1,499
Wemade Connect Co., Ltd. 12,337 66 (4,607 ) 7,796
TMAP Mobility Co., Ltd. 106 57 (106 ) 57
Spoon Radio Co., Ltd. 19,506 — (4,906 ) 14,600
Neuroptika Inc. 5,879 — — 5,879
Bigwave Robotics Crop. 2,781 37 (31 ) 2,787
Blinkers Inc. * 999 — (999 ) —
3D Interactive Co., Ltd. 2,342 3 (42 ) 2,303
XL8 INC. 5,148 399 — 5,547
Elev8-Capital Fund I 6,656 7,435 — 14,091
AIM FUTURE, Inc. 2,900 8 — 2,908
New Daegu Busan Expressway Co., Ltd. 72,742 17 (36,379 ) 36,380
Novorex Inc. 2,000 22 — 2,022
Logpresso Inc. — 3,026 — 3,026
Onheal Co., Ltd. — 10,000 — 10,000
Ascent Global Fund III — 3,560 — 3,560
DYNE MEDICAL GROUP Inc. — 5,045 — 5,045
TriOar Inc. — 3,007 — 3,007
Coxwave Co., Ltd. — 3,000 — 3,000
SDT Inc. — 2,561 — 2,561
Yeoulhyulgangho — 500 — 500
ADPGREEN — 26 — 26
Xpanner Inc — 9,673 — 9,673
Key management personnel 5,490 5,901 (3,721 ) 7,670

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

33.3 Details of significant lending transactions with related parties for the nine-month periods ended September 30, 2024 and 2023, are as follows: (cont’d)

(In millions of Korean won) 2023
Beginning Loan Collection Ending
Associates and joint ventures **** **** **** **** **** **** **** **** ****
Korea Credit Bureau Co., Ltd. ~~W~~ 38 ~~W~~ 34 ~~W~~ (38 ) ~~W~~ 34
Incheon Bridge Co., Ltd. 128,159 20 (11,110 ) 117,069
Star-Lord General Investors Private Real Estate Investment Company No.10 149,294 342 — 149,636
KB Cape No.1 Private Equity Fund 2,017 — (156 ) 1,861
RAND Bio Science Co., Ltd. — 1 — 1
KG Capital Co., Ltd. * 40,040 — (40,040 ) —
Food Factory Co., Ltd. 4,041 431 (1,542 ) 2,930
Paycoms Co., Ltd. * 1,172 — (1,172 ) —
Big Dipper Co., Ltd. 18 17 (18 ) 17
RMGP Bio-Pharma Investment Fund, L.P. 6,384 188 — 6,572
RMGP Bio-Pharma Investment, L.P. 17 3 — 20
Wyatt Corp. 6,000 — — 6,000
Banksalad Co., Ltd. 10,470 — (1,056 ) 9,414
UPRISE, Inc. 5,248 428 — 5,676
Stratio, Inc. 1,000 — — 1,000
Honest Fund, Inc. 3,999 — — 3,999
CellinCells Co., Ltd. 2,007 4 (7 ) 2,004
KB No.21 Special Purpose Acquisition Company 2,959 82 — 3,041
KB No.22 Special Purpose Acquisition Company 1,972 351 — 2,323
KB No.23 Special Purpose Acquisition Company 2,971 — (263 ) 2,708
KB No.24 Special Purpose Acquisition Company * 6,975 — (6,975 ) —
KB No.25 Special Purpose Acquisition Company — 1,990 — 1,990
KB No.26 Special Purpose Acquisition Company — 2,186 — 2,186
KB No.27 Special Purpose Acquisition Company — 2,995 — 2,995
COSES GT Co., Ltd. 5,436 2 (5,436 ) 2
Channel Corporation 18,099 — (2,006 ) 16,093
MitoImmune Therapeutics 7,000 — — 7,000
Bioprotect Ltd. 3,802 753 — 4,555
Gomi corporation Inc. 6,234 4 (34 ) 6,204
Go2joy Co., Ltd. 1,200 — — 1,200
ClavisTherapeutics, Inc. 2,000 — — 2,000
S&E Bio Co., Ltd. 4,010 9 (10 ) 4,009
Bluepointpartners Inc. 2,133 70 — 2,203
4N Inc. 200 — — 200
Xenohelix Co., Ltd. 2,100 1,000 — 3,100

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

33.3 Details of significant lending transactions with related parties for the nine-month periods ended September 30, 2024 and 2023, are as follows: (cont’d)

(In millions of Korean won) 2023
Beginning Loan Collection Ending
Contents First Inc. ~~W~~ 17,294 ~~W~~ 102 ~~W~~ (17 ) ~~W~~ 17,379
KB-MDI Centauri Fund LP 17,471 — (747 ) 16,724
OKXE Inc. 800 — — 800
Checkmate Therapeutics Inc. 3,200 — — 3,200
Mantisco Co., Ltd. 3,015 8 (15 ) 3,008
IMBiologics Corp. 5,004 2,002 (4 ) 7,002
Spark Biopharma Inc. 7,467 16 (17 ) 7,466
G1 Playground Co., Ltd. 1,000 — — 1,000
Pin Therapeutics Inc. 5,013 22 (13 ) 5,022
Hibiscus Fund LP 10,221 — (1,715 ) 8,506
SuperNGine Co., Ltd. 2,002 606 (6 ) 2,602
Desilo Inc. 3,468 — — 3,468
RMG-KB BioAccess Fund L.P. 2,753 867 — 3,620
RMG-KB BP Management Ltd. 77 48 — 125
IGGYMOB Co., Ltd. 5,015 47 (15 ) 5,047
Turing Co., Ltd. 3,000 1,130 — 4,130
Kukka Co., Ltd. 2,490 — — 2,490
ZIPDOC Inc. 2,000 — — 2,000
Gushcloud Talent Agency 4,165 149 — 4,314
Grinergy 2,500 4,178 — 6,678
NexThera Co., Ltd. 2,000 — — 2,000
Chabot Mobility Co., Ltd. 2,000 — — 2,000
TeamSparta Inc. 4,001 16 — 4,017
FutureConnect Co., Ltd. 1,499 — — 1,499
Wemade Connect Co., Ltd. 12,052 293 (52 ) 12,293
TMAP Mobility Co., Ltd — 78 — 78
Taeyoungjungkong Co., Ltd. — 55 (7 ) 48
Spoon Radio Co., Ltd — 20,413 — 20,413
Neuroptika Inc. — 5,879 — 5,879
Youngwon Corporation — 4,794 (2,806 ) 1,988
Bigwave Robotics Crop. — 2,776 — 2,776
Blinkers Inc. — 999 — 999
3D Interactive Co., Ltd. — 2,332 — 2,332
XL8 INC. — 5,241 — 5,241
Elev8-Capital Fund I — 2,374 — 2,374
Key management personnel 6,299 2,923 (3,481 ) 5,741
* Excluded from the Group’s related party as of September 30, 2024.
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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

33.4 Details of significant borrowing transactions with related parties for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024
Beginning Borrowing Repayment Others ^1^ Ending
Associates and joint ventures **** **** **** **** **** **** **** **** **** **** **** ****
Korea Credit Bureau Co., Ltd. ~~W~~ 17,003 ~~W~~ — ~~W~~ — ~~W~~ (14,245 ) ~~W~~ 2,758
Incheon Bridge Co., Ltd. 40,992 72,000 (60,800 ) (4,194 ) 47,998
Jungdo Co., Ltd. 4 — — — 4
Dae-A Leisure Co., Ltd. 150 — — (150 ) —
Iwon Alloy Co., Ltd. 1 — — 2 3
Computerlife Co., Ltd. — — — 4 4
Skydigital Inc. 65 — — (56 ) 9
Aju Good Technology Venture Fund 1,202 — — (754 ) 448
KB-KDBC Pre-IPO<br>New Technology Business Investment Fund 46 — — 512 558
KB-Brain KOSDAQ<br>Scale-up New Technology Business Investment Fund — — — 1 1
WJ Private Equity Fund No.1 103 — — (55 ) 48
KB No.21 Special Purpose Acquisition Company 2,261 2,115 (2,050 ) (61 ) 2,265
KB No.22 Special Purpose Acquisition Company * 1,848 — — (1,848 ) —
KB No.25 Special Purpose Acquisition Company 1,586 1,545 (1,500 ) (83 ) 1,548
KB No.26 Special Purpose Acquisition Company 1,761 1,724 (1,670 ) (50 ) 1,765
KB No.27 Special Purpose Acquisition Company 4,497 4,532 (4,390 ) (26 ) 4,613
KB No.28 Special Purpose Acquisition Company — 1,890 — 63 1,953
KB No.29 Special Purpose Acquisition Company — 2,100 — 246 2,346
KB No.30 Special Purpose Acquisition Company — 1,500 — 294 1,794
KB No.31 Special Purpose Acquisition Company — 2,000 — — 2,000
RAND Bio Science Co., Ltd. 4 — — (3 ) 1
Food Factory Co., Ltd. 629 — — 374 1,003
Big Dipper Co., Ltd. 40 — — 5 45
Wyatt Corp. 1 — — — 1
CellinCells Co., Ltd. 37 — — 24 61
COSES GT Co., Ltd. * 1 — — (1 ) —
Gomi corporation Inc. 78 — — (78 ) —
S&E Bio Co., Ltd. 2,342 990 (500 ) (757 ) 2,075
4N Inc. 49 — — (49 ) —

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

33.4 Details of significant borrowing transactions with related parties for the nine-month periods ended September 30, 2024 and 2023, are as follows: (cont’d)

(In millions of Korean won) 2024
Beginning Borrowing Repayment Others ^1^ Ending
Contents First Inc. ~~W~~ 1,072 ~~W~~ — ~~W~~ — ~~W~~ (250 ) ~~W~~ 822
Newavel Co., Ltd. 46 — — (30 ) 16
Pin Therapeutics Inc. 265 14,000 — (56 ) 14,209
Spark Biopharma Inc. 11,419 26,308 (34,156 ) 3,079 6,650
SuperNGine Co., Ltd. 69 — — 33 102
Desilo Inc. 3 — — 1 4
Turing Co., Ltd. 1,726 1,000 (1,700 ) 394 1,420
IGGYMOB Co., Ltd. — — — 18 18
TMAP Mobility Co., Ltd. 80,016 260,000 (240,000 ) (7 ) 100,009
KY Global Cell & Gene Private Equity Fund 2nd * 3,790 2,910 (308 ) (6,392 ) —
Nextrade Co., Ltd. 56,203 6,000 (17,200 ) 49 45,052
Kukka Co., Ltd. — — — 4 4
ZIPDOC Inc. 181 — — (151 ) 30
TeamSparta Inc. 7,672 3,000 (4,000 ) 9,089 15,761
Chabot Mobility Co., Ltd. 164 — — 125 289
Wemade Connect Co., Ltd. 8,843 19,942 (23,500 ) 58 5,343
Channel Corporation 2,030 — (2,000 ) (25 ) 5
Bitgoeul Cheomdan Green 1st Co., Ltd. 833 — — 512 1,345
KB-FT Green Growth 1st Technology Investment<br>Association 700 — (700 ) — —
Bigwave Robotics Crop. 4 501 — (4 ) 501
3D Interactive Co., Ltd. 1,501 — — (691 ) 810
AIM FUTURE, Inc. 3,393 1,000 (4,000 ) 1,215 1,608
New Daegu Busan Expressway Co., Ltd. 146,169 104,500 (93,932 ) (8,382 ) 148,355
Novorex Inc. 7 — — (1 ) 6
Xenohelix Co., Ltd. 904 — — (879 ) 25
ADP Holdings Co., Ltd. — 4,037 (2,003 ) — 2,034
ADPGREEN — 9,401 (7,801 ) 243 1,843
Logpresso Inc. — 100 (200 ) 930 830
DYNE MEDICAL GROUP Inc. — 2,650 (5,300 ) 8,163 5,513
TriOar Inc. — 3,500 (6,000 ) 9,617 7,117
Yeoulhyulgangho — — — 640 640
SDT Inc. — — (1,000 ) 1,000 —
Allra Fintech Corp. — 8,000 (8,000 ) 8,739 8,739
Key management personnel 15,902 18,698 (13,778 ) (4,635 ) 16,187

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

33.4 Details of significant borrowing transactions with related parties for nine-month periods ended September 30, 2024 and 2023, are as follows: (cont’d)

(In millions of Korean won) 2023
Beginning Borrowing Repayment Others ^1^ Ending
Associates and joint ventures
Korea Credit Bureau Co., Ltd. ~~W~~ 27,889 ~~W~~ — ~~W~~ — ~~W~~ (25,573 ) ~~W~~ 2,316
Incheon Bridge Co., Ltd. 48,639 67,100 (62,400 ) (5,183 ) 48,156
Jungdo Co., Ltd. 4 — — — 4
Dae-A Leisure Co., Ltd. 154 — — (5 ) 149
Iwon Alloy Co., Ltd. 1 — — — 1
Computerlife Co., Ltd. 3 — — (3 ) —
Skydigital Inc. 10 — — (6 ) 4
Aju Good Technology Venture Fund 7,222 1,323 (7,900 ) 29 674
KB-KDBC Pre-IPO<br>New Technology Business Investment Fund 317 — — (261 ) 56
KB-Brain KOSDAQ<br>Scale-up New Technology Business Investment Fund 1,526 — — (620 ) 906
WJ Private Equity Fund No.1 221 — — 43 264
KG Capital Co., Ltd. ^2^ 10 — — (10 ) —
KB No.21 Special Purpose Acquisition Company 2,263 2,050 (2,000 ) (33 ) 2,280
KB No.22 Special Purpose Acquisition Company 1,948 — — (83 ) 1,865
KB No.23 Special Purpose Acquisition Company 2,205 2,089 (4,223 ) 1,991 2,062
KB No.24 Special Purpose Acquisition Company ^2^ 9,983 — — (9,983 ) —
KB No.25 Special Purpose Acquisition Company — 1,500 — 95 1,595
KB No.26 Special Purpose Acquisition Company — 1,670 — 101 1,771
KB No.27 Special Purpose Acquisition Company — 4,390 — 589 4,979
RAND Bio Science Co., Ltd. 3 — — 3 6
Food Factory Co., Ltd. 664 — — (85 ) 579
Paycoms Co., Ltd. ^2^ 1 — — (1 ) —
Big Dipper Co., Ltd. 19 — — 136 155
Wyatt Corp. 1 — — — 1
UPRISE, Inc. 27 — — (27 ) —
CellinCells Co., Ltd. 37 — — 3 40

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

33.4 Details of significant borrowing transactions with related parties for the nine-month periods ended September 30, 2024 and 2023, are as follows: (cont’d)

(In millions of Korean won) 2023
Beginning Borrowing Repayment Others ^1^ Ending
COSES GT Co., Ltd. ~~W~~ 1,213 ~~W~~ — ~~W~~ — ~~W~~ (1,202 ) ~~W~~ 11
Gomi corporation Inc. 915 — — (778 ) 137
S&E Bio Co., Ltd. 6,419 2,500 (1,000 ) (5,344 ) 2,575
4N Inc. 5 — — 27 32
Contents First Inc. 5,010 5,000 (9,000 ) (591 ) 419
December & Company Inc. 1 — — — 1
Mantisco Co., Ltd. 623 — — (623 ) —
Pin Therapeutics Inc. 6,033 7,217 (12,017 ) 1,132 2,365
Spark Biopharma Inc. 17,534 20,195 (22,187 ) (2,051 ) 13,491
SuperNGine Co., Ltd. 17 — — 101 118
Desilo Inc. 1 1 — 4 6
Turing Co., Ltd. 2,788 — — (1,371 ) 1,417
IGGYMOB Co., Ltd. 254 — — (253 ) 1
TMAP Mobility Co., Ltd. 30,000 90,000 (90,000 ) 50,000 80,000
Nextrade Co., Ltd. 56,202 — — — 56,202
Kukka Co., Ltd. — — — 6 6
ZIPDOC Inc. 915 — — (683 ) 232
TeamSparta Inc. 12,502 5,000 (6,000 ) (460 ) 11,042
Chabot Mobility Co., Ltd. 86 — — (39 ) 47
Wemade Connect Co., Ltd. 10,370 22,500 (22,717 ) (1,959 ) 8,194
Channel Corporation 3,000 5,000 (6,000 ) 36 2,036
Bitgoeul Cheomdan Green 1st Co., Ltd. — — — 868 868
KB-FT 1st Green Growth Investment Fund — 700 — — 700
Bigwave Robotics Crop. — — — 489 489
3D Interactive Co., Ltd. — 2,000 — 140 2,140
Key management personnel 17,619 15,025 (14,072 ) (653 ) 17,919

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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

33.5 **** Details of significant investment and withdrawal transactions with related parties for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024 2023
Equityinvestmentand others Withdrawaland others Equityinvestmentand others Withdrawaland others
Balhae Infrastructure Company ~~W~~ — ~~W~~ 6,350 ~~W~~ — ~~W~~ 5,820
KB-SJ Tourism Venture Fund — 4,030 — —
Korea Credit Bureau Co., Ltd. — 90 — 90
KB-UTC Inno-Tech Venture Fund — 338 — 2,250
KB-Solidus Global Healthcare Fund — 700 6,700 9,740
KB-Stonebridge Secondary Private Equity Fund — 697 — 7,191
KB SPROTT Renewable Private Equity Fund No.1 — 6,331 — 476
KB-NAU Special Situation Corporate Restructuring Private<br>Equity Fund 2,184 4,779 1,800 2,572
KB Material and Parts No.1 PEF — 3,400 — —
KB-TS Technology Venture Private Equity Fund — 2,464 — 672
KB-Brain KOSDAQ<br>Scale-up New Technology Business Investment Fund — 2,825 — 7,600
Aju Good Technology Venture Fund — 2,120 — 10,300
G payment Joint Stock Company — 247 — —
KB-KTB Technology Venture Fund 5,600 — 5,600 —
KB-SOLIDUS Healthcare Investment Fund — — 4,961 —
Paramark KB Fund No.1 4,125 — 2,862 —
FineKB Private Equity Fund No.1 6,790 1,500 — 2,125
FineKB Private Equity Fund No.2 500 250 — —
KB No.22 Special Purpose Acquisition Company * — 10 — —
KB-BridgePole Venture Investment Fund — 136 — —
SKS-VLP New Technology Investment Fund No.2 — — — 1,156
JS Private Equity Fund No.3 — 755 — —
Star-Lord General Investors Private Real Estate Investment Company No.10 — (358 ) — —
KB Co-Investment Private Equity Fund No.1 9,131 3,173 2,208 —
POSITIVE Sobujang Venture Fund No.1 — 400 — —
PEBBLES-MW M.C.E New Technology Investment Fund<br>1st — — — 329
KB-NP Green ESG New Technology Venture Capital<br>Fund 15,450 — 4,350 —
KB-Badgers Future Mobility ESG Fund No.1 9,954 — 5,540 —
Lakewood-AVES Fund No.1 * — 2,000 2,000 —
MW-Pyco NewWave New Technology Investment Fund<br>4th — — 2,000 —
KB No.24 Special Purpose Acquisition Company * — — 25 25
KB No.25 Special Purpose Acquisition Company — — 5 —
KB No.26 Special Purpose Acquisition Company — — 5 —
Bitgoeul Cheomdan Green 1st Co., Ltd. 152 — 190 —
KB-SUSUNG 1st Investment Fund — 679 2,000 —

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September 30, 2024 and 2023 (Unaudited), and December 31, 2023

33.5 **** Details of significant investment and withdrawal transactions with related parties for the nine-month periods ended September 30, 2024 and 2023, are as follows (cont’d):

(In millions of Korean won) 2024 2023
Equityinvestmentand others Withdrawaland others Equityinvestmentand others Withdrawaland others
KB-SUSUNG 2st Investment Fund ~~W~~ 2,000 ~~W~~ — ~~W~~ — ~~W~~ —
Friend 55 New Technology Business Investment Fund — 1,200 1,200 —
Hahn & Company No. 4-3 Private Equity<br>Fund — — 8,188 —
KB No.27 Special Purpose Acquisition Company — — 5 —
DSIP-Pharos Bioenergy Fund — 1,600 4,000 —
Shinhan-Eco Venture Fund 2nd 225 — 500 —
Leading H2O Fund 1 — — 1,500 —
2023 JB Newtech No.2 Fund — — 1,800 —
U-KB Credit No.1S Private Equity 68 — — —
KB No.28 Special Purpose Acquisition Company 5 — — —
Timefolio Athleisure Investment Fund 4,000 — — —
COMPA Global Scale-Up Fund No.3 1,000 — — —
AKK Robotech Valueup New Technology Investment Fund 1,000 — — —
YG MCE PROJECT NO.1 Fund 1,500 — — —
KB No.29 Special Purpose Acquisition Company 10 — — —
KB No.30 Special Purpose Acquisition Company 10 — — —
KB No.31 Special Purpose Acquisition Company 10 — — —
IMM global Secondary 1-1 Equity Private Fund 2,499 — — —
Elohim-Bilanx aerospace No.1 Fund 2,000 — — —
KB-CJ Venture Fund 1st 1,800 — — —
HI YG Win-win Fund No.2 2,000 — — —
KB-VEP Contact Fund 395 47 — —
Reboot Private Equity Fund 7,000 — — —
LIB Material Investment Fund 4,098 — — —
NOVORSEC-SJG Consumer Secondary Fund 1,700 — — —
Allra Fintech Corp. 8,532 — — —
KB Global Commerce Private Equity Investment Fund * — 7,000 — —
* Excluded from the Group’s related party as of September 30, 2024.
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Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

33.6 **** Unused commitments provided to related parties as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won or in a US Dollar or the Indonesian Rupiah) September 30,<br>2024 December 31,<br>2023
Associates and joint ventures **** **** **** ****
Balhae Infrastructure Company Purchase of securities ~~W~~ 6,154 ~~W~~ 6,154
Korea Credit Bureau Co., Ltd. Unused lines of credit for credit card 565 563
Incheon Bridge Co., Ltd. Loan commitments in Korean won 20,000 20,000
Unused lines of credit for credit card 85 88
TeamSparta Inc. Loan commitments in Korean won 1,000 1,000
Unused lines of credit for credit card 316 633
3D Interactive Co., Ltd. Unused lines of credit for credit card 47 8
Food Factory Co., Ltd. Unused lines of credit for credit card 52 55
CellinCells Co., Ltd. Unused lines of credit for credit card 22 21
RAND Bio Science Co., Ltd. Unused lines of credit for credit card 25 24
Big Dipper Co., Ltd. Unused lines of credit for credit card 15 31
Gomi corporation Inc. Unused lines of credit for credit card 47 45
COSES GT Co., Ltd. * Unused lines of credit for credit card — 29
Spark Biopharma Inc. Unused lines of credit for credit card 40 33
Newavel Co., Ltd. Unused lines of credit for credit card 20 17
IMBiologics Corp. Unused lines of credit for credit card 21 18
SuperNGine Co., Ltd. Unused lines of credit for credit card 37 37
IGGYMOB Co., Ltd. Unused lines of credit for credit card 48 43
Pin Therapeutics Inc. Unused lines of credit for credit card 16 39
Grinergy Co., Ltd. Unused lines of credit for credit card 10 10
S&E Bio Co., Ltd. Unused lines of credit for credit card 39 37
Wemade Connect Co., Ltd. Unused lines of credit for credit card 84 156
TMAP Mobility Co., Ltd. Unused lines of credit for credit card 759 710
Contents First Inc. Unused lines of credit for credit card 34 135
Bigwave Robotics Crop. Unused lines of credit for credit card 63 69
New Daegu Busan Expressway Co., Ltd. Unused lines of credit for credit card 12 —
AIM FUTURE, Inc. Unused lines of credit for credit card 36 —
Novorex Inc. Unused lines of credit for credit card 14 —
Xenohelix Co., Ltd. Unused lines of credit for credit card 6 —
ADPGREEN Unused lines of credit for credit card 24 —
Logpresso Inc. Unused lines of credit for credit card 34 —
DYNE MEDICAL GROUP Inc. Unused lines of credit for credit card 106 —
TriOar Inc. Unused lines of credit for credit card 43 —
KB-CJ Venture Fund 1st Purchase of securities 4,200 —
KB-TS Technology Venture Private Equity Fund Purchase of securities 110 110
KB-Stonebridge Secondary Private Equity Fund Purchase of securities 173 864
KB-NAU Special Situation Corporate Restructuring Private<br>Equity Fund Purchase of securities 11,304 13,488

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KB Financial Group Inc. and Subsidiaries

Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

33.6 **** Unused commitments provided to related parties as of September 30, 2024 and December 31, 2023, are as follows: (cont’d)

(In millions of Korean won or in a US Dollar or the Indonesian Rupiah) September 30,<br>2024
All Together Korea Fund No.2 Purchase of securities ~~W~~ 990,000 990,000
KB-KTB Technology Venture Fund Purchase of securities — 5,600
KB-SOLIDUS Healthcare Investment Fund Purchase of securities 46,884 46,884
KB Co-Investment Private Equity Fund No.1 Purchase of securities 4,797 13,524
KB-Badgers Future Mobility ESG Fund No.1 Purchase of securities 27,369 37,323
KB-NP Green ESG New Technology Venture Capital<br>Fund Purchase of securities 14,100 29,550
FineKB Private Equity Fund No.1 Purchase of securities 2,335 9,125
FineKB Private Equity Fund No.2 Purchase of securities — 500
KB-Solidus Global Healthcare Fund Purchase of securities 2,120 2,120
Commitments on loss absorption priority 4,500 4,500
Paramark KB Fund No.1 Purchase of securities 10,365 14,490
Smart Korea KB Future9-Sejong Venture Fund Purchase of securities 2,000 2,000
Shinhan-Eco Venture Fund 2nd Purchase of securities 450 675
U-KB Credit No.1S Private Equity Purchase of securities 36,034 33,582
RMGP Bio-Pharma Investment Fund, L.P. Purchase of securities 2,693,142 USD 3,622,333
RMGP Bio-Pharma Investment, L.P. Purchase of securities 8,470 USD 10,027
RMG-KB BP Management Ltd. Purchase of securities 581,617 USD 630,679
RMG-KB BioAccess Fund L.P. Purchase of securities 22,062,207 USD 24,722,014
Elev8-Capital Fund I Purchase of securities IDR 2,028,589,221 IDR 2,445,497,800
Ascent Global Fund III Purchase of securities 32,437,479 USD 35,000,000
Key management personnel Loan commitments in Korean won 2,827 2,666

All values are in US Dollars.

* Excluded from the Group’s related party as of September 30, 2024.

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KB Financial Group Inc. and Subsidiaries

Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

33.7 Details of compensation to key management personnel for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024
Short-termemployeebenefits Post-employmentbenefits Share-basedpayments Total
Registered directors (executive) ~~W~~ 5,227 ~~W~~ 750 ~~W~~ 10,784 ~~W~~ 16,761
Registered directors (non-executive) 799 — — 799
Non-registered directors 13,230 381 22,074 35,685
~~W~~ 19,256 ~~W~~ 1,131 ~~W~~ 32,858 ~~W~~ 53,245
(In millions of Korean won) 2023
Short-termemployeebenefits Post-employmentbenefits Share-basedpayments Total
Registered directors (executive) ~~W~~ 5,864 ~~W~~ 730 ~~W~~ 6,878 ~~W~~ 13,472
Registered directors (non-executive) 790 — — 790
Non-registered directors 13,628 520 12,469 26,617
~~W~~ 20,282 ~~W~~ 1,250 ~~W~~ 19,347 ~~W~~ 40,879

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KB Financial Group Inc. and Subsidiaries

Notes to the Consolidated Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

33.8 **** Details of collateral provided by related parties as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) Assets held<br><br><br>as collateral September 30,<br>2024 December 31,2023
Key management personnel Time deposits and others ~~W~~ 1,643 ~~W~~ 638
Real estate 7,432 6,326

As of September 30, 2024, Incheon Bridge Co., Ltd., a related party of the Group, provides fund management account, civil engineering works insurance, and management and operations rights as senior collateral amounting to ~~W~~ 611,000 million to the project financing group consisting of the Group and 5 other institutions, and as subordinated collateral amounting to ~~W~~ 384,800 million to subordinated debt holders consisting of the Group and 2 other institutions. Also, it provides certificate of credit guarantee amounting to ~~W~~ 400,000 million as collateral to the project financing group consisting of the Group and 5 other institutions.

34. Events After the Reporting Period

According to the resolution of the Board of Directors on October 24, 2024, the quarterly dividend per share of ~~W~~ 795 (total dividend: ~~W~~ 299,886 million) with dividend record date of September 30, 2024 were paid on November 7, 2024. The Group’s financial statements as of September 30, 2024, do not reflect this dividend payable.

Additionally, in accordance with the resolution of the Board of Directors on October 24, 2024, the Company plans to acquire shares worth ~~W~~ 100,000 million of treasury stocks through a trust contract by April 30, 2025, and plans to retire the shares after the termination of the trust contract.

163

EX-99.2

Exhibit 99.2

KB Financial Group Inc.

Separate Interim Financial Statements

September 30, 2024 and 2023

(Unaudited)

KB Financial Group Inc.

Page(s)
Report on Review of Condensed Separate Interim Financial Statements 1-2
Separate Interim Financial Statements
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

Report on Review of Condensed Separate Interim FinancialStatements

(English Translation of a Report Originally Issued in Korean)

To the Shareholders and the Board of Directors of

KBFinancial Group Inc.

Reviewed Financial Statements

We have reviewed the accompanying condensed separate interim financial statements of KB Financial Group Inc. (the “Company”). These condensed separate interim financial statements consist of the separate interim statement of financial position of the Company as at September 30, 2024, and the related separate interim statements of comprehensive income for the three-month and nine-month periods ended September 30, 2024 and 2023, and separate interim statements of changes in equity and cash flows for the nine-month periods ended September 30, 2024 and 2023, and material accounting policy information and other selected explanatory notes, expressed in Korean Won.

Management’s Responsibility for the Financial Statements

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

Auditor’s Responsibility

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

We conducted our review in accordance with quarterly or semi-annual review standards 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 review, nothing has come to our attention that causes us to believe the accompanying condensed separate interim financial statements are not prepared, in all material respects, in accordance with Korean IFRS No. 1034 Interim Financial Reporting.

1

Other Matters

We have audited the separate statement of financial position of the Company as at December 31, 2023, and the related separate statements of comprehensive income, changes in equity and cash flows for the year then ended, not presented herein, in accordance with Korean Standards on Auditing. We expressed an unqualified opinion on those financial statements in our audit report dated March 6, 2024. The separate statement of financial position as at December 31, 2023, presented herein for comparative purposes, is consistent, in all material respects, with the above audited statement of financial position as at December 31, 2023.

Review standards and their application in practice vary among countries. The procedures and practices used in the Republic of Korea to review such financial statements may differ from those generally accepted and applied in other countries.

/s/ Samil PricewaterhouseCoopers
Seoul, Korea
November 14, 2024
This report is effective as<br>of November 14, 2024, 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<br>financial statements and notes thereto. Accordingly, the readers of the review report should understand that there is a possibility that the above review report may have to be revised to reflect the impact of such subsequent events or circumstances,<br>if any.
---

2

KB Financial Group Inc.

Separate Interim Statements of Financial Position

September 30, 2024 and December 31, 2023

(In millions of Korean won)

Notes September 30, 2024(Unaudited) December 31, 2023
Assets
Cash and due from financial institutions 4,5,6,23 ~~W~~ 659,832 ~~W~~ 256,337
Financial assets at fair value through profit or loss 4,5,7 1,237,982 1,376,423
Loans measured at amortized cost 4,5,8 558,417 608,286
Investments in subsidiaries 9 26,867,817 26,717,817
Property and equipment 2,863 3,080
Intangible assets 14,355 15,954
Net defined benefit assets 13 2,550 3,694
Deferred income tax assets 10 6,091 4,492
Other assets 4,5 803,230 542,815
Total assets ~~W~~ 30,153,137 ~~W~~ 29,528,898
Liabilities
Borrowings 4,5,11 965,000 100,000
Debentures 4,5,12 2,712,772 3,871,820
Current income tax liabilities 381,870 104,299
Other liabilities 4,5 420,672 410,704
Total liabilities 4,480,314 4,486,823
Equity 14
Share capital 2,090,558 2,090,558
Hybrid securities 5,082,359 5,032,518
Capital surplus 14,729,398 14,754,747
Accumulated other comprehensive loss (6,746 ) (6,809 )
Retained earnings 4,683,993 4,336,898
Treasury shares (906,739 ) (1,165,837 )
Total equity 25,672,823 25,042,075
Total liabilities and equity ~~W~~ 30,153,137 ~~W~~ 29,528,898

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

3

KB Financial Group Inc.

Separate Interim Statements of Comprehensive Income

Three-Month and Nine-Month Periods Ended September 30, 2024 and 2023

(In millions of Korean won, except per shareamounts)

Notes 2024(Unaudited) 2023(Unaudited)
Three months Nine months Three months Nine months
Interest income ~~W~~ 10,045 ~~W~~ 32,408 ~~W~~ 9,233 ~~W~~ 27,382
Interest income from financial instruments at amortized cost 9,331 30,291 8,537 24,888
Interest income from financial instruments at fair value through profit or loss 714 2,117 696 2,494
Interest expense (25,387 ) (73,787 ) (24,458 ) (76,041 )
Net interest expense 16 (15,342) (41,379) (15,225) (48,659)
Fee and commission income 387 1,381 407 1,188
Fee and commission expense (1,580 ) (6,140 ) (2,546 ) (7,663 )
Net fee and commission expense 17 (1,193 ) (4,759 ) (2,139 ) (6,475 )
Net gains on financial instruments at fair value through profit or loss 18 26,821 70,155 9,818 61,488
Net other operating income 19 — 2,243,250 — 2,192,380
General and administrative expenses 20 (21,845) (69,875) (23,055) (68,936)
Operating income before provision for credit losses (11,559 ) 2,197,392 (30,601 ) 2,129,798
Provision for credit losses 470 125 (223 ) (230 )
Net operating income (11,089 ) 2,197,517 (30,824 ) 2,129,568
Net non-operating income (expense) 281 202 42 4,448
Profit before tax (10,808 ) 2,197,719 (30,782 ) 2,134,016
Income tax benefit (expense) 21 278 1,810 948 (7,373 )
Profit for the period (10,530 ) 2,199,529 (29,834 ) 2,126,643
Items that will not be reclassified to profit or loss:
Remeasurements of net defined benefit liabilities 27 63 (63 ) (38 )
Other comprehensive income(loss) for the period, net of tax 27 63 (63 ) (38 )
Total comprehensive income for the period ~~W~~ (10,503 ) ~~W~~ 2,199,592 ~~W~~ (29,897 ) ~~W~~ 2,126,605
Earnings per share 22
Basic earnings per share ~~W~~ (159 ) ~~W~~ 5,392 ~~W~~ (203 ) ~~W~~ 5,164
Diluted earnings per share (157 ) 5,327 (197 ) 5,050

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

4

KB Financial Group Inc.

Separate Interim Statements of Changes in Equity

Nine-Month Periods Ended September 30, 2024 and 2023

(In millions of Korean won) Share<br>capital Hybridsecurities Capital<br>surplus Accumulated<br>other<br>comprehensive<br>income Retainedearnings Treasuryshares Total equity
Balance as of January 1, 2023 ~~W~~ 2,090,558 ~~W~~ 4,433,981 ~~W~~ 14,754,747 ~~W~~ (5,847 ) ~~W~~ 3,794,565 ~~W~~ (836,188 ) ~~W~~ 24,231,816
Comprehensive income for the period
Profit for the period — — — — 2,126,643 — 2,126,643
Remeasurements of net defined benefit liabilities — — — (38 ) — — (38 )
Total comprehensive income for the period — — — (38 ) 2,126,643 — 2,126,605
Transactions with shareholders
Annual dividends — — — — (564,970 ) — (564,970 )
Quarterly dividends — — — — (391,933 ) — (391,933 )
Acquisition of treasury shares — — — — — (373,695 ) (373,695 )
Retirement of treasury shares — — — — (242,096 ) 242,096 —
Issuance of hybrid securities — 598,537 — — — — 598,537
Dividends on hybrid securities — — — — (136,844 ) — (136,844 )
Others — — (5,547 ) — — — (5,547 )
Total transactions with shareholders — 598,537 (5,547 ) — (1,335,843 ) (131,599 ) (874,452 )
Balance as of September 30, 2023 (Unaudited) ~~W~~ 2,090,558 ~~W~~ 5,032,518 ~~W~~ 14,749,200 ~~W~~ (5,885 ) ~~W~~ 4,585,365 ~~W~~ (967,787 ) ~~W~~ 25,483,969
Balance as of January 1, 2024 ~~W~~ 2,090,558 ~~W~~ 5,032,518 ~~W~~ 14,754,747 ~~W~~ (6,809 ) ~~W~~ 4,336,898 ~~W~~ (1,165,837 ) ~~W~~ 25,042,075
Comprehensive income for the period
Profit for the period — — — — 2,199,529 — 2,199,529
Remeasurements of net defined benefit liabilities — — — 63 — — 63
Total comprehensive income for the period — — — 63 2,199,529 — 2,199,592
Transactions with shareholders
Annual dividends — — — — (587,006 ) — (587,006 )
Quarterly dividends — — — — (600,086 ) — (600,086 )
Acquisition of treasury shares — — — — — (490,679 ) (490,679 )
Disposal of treasury shares — — 3,975 — — 234,600 238,575
Retirement of treasury shares — — — — (515,177 ) 515,177 —
Consideration for exchange right of exchangeable bonds — — (11,933 ) — — — (11,933 )
Issuance of hybrid securities — 399,045 — — — — 399,045
Redemption of hybrid securities — (349,204 ) — — — — (349,204 )
Dividends on hybrid securities — — — — (150,165 ) — (150,165 )
Others — — (17,391 ) — — — (17,391 )
Total transactions with shareholders — 49,841 (25,349 ) — (1,852,434 ) 259,098 (1,568,844 )
Balance as of September 30, 2024 (Unaudited) ~~W~~ 2,090,558 5,082,359 14,729,398 (6,746 ) 4,683,993 (906,739 ) 25,672,823

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

5

KB Financial Group Inc.

Separate Interim Statements of Cash Flows

Nine-Month Periods Ended September 30, 2024 and 2023

(In millions of Korean won)

Notes 2024(Unaudited) 2023(Unaudited)
Cash flows from operating activities
Profit for the period ~~W~~ 2,199,529 ~~W~~ 2,126,643
Adjustment for non-cash items
Depreciation and amortization expense 4,325 4,071
Provision (reversal) for credit losses (125 ) 230
Share-based payments 11,729 7,020
Net interest expense 14,435 2,765
Valuation losses (gains) on financial assets at fair value through profit or loss (26,358 ) (22,024 )
Disposal gains of subsidiaries — (3,917 )
Net other expense (income) 1,839 1,251
5,845 (10,604 )
Changes in operating assets and liabilities
Due from financial institutions 60,000 (20,000 )
Deferred income tax assets (1,810 ) 7,373
Other assets 260,232 (13,537 )
Other liabilities (287,347 ) 5,942
31,075 (20,222 )
Net cash inflow from operating activities 2,236,449 2,095,817
Cash flows from investing activities
Acquisition of financial assets at fair value through profit or loss (150,000 ) (300,000 )
Disposal of financial assets at fair value through profit of loss 316,080 300,000
Acquisition of subsidiaries (150,000 ) —
Disposal of subsidiaries — 27,539
Increase in loans measured at amortized cost (105,000 ) (86,500 )
Decrease in loans measured at amortized cost 155,000 —
Acquisition of property and equipment (609 ) (184 )
Acquisition of intangible assets (700 ) (2,621 )
Disposal of intangible assets — 1,234
Net increase in guarantee deposits paid 1,597 (7,719 )
Other investing activities — (395 )
Net cash inflow (outflow) from investing activities 66,368 (68,646 )
Cash flows from financing activities
Increase in borrowings 965,000 100,000
Decrease in borrowings (100,000 ) —
Increase in debentures — 109
Decrease in debentures (925,000 ) (910,000 )
Dividends paid to shareholders (1,187,092 ) (956,903 )
Redemption of principal of lease liabilities (443 ) (428 )
Acquisition of treasury shares (490,679 ) (373,695 )
Issuance of hybrid securities 399,045 598,537
Redemption of hybrid securities (349,204 ) —
Dividends paid on hybrid securities (150,164 ) (136,844 )
Other financing activities (786 ) —
Net cash outflow from financing activities (1,839,323 ) (1,679,224 )
Net increase in cash and cash equivalents 463,494 347,947
Cash and cash equivalents at the beginning of the period 23 116,334 231,053
Cash and cash equivalents at the end of the period 23 ~~W~~ 579,828 ~~W~~ 579,000

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

6

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

1. The Company

KB Financial Group Inc. (the “Company”), in accordance with Financial Holding Companies Act, was established on September 29, 2008, through stock transfers with the former shareholders of Kookmin Bank, KB Investment & Securities Co., Ltd., KB Asset Management Co., Ltd., KB Real Estate Trust Co., Ltd., KB Investment Co., Ltd., KB Futures Co., Ltd., KB Credit Information Co., Ltd., and KB Data Systems Co., Ltd., and the Company’s main business purpose is to control subsidiaries that engage in the financial business or subsidiaries closely related to the financial business through the stock ownership. The headquarter is located at 26, Gukjegeumyung-ro 8-gil, Yeongdeungpo-gu, Seoul. The Company’s share capital as of September 30, 2024, is ~~W~~ 2,090,558 million. In 2011, Kookmin Bank spun off its credit card business segment and established a new separate credit card company, KB Kookmin Card Co., Ltd., and KB Investment & Securities Co., Ltd. merged with KB Futures Co., Ltd. The Company established KB Savings Bank Co., Ltd. in January 2012, acquired Yehansoul Savings Bank Co., Ltd. in September 2013, and KB Savings Bank Co., Ltd. merged with Yehansoul Savings Bank Co., Ltd. in January 2014. In March 2014, the Company acquired Woori Financial Co., Ltd. and changed the name to KB Capital Co., Ltd. Meanwhile, the Company included LIG Insurance Co., Ltd. as an associate and changed the name to KB Insurance Co., Ltd. in June 2015, and KB Insurance Co., Ltd. became one of the subsidiaries through a tender offer in May 2017. Also, the Company included Hyundai Securities Co., Ltd. as an associate in June 2016 and included as a subsidiary in October 2016 by comprehensive exchange of shares. Hyundai Securities Co., Ltd. merged with KB Investment & Securities Co., Ltd. in December 2016 and changed its name to KB Securities Co., Ltd. in January 2017. In August 2020, the Company acquired Prudential Life Insurance Company of Korea Ltd. which was classified as a subsidiary and the name was changed to KB Life Insurance Co., Ltd. in December 2022. Then in January 2023, it merged with another existing KB Life Insurance Co., Ltd. The Company sold 100% shares of KB Credit Information Co., Ltd. to KB Kookmin Card Co., Ltd. on June 30, 2023.

The Company has been listed on the Korea Exchange (“KRX”) since October 10, 2008, and on the New York Stock Exchange (“NYSE”) for its American Depositary Shares (“ADS”) since September 29, 2008. The number of shares authorized on its Articles of Incorporation is 1,000 million.

2. Basis of Preparation

2.1 Application of KoreanIFRS

The Company maintains its accounting records in Korean won and prepares statutory financial statements in the Korean language (Hangul) in accordance with International Financial Reporting Standards as adopted by the Republic of Korea (“Korean IFRS”). The accompanying separate financial statements have been translated into English from the Korean language separate financial statements.

The separate financial statements of the Company have been prepared in accordance with Korean IFRS. Korean IFRS are the standards and related interpretations issued by the International Accounting Standards Board (“IASB”) that have been adopted by the Republic of Korea.

The preparation of separate financial statements requires the use of certain critical accounting estimates. Management also needs to exercise judgment in applying the Company’s accounting policies. The areas that require a more complex and higher level of judgment or areas that require significant assumptions and estimations are disclosed in Note 2.4.

The separate financial statements have been prepared in accordance with Korean IFRS No.1027 Separate Financial Statements.

7

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

2.1 Application of Korean IFRS (cont’d)

The Company’s condensed separate interim financial statements for the nine-month period ended September 30, 2024, have been prepared in accordance with Korean IFRS No.1034 Interim Financial Reporting and contain less information than is required in annual separate financial statements. Selected explanatory notes include descriptions of transactions or events that are significant in understanding change in financial position and financial performance of the Company since the end of the previous annual reporting period. These separate interim financial statements have been prepared in accordance with Korean IFRS which is effective or early adopted as of September 30, 2024.

2.1.1 The Company has applied the following new and amended standards for the first time for its annual reporting period commencing January 1, 2024.

• Amendment of Korean IFRS No.1001 “Presentation of Financial Statements” - Classification ofLiabilities into Current and Non-Current and Non-current Liabilities with Covenants

Liabilities are classified as current or non-current based on their substantive rights existing at the end of the reporting period, without considering the possibility of exercising the right to delay the payment or management’s expectations. Also, if the transfer of equity instruments is included in the payment of liabilities, it is excluded if the option to pay with equity instruments is recognized separately from the liability in a compound financial instrument and meets the definition of equity instruments. These amendments do not have a significant impact on the financial statements.

• Amendment of Korean IFRS No.1007 “Statement of Cash Flows” and No.1107 “Financial Instruments:Disclosures” – Disclosure of Supplier Finance Arrangements

The amendments require disclosure of the effects of supplier finance arrangements on the Company’s liabilities, cash flows and exposure to liquidity risk. These amendments do not have a significant impact on the financial statements.

• Amendment of Korean IFRS No.1116 “Leases” - Lease Liability in a Sale and Leaseback

The amendments require a seller-lessee to subsequently measure lease liabilities arising from a leaseback in a way that it does not recognize any amount of the gain or loss that relates to the right of use it retains. These amendments do not have a significant impact on the financial statements.

• Amendment of Korean IFRS No.1001 “Presentation of Financial Statements” – Disclosure of VirtualAsset

The amendments require additional disclosure for virtual assets held by the Company, virtual assets entrusted by customers to the Company, and the issuance and transfer of virtual assets. These amendments do not have a significant impact on the financial statements.

8

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

2.1.2 The following are the accounting standards that have been established or announced but have not yet been implemented, which the Company has not applied

• Amendment of Korean IFRS No.1021 “The Effects of Changes in Foreign Exchange Rates” and Korean IFRSNo.1101 “First-time Adoption of International Financial Reporting Standards” - Lack of exchangeability

The amendments require the Company to determine a spot exchange rate when exchangeability is lacking, and to disclose information on the nature and financial effects of the currency not being exchangeable into the other currency, the spot exchange rate(s) used, the estimation process, and the risks to which the Company is exposed. This amendment will be applied to the financial statements for the accounting year beginning on or after January 1, 2025. These amendments do not have a significant impact on the financial statements.

2.2 Measurement Basis

The separate financial statements have been prepared under the historical cost convention unless otherwise specified.

2.3 Functional and Presentation Currency

Items included in the separate financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (“functional currency”). The separate financial statements are presented in Korean won, which is the Company’s functional and presentation currency.

2.4 Critical Accounting Estimates

The Company applies accounting policies and uses judgements, accounting estimates, and assumptions that may have a significant impact on the assets (liabilities) and incomes (expenses) in preparing the separate financial statements. Management’s estimates of outcomes may differ from actual outcomes if management’s estimates and assumptions based on management’s best judgment are different from the actual environment.

Estimates and underlying assumptions are continually evaluated, and changes in accounting estimates are recognized in the period in which the estimates are changed and in any future periods affected.

Uncertainties in estimates and assumptions with significant risks used in the preparation of these condensed separate interim financial statements are the same as 2023 financial statements, except for the method of estimating income tax expense.

3. Material Accounting Policies

The material accounting policies and calculation methods applied in the preparation of these condensed separate interim financial statements are the same as those applied to the separate financial statements for the year ended December 31, 2023, except for the impact of changes due to adopting new and amended standards and interpretations described in Note 2.1 and below paragraph.

The Company is subject to Pillar 2 income taxes, and has applied a temporary exemption provision regarding the recognition and disclosure of deferred taxes related to the Pillar 2 rules.

Income tax expense for the interim period is measured applying the expected average annual income tax rate applicable on expected total annual income.

9

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

4. Financial Risk Management

4.1 Summary

4.1.1 Overview of financial risk management policy

The financial risks that the Company is exposed to are credit risk, market risk, liquidity risk and others.

This note regarding financial risk management provides information about the risks that the Company is exposed to and about its objectives, policies, risk assessment and management procedures, and capital management. Additional quantitative information is disclosed throughout the separate financial statements.

The Company’s risk management system focuses on efficiently supporting long-term strategy and management decisions of the Company by increasing risk transparency, preventing risk transfer between subsidiaries and preemptive response to rapidly changing financial environments. Credit risk, market risk, liquidity risk, operational risk, interest rate risk, insurance risk, credit concentration risk, strategy risk, and reputation risk are recognized as significant risks.

4.1.2 Risk management organization

4.1.2.1 Risk Management Committee

The Risk Management Committee, as the ultimate decision-making body, deals with risk-related issues, such as establishing risk management strategies in accordance with the strategic direction determined by the Board of Directors, determining the affordable level of risk appetite, reviewing the level of risk and the status of risk management activities, approving the application of risk management systems, methodologies, and major improvements, and establishing and approving risk management policies and procedures to timely recognize, measure, monitor, and control risks arising from various transactions by the Company and subsidiaries (the “Group”).

4.1.2.2 Risk Management Council

The Risk Management Council is responsible for consulting on matters delegated by the Risk Management Committee and requests for review by the Group Management Executive Committee, consulting on details of each subsidiary’s risk management policies and procedures, monitoring the Group’s risk management status, and establishing and implementing necessary measures.

4.1.2.3 Risk Management Department

The Risk Management Department performs the Company’s risk management detailed policies, procedures, and business processes, and is responsible for calculating the Group’s risk-weighted assets, monitoring and managing internal capital limits.

10

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

4.2 Credit Risk

4.2.1 Overview of credit risk

Credit risk is the risk of loss from the portfolio of assets held due to the counterparty’s default, breach of contract, and deterioration of credit quality. For risk management purposes, the Company considers default risk of individual borrowers.

4.2.2 Credit risk management

The Company measures the expected losses of assets subject to credit risk management and uses them as a management indicator.

4.2.3 Maximum exposure to credit risk

The Company’s maximum exposures to credit risk without consideration of collateral values in relation to financial instruments other than equity securities as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30,<br>2024 December 31,2023
Due from financial institutions ~~W~~ 659,832 ~~W~~ 256,337
Loans measured at amortized cost * 558,417 608,286
Loans measured at fair value through profit or loss 53,115 48,981
Other financial assets * 57,597 57,562
~~W~~ 1,328,961 ~~W~~ 971,166
* After netting of allowance
--- ---

4.2.4 Credit risk of loans

The Company maintains allowances for loan losses associated with credit risk of loans to manage its credit risk.

The Company assesses expected credit losses and recognizes loss allowances of financial assets at amortized cost and financial assets at fair value through other comprehensive income. Financial assets at fair value through profit or loss are excluded. Expected credit losses are a probability-weighted estimate of possible credit losses occurring in a certain range by reflecting reasonable and supportable information that is reasonably available at the end of the reporting period without undue cost or effort, including information about past events, current conditions, and forecasts of future economic conditions. The Company measures the expected credit losses on loans classified as financial assets at amortized cost, by deducting allowances for credit losses. The expected credit losses of loans classified as financial assets at fair value through other comprehensive income are presented in other comprehensive income in the financial statements.

11

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

4.2.4 Credit risk of loans (cont’d)

Credit qualities of loans measured at amortized cost as of September 30, 2024 and December 31 2023, are classified as follows:

(In millions of Korean won)

September 30, 2024
12-monthexpectedcredit losses Lifetime expected creditlosses Not applyingexpectedcredit losses Total
Not impaired Impaired
Loans measured at amortized cost *
Corporate
Grade 1 ~~W~~ 560,000 ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ 560,000
Grade 2 — — — — —
Grade 3 — — — — —
Grade 4 — — — — —
Grade 5 — — — — —
~~W~~ 560,000 ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ 560,000

(In millions of Korean won)

December 31, 2023
12-monthexpectedcredit losses Lifetime expected creditlosses Not applyingexpectedcredit losses Total
Not impaired Impaired
Loans measured at amortized cost *
Corporate
Grade 1 ~~W~~ 610,000 ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ 610,000
Grade 2 — — — — —
Grade 3 — — — — —
Grade 4 — — — — —
Grade 5 — — — — —
~~W~~ 610,000 ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ 610,000
* Before netting of allowance
--- ---

Credit qualities of loans graded according to the probability of default as September 30, 2024 and December 31 2023, are as follows:

Range of probability of default (%)
Grade 1 0.0 ~ 1.0
Grade 2 1.0 ~ 5.0
Grade 3 5.0 ~ 15.0
Grade 4 15.0 ~ 30.0
Grade 5 30.0 ~

12

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

4.2.5 Credit risk of due from financial institutions

Credit qualities of due from financial institutions as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won)

September 30, 2024
12-month<br>expected<br>credit losses Lifetime expected creditlosses Not applyingexpectedcredit losses Total
Not impaired Impaired
Due from financial institutions measured at amortized cost
Grade 1 ~~W~~ 659,832 ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ 659,832
Grade 2 — — — — —
Grade 3 — — — — —
Grade 4 — — — — —
Grade 5 — — — — —
~~W~~ 659,832 ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ 659,832

(In millions of Korean won)

December 31, 2023
12-month<br>expected<br>credit losses Lifetime expected creditlosses Not applyingexpectedcredit losses Total
Not impaired Impaired
Due from financial institutions measured at amortized cost
Grade 1 ~~W~~ 256,337 ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ 256,337
Grade 2 — — — — —
Grade 3 — — — — —
Grade 4 — — — — —
Grade 5 — — — — —
~~W~~ 256,337 ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ 256,337

13

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

4.2.6 Credit risk concentration analysis

4.2.6.1 Classifications of corporate loans by industry as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30, 2024
Corporate loans * % Allowances Carrying amount
Financial institutions ~~W~~ 613,115 100.00 ~~W~~ (1,583 ) ~~W~~ 611,532
(In millions of Korean won) December 31, 2023
Corporate loans * % Allowances Carrying amount
Financial institutions ~~W~~ 658,981 100.00 ~~W~~ (1,714 ) ~~W~~ 657,267

* Amount includes loans measured at fair value through profit or loss and amortized cost.

4.2.6.2 Classifications of due from financial institutions by industry as of September 30, 2024 and December 31 2023, are as follows:

(In millions of Korean won) September 30, 2024
Amount % Allowances Carrying amount
Due from financial institutions measured at amortized cost
Financial institutions ~~W~~ 659,832 100.00 ~~W~~ — ~~W~~ 659,832
(In millions of Korean won) December 31, 2023
Amount % Allowances Carrying amount
Due from financial institutions measured at amortized cost
Financial institutions ~~W~~ 256,337 100.00 ~~W~~ — ~~W~~ 256,337

14

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

4.3 Liquidity Risk

4.3.1 Overview of liquidity risk

Liquidity risk is a risk that the Company becomes insolvent due to the mismatch between the inflow and outflow of funds, unexpected cash outflows, or a risk of loss due to financing funds at a high interest rate or disposing of securities at an unfavorable price due to lack of available funds. The Company manages its liquidity risk through analysis of the contractual maturity of all financial assets and liabilities and discloses in six categories such as on demand, less than one month, between one month to three months, between three months to one year, between one year to five years, and over five years.

4.3.2. Liquidity risk management

The liquidity risk is managed by risk management policies and liquidity risk management guidelines set forth in these policies that apply to all risk management policies and procedures that may arise throughout the overall business of the Company.

4.3.3. Analysis of remaining contractual maturity of financial liabilities

The cash flows disclosed in the maturity analysis are undiscounted contractual amounts including principal and future interest payments; as such, amounts in the table below do not match with those in the statements of financial position which are based on discounted cash flows. The future interest payments for floating-rate liabilities are calculated on the assumption that the current interest rate is the same until maturity.

Remaining contractual maturity of financial liabilities as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won)

September 30, 2024
On<br>Demand Up to<br>1 month 1-3<br>months 3-12<br>months 1-5<br>years Over 5<br>years Total
Financial liabilities
Borrowings ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ 965,000 ~~W~~ — ~~W~~ — ~~W~~ 965,000
Debentures — 82,471 83,317 641,140 1,265,189 849,287 2,921,404
Lease liabilities — 51 103 407 505 — 1,066
Other financial liabilities — 31,881 15,844 116 — — 47,841
~~W~~ — ~~W~~ 114,403 ~~W~~ 99,264 ~~W~~ 1,606,663 ~~W~~ 1,265,694 ~~W~~ 849,287 ~~W~~ 3,935,311

(In millions of Korean won)

December 31, 2023
On<br>Demand Up to<br>1 month 1-3<br>months 3-12<br>months 1-5<br>years Over 5<br>years Total
Financial liabilities
Borrowings ~~W~~ — ~~W~~ — ~~W~~ — ~~W~~ 100,000 ~~W~~ — ~~W~~ — ~~W~~ 100,000
Debentures — 3,074 388,246 757,507 1,880,375 1,115,241 4,144,443
Lease liabilities — 50 62 256 245 — 613
Other financial liabilities — 2,063 — — — — 2,063
~~W~~ — ~~W~~ 5,187 ~~W~~ 388,308 ~~W~~ 857,763 ~~W~~ 1,880,620 ~~W~~ 1,115,241 ~~W~~ 4,247,119

15

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

4.4 Market Risk

4.4.1 Concept

Market risk refers to risks that can result in losses due to changes in market factors such as interest rate, stock price, and foreign exchange rate, etc. The Company manages the market risks by dividing them into those arising from the trading position and those arising from the non-trading position.

4.4.2 Trading position

In accordance with Financial Holding Companies Act, the Company’s main business is to control financial companies or companies closely related to the financial service. And the Company cannot perform any other business other than managing activities as a holding company, therefore there is no risk of trading position.

4.4.3 Non-trading position

Non-trading position refers to the part except trading position, and the main risk the Company is managing is interest rate risk.

4.4.3.1 Interest rate risk

(a) Definition of interest rate risk

Interest rate risk refers to the risk of changes in the value (fair value) of the items in the statement of financial position due to changes in interest rate and the risk of changes in cash flows related to interest income and interest expense arising from investment and financing activities.

(b) Observation method and management indicator on interest rate risk

The main objective of interest rate risk management is to protect the value changes from interest rate fluctuations. In addition to the Interest Rate Risk in the Banking Book (“IRRBB”) standard methodology required for disclosure to measure interest rate risk.

16

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

5. Financial Assets and Financial Liabilities

5.1 Classification and Fair Value of Financial Instruments

5.1.1 Carrying amount and fair value of financial assets and liabilities by category as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30, 2024
Carrying amount Fair value
Financial assets
Financial assets at fair value through profit or loss
Hybrid securities ~~W~~ 1,184,867 ~~W~~ 1,184,867
Loans 53,115 53,115
Financial assets at amortized cost
Due from financial institutions 659,832 659,832
Loans 558,417 558,417
Other financial assets 57,597 57,597
~~W~~ 2,513,828 ~~W~~ 2,513,828
Financial liabilities
Financial liabilities at amortized cost
Borrowings ~~W~~ 965,000 ~~W~~ 965,000
Debentures 2,712,772 2,641,946
Other financial liabilities 54,641 54,641
~~W~~ 3,732,413 ~~W~~ 3,661,587
(In millions of Korean won) December 31, 2023
--- --- --- --- ---
Carrying amount Fair value
Financial assets
Financial assets at fair value through profit or loss
Hybrid securities ~~W~~ 1,011,362 ~~W~~ 1,011,362
Beneficiary certificates 316,080 316,080
Loans 48,981 48,981
Financial assets at amortized cost
Due from financial institutions 256,337 256,337
Loans 608,286 608,286
Other financial assets 57,562 57,562
~~W~~ 2,298,608 ~~W~~ 2,298,608
Financial liabilities
Financial liabilities at amortized cost
Borrowings ~~W~~ 100,000 ~~W~~ 100,000
Debentures 3,871,820 3,715,939
Other financial liabilities 10,381 10,381
~~W~~ 3,982,201 ~~W~~ 3,826,320

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The Company discloses the fair value of each class of assets and liabilities in a way that permits it to be compared with its carrying amount at the end of each reporting period. The best evidence of fair value of financial instruments is quoted price in an active market.

17

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

5.1.1 Carrying amount and fair value of financial assets and liabilities by category as of September 30, 2024 and December 31, 2023, are as follows: (cont’d)

Methods of determining fair value of financial instruments are as follows:

Cash and due from financial institutions Fair value of cash is same as carrying amount. Carrying amount of demand deposit and settlement deposit is a reasonable approximation of fair value because these financial instruments do not have a fixed maturity and are receivable<br>on demand. Fair value of general deposit is measured using Discounted Cash Flow (“DCF”) Model.
Securities Fair value of financial instruments that are quoted in an active market is determined using the quoted prices. If there is no quoted price, fair value is determined using external professional valuation institutions. The<br>institutions use one or more valuation techniques that are deemed appropriate considering the characteristics of the financial instruments among DCF Model, Imputed Market Value Model, Free Cash Flow to Equity Model, Dividend Discount Model, Risk<br>Adjusted Discount Rate Method, and Net Asset Value Method.
Derivatives Fair value of exchange traded derivatives is determined using quoted price in an active market, and fair value of OTC derivatives is determined using valuation techniques. The Company uses internally developed valuation models that<br>are widely used by market participants to determine fair value of plain vanilla OTC derivatives including options, interest rate swaps, and currency swaps, based on observable market parameters. However, some complex financial instruments are valued<br>using appropriate models developed from generally accepted market valuation models including the Finite Difference Method (“FDM”), and the MonteCarlo Simulation or valuation results from independent external professional valuation<br>institution.
Loans Fair value of loans is determined using DCF model discounting the expected cash flows, which are contractual cash flows adjusted by the expected prepayment rate, at an appropriate discount rate.
Borrowings DCF model is used to determine the fair value of borrowings, but in the case of short-term maturity, carrying amount is a reasonable approximation of fair value.
Debentures Fair value is determined by using valuation results of external professional valuation institutions, which are calculated using market inputs.
Other financial assets and other financial liabilities Carrying amount is a reasonable approximation of fair value because other financial assets and other financial liabilities are temporary accounts used for other various transactions and their maturities are relatively short or not<br>defined.

18

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

5.1.2 Fair value hierarchy

The Company believes that valuation techniques used for measuring the fair value of financial instruments are reasonable and that the fair value recognized in the statements of financial position is appropriate. However, the fair value of the financial instruments recognized in the statements of financial position may be different if other valuation techniques or assumptions are used. Additionally, as there are a variety of valuation techniques and assumptions used in measuring fair value, it may be difficult to reasonably compare the fair value with that of other financial institutions.

The Company classifies and discloses fair value of the financial instruments into the three fair value levels as follows:

Level 1: The fair values are based on quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.
Level 2: The fair values are based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3: The fair values are based on unobservable inputs for the asset or liability.

The fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. If an observable input requires an adjustment using an unobservable input and that adjustment results in a significantly higher or lower fair value measurement, the resulting measurement would be categorized within Level 3 of the fair value hierarchy.

5.1.2.1 Fair value hierarchy of financial assets and liabilities at fair value in the statements of financial position

Fair value hierarchy of financial assets at fair value in the statements of financial position as of September **** 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30, 2024
Fair value hierarchy Total
Level 1 Level 2 Level 3
Financial assets
Financial assets at fair value through profit or loss:
Hybrid securities ~~W~~ — ~~W~~ — ~~W~~ 1,184,867 ~~W~~ 1,184,867
Loans — 53,115 — 53,115
~~W~~ — ~~W~~ 53,115 ~~W~~ 1,184,867 ~~W~~ 1,237,982
(In millions of Korean won) December 31, 2023
--- --- --- --- --- --- --- --- ---
Fair value hierarchy Total
Level 1 Level 2 Level 3
Financial assets
Financial assets at fair value through profit or loss:
Hybrid securities ~~W~~ — ~~W~~ — ~~W~~ 1,011,362 ~~W~~ 1,011,362
Beneficiary certificates — 316,080 — 316,080
Loans — 48,981 — 48,981
~~W~~ — ~~W~~ 365,061 ~~W~~ 1,011,362 ~~W~~ 1,376,423

19

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

5.1.2.1 Fair value hierarchy of financial assets and liabilities at fair value in the statements of financial position (cont’d)

Valuation techniques and inputs of financial assets and liabilities classified as Level 2 and measured at fair value in the statements of financial position as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30, 2024
Fair value Valuation<br>techniques Inputs
Financial assets
Financial assets at fair value through profit or loss:
Loans ~~W~~ 53,115 DCF model Interest rate,<br> <br>Discount<br>rate, etc.
(In millions of Korean won) December 31, 2023
--- --- --- --- --- --- ---
Fair value Valuation<br>techniques Inputs
Financial assets
Financial assets at fair value through profit or loss:
Beneficiary certificates ~~W~~ 316,080 DCF model Interest rate,<br> <br>Discount<br>rate, etc.
Loans 48,981 DCF model Interest rate,<br> <br>Discount<br>rate, etc.
~~W~~ 365,061

5.1.2.2 Fair value hierarchy of financial assets and liabilities whose fair value is disclosed

Fair value hierarchy of financial assets and liabilities whose fair value is disclosed as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30, 2024
Fair value hierarchy
Level 1 Level 2 Level 3 Total
Financial assets
Cash and due from financial institutions<br>^1^ ~~W~~ — ~~W~~ 659,832 ~~W~~ — ~~W~~ 659,832
Loans measured at amortized cost ^2^ — — 558,417 558,417
Other financial assets ^3^ — — 57,597 57,597
~~W~~ — ~~W~~ 659,832 ~~W~~ 616,014 ~~W~~ 1,275,846
Financial liabilities
Borrowings ^4^ ~~W~~ — ~~W~~ 965,000 ~~W~~ — ~~W~~ 965,000
Debentures — 2,641,946 — 2,641,946
Other financial liabilities ^3^ — — 54,641 54,641
~~W~~ — ~~W~~ 3,606,946 ~~W~~ 54,641 ~~W~~ 3,661,587

20

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

5.1.2.2 Fair value hierarchy of financial assets and liabilities whose fair value is disclosed (cont’d)

December 31, 2023
(In millions of Korean won) Fair value hierarchy
Level 1 Level 2 Level 3 Total
Financial assets
Cash and due from financial institutions<br>^1^ ~~W~~ — ~~W~~ 256,337 ~~W~~ — ~~W~~ 256,337
Loans measured at amortized cost ^2^ — — 608,286 608,286
Other financial assets ^3^ — — 57,562 57,562
~~W~~ — ~~W~~ 256,337 ~~W~~ 665,848 ~~W~~ 922,185
Financial liabilities
Borrowings ^4^ ~~W~~ — ~~W~~ 100,000 ~~W~~ — ~~W~~ 100,000
Debentures — 3,715,939 — 3,715,939
Other financial liabilities ^3^ — — 10,381 10,381
~~W~~ — ~~W~~ 3,815,939 ~~W~~ 10,381 ~~W~~ 3,826,320
^1^ Because due from financial institutions classified as level 2 are deposits on demand and with remaining<br>maturities of less than one year, carrying amounts are reasonable approximations of fair values.
--- ---
^2^ Because loans measured at amortized cost classified as level 3 are loans with residual maturity of less than<br>one year, carrying amounts are reasonable approximations of fair values.
--- ---
^3^ For other financial assets and other financial liabilities classified as level 3, carrying amounts are<br>reasonable approximations of fair values.
--- ---
^4^ For borrowings classified as level 2, carrying amount is reasonable approximations of fair value.<br>
--- ---

Financial assets and liabilities whose carrying amount is a reasonable approximation of fair value, valuation techniques and inputs are not disclosed.

Valuation techniques and inputs of financial assets and liabilities classified as Level 2, and whose fair value is disclosed as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) Fair value Valuationtechniques Inputs
September 30,<br>2024 December 31,2023
Financial liabilities
Debentures ~~W~~ 2,641,946 ~~W~~ 3,715,939 DCF model Discount rate

5.2 Disclosure of Fair Value Hierarchy Level 3

5.2.1 Valuation policy and process of Level 3 fair value

The Company uses external, independent and qualified valuation service to determine the fair value of financial instruments at the end of every reporting period.

21

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

5.2.2 Changes in fair value (Level 3) measured using valuation technique based on unobservable inputs in the market

5.2.2.1 Changes in financial instruments classified as Level 3 of the fair value hierarchy for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024 2023
Financial assets at fair<br>value<br>through profit or loss Financial assets at fair<br>value<br>through profit or loss
Beginning ~~W~~ 1,011,363 ~~W~~ 874,171
Total gains or losses:
- Profit or loss 23,504 10,426
- Other comprehensive income — —
Purchases 150,000 100,000
Sales — —
Issues — —
Settlements — —
Transfers into Level 3 — —
Transfers out of Level 3 — —
Ending ~~W~~ 1,184,867 ~~W~~ 984,597

5.2.2.2 In relation to changes in financial instruments classified as Level 3 of the fair value hierarchy, total gains or losses recognized in profit or loss for the period, and total gains or losses recognized in profit or loss from financial instruments held at the end of the reporting period for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024 2023
Gains onfinancialinstruments atfair valuethrough profit<br>or loss Otheroperatingincome Netinterestincome Gains onfinancialinstruments at<br>fair valuethrough profit<br>or loss Otheroperatingincome Net<br>interestincome
Total gains included in profit or loss for the period ~~W~~ 23,504 ~~W~~ — ~~W~~ — ~~W~~ 10,426 ~~W~~ — ~~W~~ —
Total gains for the period included in profit or loss for financial instruments held at the end of<br>the reporting period 23,504 — — 10,426 — —

22

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

5.2.3 Sensitivity analysis of changes in unobservable inputs

5.2.3.1 Information about fair value measurements using unobservable inputs as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30, 2024
Fair value Valuation<br><br><br>techniques Inputs Unobservable<br><br><br>inputs Range ofunobservableinputs (%) Relationship<br><br><br>of<br> <br>unobservable<br><br><br>inputs to fair<br><br><br>value
Financial assets
Financial assets at fair value through profit or loss:
Hybrid securities ~~W~~ 1,184,867 Hull and White Model,<br>MonteCarlo Simulation Matrix YTM, Additional spread by grade, Risk spread of company, Valid credit rating,<br>Disclosed information of securities, Estimated volatility of Interest rate Discount rate 3.49 ~ 8.56 The lower the discount rate, the higher the fair value
Volatility of interest rate 0.51 ~ 0.68 The higher the volatility, the higher the fair value fluctuation
(In millions of Korean won) December 31, 2023
--- --- --- --- --- --- --- --- ---
Fair value Valuation<br><br><br>techniques Inputs Unobservable<br><br><br>inputs Range ofunobservableinputs (%) Relationship<br><br><br>of<br> <br>unobservable<br><br><br>inputs to fair<br><br><br>value
Financial assets
Financial assets at fair value through profit or loss:
Hybrid securities ~~W~~ 1,011,362 Hull and White Model, MonteCarlo Simulation Matrix YTM, Additional spread by grade, Risk spread of company, Valid credit rating,<br>Disclosed information of securities, Estimated volatility of Interest rate Discount rate 5.05 ~ 6.30 The lower the discount rate, the higher the fair value
Volatility of interest rate 0.61 The higher the volatility, the higher the fair value fluctuation

23

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

5.2.3.2 Sensitivity analysis of changes in unobservable inputs

Sensitivity analysis of financial instruments is performed to measure favorable and unfavorable changes in fair value of financial instruments which are affected by unobservable parameters, using a statistical technique. When the fair value is affected by more than one input parameter, the amounts represent the most favorable or most unfavorable outcome. There are hybrid securities whose fair value changes are recognized in profit or loss.

Results of the sensitivity analysis of changes in unobservable inputs as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30, 2024
Profit or loss Other comprehensive<br>income or loss
Favorablechanges Unfavorablechanges Favorablechanges Unfavorablechanges
Financial assets
Financial assets at fair value through profit or loss:
Hybrid securities * ~~W~~ 8,475 ~~W~~ (8,286 ) ~~W~~ — ~~W~~ —
* The changes in fair value are calculated by increasing or decreasing discount rates (3.49% ~ 8.56%) by 1%p,<br>which are principal unobservable input parameters.
--- ---
(In millions of Korean won) December 31, 2023
--- --- --- --- --- --- --- --- --- ---
Profit or loss Other comprehensive<br>income or loss
Favorablechanges Unfavorablechanges Favorablechanges Unfavorablechanges
Financial assets
Financial assets at fair value through profit or loss:
Hybrid securities * ~~W~~ 6,866 ~~W~~ (6,746 ) ~~W~~ — ~~W~~ —
* The changes in fair value are calculated by increasing or decreasing discount rates (5.05% ~ 6.30%) by 1%p,<br>which are principal unobservable input parameters.
--- ---

24

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

6. Due from Financial Institutions

6.1 Details of due from financial institutions as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) Financial Institution Interest rate<br>(%)<br>as of<br>September 30,<br>2024 September 30,<br>2024 December 31,2023
Due from financial institutions in Korean won Due from banks Kookmin Bank 0.00 ~ 1.20 ~~W~~ 349,520 ~~W~~ 114,336
KB Savings Bank Co., Ltd. 2.30 ~ 2.50 80,000 140,000
Standard Chartered Bank — — 2,001
Shinhan Bank 3.50 230,312 —
~~W~~ 659,832 ~~W~~ 256,337

6.2 Details of restricted due from financial institution as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) FinancialInstitution September 30,<br>2024 December 31,2023 Reasons of<br><br><br>restriction
Due from financial institutions in Korean won Kookmin<br>Bank ~~W~~ 3 ~~W~~ 3 Pledged as collateral for the overdraft account

7. Financial Assets at Fair Value through Profit or Loss

Details of financial assets at fair value through profit or loss as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30,<br>2024 December 31,2023
Financial assets at fair value through profit or loss:
Hybrid securities ~~W~~ 1,184,867 ~~W~~ 1,011,362
Beneficiary certificates — 316,080
Loans 53,115 48,981
~~W~~ 1,237,982 ~~W~~ 1,376,423

25

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

8. Loans Measured at Amortized Cost

Details of loans measured at amortized cost as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30,<br>2024 December 31,2023
Loans measured at amortized cost ~~W~~ 560,000 ~~W~~ 610,000
Less: Allowances for loan losses (1,583 ) (1,714 )
~~W~~ 558,417 ~~W~~ 608,286

9. Investments in Subsidiaries

9.1 Details of subsidiaries as of September 30, 2024, are as follows:

Name of subsidiaries Industry Location
Kookmin Bank Banking and foreign exchange transaction Korea
KB Securities Co., Ltd. Financial investment Korea
KB Insurance Co., Ltd. Non-life insurance Korea
KB Kookmin Card Co., Ltd. Credit card and installment financial business Korea
KB Life Insurance Co., Ltd. Life insurance Korea
KB Asset Management Co., Ltd. Investment advisory and investment trust Korea
KB Capital Co., Ltd. Financial leasing Korea
KB Real Estate Trust Co., Ltd. Real estate trust management Korea
KB Savings Bank Co., Ltd. Savings banking Korea
KB Investment Co., Ltd. Capital investment Korea
KB Data System Co., Ltd. System software, development and supply Korea

9.2 Details of investments in subsidiaries as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won, except for shares) As of September 30, 2024 Carrying amount
Name of subsidiaries Number of<br>issued shares Ownership<br>(%) September 30,<br>2024 December 31,2023
Kookmin Bank 404,379,116 100.00 ~~W~~ 14,821,721 ~~W~~ 14,821,721
KB Securities Co., Ltd. 298,620,424 100.00 3,342,391 3,342,391
KB Insurance Co., Ltd. 66,500,000 100.00 2,375,430 2,375,430
KB Kookmin Card Co., Ltd. 92,000,000 100.00 1,953,175 1,953,175
KB Life Insurance Co., Ltd. 16,201,518 100.00 2,795,367 2,795,367
KB Asset Management Co., Ltd. 7,667,550 100.00 96,312 96,312
KB Capital Co., Ltd. 32,175,147 100.00 873,811 873,811
KB Real Estate Trust Co., Ltd. * 21,616,085 100.00 271,553 121,553
KB Savings Bank Co., Ltd. 8,001,912 100.00 176,813 176,813
KB Investment Co., Ltd. 22,525,328 100.00 154,910 154,910
KB Data System Co., Ltd. 800,000 100.00 6,334 6,334
~~W~~ 26,867,817 ~~W~~ 26,717,817
* Investment in subsidiaries increased by ~~W~~ 150,000 million due to the issuance of shares<br>by KB Real Estate Trust Co., Ltd. during the nine-month period ended September 30, 2024.
--- ---

26

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

10. Deferred Income Tax Assets and Liabilities

Details of deferred income tax assets and liabilities as September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30, 2024
Assets Liabilities Netamount
Share-based payments ~~W~~ 6,189 ~~W~~ — ~~W~~ 6,189
Membership rights 227 — 227
Defined benefit obligation 2,143 — 2,143
Plan assets — (2,813 ) (2,813 )
Short-term employee benefits 1,204 — 1,204
Gains or losses on valuation of financial assets at fair value through profit or loss — (1,285 ) (1,285 )
Others 1,170 (744 ) 426
10,933 (4,842 ) 6,091
Offsetting of deferred tax assets and liabilities (4,842 ) 4,842 —
~~W~~ 6,091 ~~W~~ — ~~W~~ 6,091
(In millions of Korean won) December 31, 2023
--- --- --- --- --- --- --- --- --- ---
Assets Liabilities Netamount
Share-based payments ~~W~~ 4,704 ~~W~~ — ~~W~~ 4,704
Membership rights 227 — 227
Defined benefit obligation 2,369 — 2,369
Plan assets — (2,369 ) (2,369 )
Short-term employee benefits 403 — 403
Gains or losses on valuation of financial assets at fair value through profit or loss 675 — 675
Others 2,159 (3,676 ) (1,517 )
10,537 (6,045 ) 4,492
Offsetting of deferred tax assets and liabilities (6,045 ) 6,045 —
~~W~~ 4,492 ~~W~~ — ~~W~~ 4,492

27

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

11. Borrowings

11.1 Details of borrowings as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30,<br>2024 December 31,<br>2023
Borrowings ~~W~~ 965,000 ~~W~~ 100,000

11.2 Details of borrowings as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) Lenders Borrowing date Maturity date Interest rate<br>(%) as of<br>September 30,<br>2024 September 30,<br>2024 December 31,<br>2023
Borrowings in Korean won Other borrowings HI INVESTMENT &<br>SECURITIES Co., Ltd. Jul. 21, 2023 Jul. 19, 2024 — ~~W~~ — ~~W~~ 100,000
Other borrowings KIWOOM SECURITIES<br>Co., Ltd. Feb. 20, 2024 Feb. 18, 2025 3.81 200,000 —
Other borrowings Hanyang SECURITIES<br>Co., Ltd. Feb. 21, 2024 Feb. 19, 2025 3.81 65,000 —
Other borrowings SK SECURITIES Co.,<br>Ltd. Mar. 21, 2024 Mar. 20, 2025 3.80 100,000 —
Other borrowings KIWOOM SECURITIES<br>Co., Ltd. Apr. 25, 2024 Apr. 24, 2025 3.66 100,000 —
Other borrowings KIWOOM SECURITIES<br>Co., Ltd. May 29, 2024 May 28, 2025 3.70 100,000 —
Other borrowings SK SECURITIES Co.,<br>Ltd. Jun. 26, 2024 Jun. 25, 2025 3.66 200,000 —
Other borrowings KIWOOM SECURITIES<br>Co., Ltd. Jul. 29, 2024 Jul. 28, 2025 3.45 200,000 —
~~W~~ 965,000 ~~W~~ 100,000

11.3 Maturities of borrowings as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30, 2024
Up to<br>3 months 3~6<br>months 6~12<br>months 1~3<br>years Over<br>3 years Total
Borrowings in Korean won ~~W~~ — ~~W~~ 365,000 ~~W~~ 600,000 ~~W~~ — ~~W~~ — ~~W~~ 965,000
December 31, 2023
Up to<br>3 months 3~6<br>months 6~12<br>months 1~3<br>years Over<br>3 years Total
Borrowings in Korean won ~~W~~ — ~~W~~ — ~~W~~ 100,000 ~~W~~ — ~~W~~ — ~~W~~ 100,000

28

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

12. Debentures

12.1 Details of debentures as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) Issuance date Maturity date Interest rate (%)<br>as of September 30, 2024 September 30,<br>2024 December 31,<br>2023
Unguaranteed debentures No.15-3 May 12, 2016 May 12, 2026 2.01 ~~W~~ 200,000 ~~W~~ 200,000
Unguaranteed debentures No.18-3 Jul. 25, 2016 Jul. 25, 2026 1.69 80,000 80,000
Unguaranteed debentures No.19-3 Aug. 25, 2016 Aug. 25, 2026 1.69 120,000 120,000
Unguaranteed debentures No.25-4 May 24, 2017 May 24, 2027 2.62 80,000 80,000
Unguaranteed debentures No.26-2 Jun. 27, 2017 Jun. 27, 2024 2.34 — 200,000
Unguaranteed debentures No.27 Jul. 19, 2017 Jul. 19, 2024 2.41 — 100,000
Unguaranteed debentures No.28-2 Aug. 30, 2017 Aug. 30, 2024 2.43 — 30,000
Unguaranteed debentures No.28-3 Aug. 30, 2017 Aug. 30, 2027 2.60 60,000 60,000
Unguaranteed debentures No.29-2 Sep. 19, 2017 Sep. 19, 2024 2.44 — 110,000
Unguaranteed debentures No.31-3 Feb. 28, 2018 Feb. 28, 2028 3.02 60,000 60,000
Unguaranteed debentures No.32-3 Apr. 6, 2018 Apr. 6, 2028 2.86 20,000 20,000
Unguaranteed debentures No.33-2 Jun. 12, 2018 Jun. 12, 2028 2.92 30,000 30,000
Unguaranteed debentures No.34-3 Jul. 25, 2018 Jul. 25, 2025 2.71 20,000 20,000
Unguaranteed debentures No.34-4 Jul. 25, 2018 Jul. 25, 2028 2.76 20,000 20,000
Unguaranteed debentures No.36-2 Feb. 22, 2019 Feb. 22, 2024 2.11 — 230,000
Unguaranteed debentures No.36-3 Feb. 22, 2019 Feb. 22, 2029 2.22 60,000 60,000
Unguaranteed debentures No.37-1 Mar. 15, 2019 Mar. 15, 2024 2.06 — 140,000
Unguaranteed debentures No.37-2 Mar. 15, 2019 Mar. 15, 2029 2.16 70,000 70,000
Unguaranteed debentures No.38-1 Jun. 19, 2019 Jun. 19, 2026 1.73 80,000 80,000
Unguaranteed debentures No.38-2 Jun. 19, 2019 Jun. 19, 2029 1.77 120,000 120,000
Unguaranteed debentures No.39-1 Oct. 15, 2019 Oct. 15, 2024 1.60 80,000 80,000
Unguaranteed debentures No.39-2 Oct. 15, 2019 Oct. 15, 2029 1.67 40,000 40,000
Unguaranteed debentures No.40-1 Dec. 4, 2019 Dec. 4, 2024 1.76 70,000 70,000
Unguaranteed debentures No.40-2 Dec. 4, 2019 Dec. 4, 2029 1.87 30,000 30,000
Unguaranteed debentures No.41-2 Jan. 16, 2020 Jan. 16, 2025 1.74 100,000 100,000
Unguaranteed debentures No.41-3 Jan. 16, 2020 Jan. 16, 2030 1.88 40,000 40,000
Subordinated debentures No.1-1 Feb. 18, 2020 Feb. 18, 2030 2.21 370,000 370,000
Subordinated debentures No.1-2 Feb. 18, 2020 Feb. 18, 2035 2.26 30,000 30,000
Unguaranteed debentures No.42-1 May 13, 2020 May 13, 2025 1.59 130,000 130,000
Unguaranteed debentures No.42-2 May 13, 2020 May 13, 2030 1.78 70,000 70,000
Unguaranteed debentures No.43-2 Jun. 16, 2020 Jun. 16, 2025 1.44 110,000 110,000
Unguaranteed debentures No.43-3 Jun. 16, 2020 Jun. 16, 2030 1.63 50,000 50,000
Exchangeable bonds No.1 * Jun. 30, 2020 Jun. 30, 2025 — — 240,000
Unguaranteed debentures No.44-3 Aug. 11, 2020 Aug. 9, 2024 1.18 — 30,000
Unguaranteed debentures No.44-4 Aug. 11, 2020 Aug. 11, 2027 1.39 20,000 20,000
Unguaranteed debentures No.46-2 Jan. 14, 2021 Jan. 14, 2026 1.43 30,000 30,000
Unguaranteed debentures No.46-3 Jan. 14, 2021 Jan. 14, 2028 1.62 10,000 10,000
Unguaranteed debentures No.46-4 Jan. 14, 2021 Jan. 14, 2031 1.84 100,000 100,000
Unguaranteed debentures No.48-1 Jun. 16, 2022 Jun. 17, 2024 4.15 — 85,000
Unguaranteed debentures No.48-2 Jun. 16, 2022 Jun. 16, 2025 4.27 240,000 240,000
Unguaranteed debentures No.48-3 Jun. 16, 2022 Jun. 16, 2027 4.34 80,000 80,000
Unguaranteed debentures No.48-4 Jun. 16, 2022 Jun. 16, 2032 4.40 95,000 95,000

29

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

12.1 Details of debentures as of September 30, 2024 and December 31, 2023, are as follows: (cont’d)

(In millions of Korean won) Issuance date Maturity date Interest rate (%)<br>as of September 30, 2024 September 30,<br>2024 December 31,<br>2023
2,715,000 3,880,000
Less: Bond Discounts (2,228 ) (3,076 )
Less: adjustment on exchange right — (5,104 )
~~W~~ 2,712,772 ~~W~~ 3,871,820
* Fair value of the liability component of exchangeable bonds is calculated by using market interest rate of<br>bonds under the same conditions without the exchange right. The residual amount, after deducting liability component from the issuance amount, represents the value of exchange right and is recorded in equity. Shares to be exchanged are<br>5 million treasury shares of KB Financial Group Inc. with the exchange price of ~~W~~ 48,000. Exchange rights were fully exercised on February 14, 2024. 12.2 Maturities of debentures as of September 30, 2024 and<br>December 31, 2023, are as follows:
--- ---
(In millions of Korean won) September 30, 2024
--- --- --- --- --- --- --- --- --- --- --- --- ---
Up to<br>3 months 3~6<br>months 6~12<br>months 1~3<br>years Over<br>3 years Total
Debentures in Korean won ~~W~~ 150,000 ~~W~~ 100,000 ~~W~~ 500,000 ~~W~~ 750,000 ~~W~~ 1,215,000 ~~W~~ 2,715,000
(In millions of Korean won) December 31, 2023
Up to<br>3 months 3~6<br>months 6~12<br>months 1~3<br>years Over<br>3 years Total
Debentures in Korean won ~~W~~ 370,000 ~~W~~ 285,000 ~~W~~ 420,000 ~~W~~ 1,350,000 ~~W~~ 1,455,000 ~~W~~ 3,880,000

12.3 Changes in debentures based on par value for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024
Beginning Issue Repayment Ending
Debentures in Korean won(*) ~~W~~ 3,880,000 ~~W~~ — ~~W~~ (1,165,000 ) ~~W~~ 2,715,000

* Exchangeable bonds amounting to 240,000 million were redeemed on February 14, 2024, due to the exercise of exchange right.

(In millions of Korean won) 2023
Beginning Issue Repayment Ending
Debentures in Korean won ~~W~~ 4,970,000 ~~W~~ — ~~W~~ (910,000 ) ~~W~~ 4,060,000

30

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

13. Net Defined Benefit Liabilities (Assets)

13.1 Defined Benefit Plan

The Company operates defined benefit plans which have the following characteristics:

• The Company has the obligation to pay the agreed benefits to all its current and former employees.<br>
• The Company assumes actuarial risk (that benefits will cost more than expected) and investment risk.<br>
--- ---

The net defined benefit liabilities recognized in the statements of financial position are calculated in accordance with actuarial valuation method using assumptions based on market data and historical data such as discount rate, future salary increase rate, and mortality. Actuarial assumptions may differ from actual results, due to changes in the market conditions, economic trends, and mortality trends.

13.2 Details of the net defined benefit liabilities as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30,<br>2024 December 31, 2023
Present value of defined benefit obligation ~~W~~ 18,880 ~~W~~ 19,639
Fair value of plan assets (21,430 ) (23,333 )
Net defined benefit liabilities (assets) ~~W~~ (2,550 ) ~~W~~ (3,694 )

13.3 Details of post-employment benefits recognized in profit or loss for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024 2023
Current service cost ~~W~~ 1,354 ~~W~~ 1,359
Net interest expense on net defined benefit liabilities (118 ) (167 )
Post-employment benefits ~~W~~ 1,236 ~~W~~ 1,192
(*) The gains or losses related to the defined benefit pension plan is fully included in general administrative<br>expenses.
--- ---

31

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

14. Equity

14.1 Share Capital

14.1.1 Details of share capital as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30,<br>2024 December 31,<br>2023
Type of share Ordinary share Ordinary share
Number of authorized shares 1,000,000,000 1,000,000,000
Par value per share (In Korean won) ~~W~~ 5,000 ~~W~~ 5,000
Number of issued shares 393,528,423 403,511,072
Share capital * ~~W~~ 2,090,558 ~~W~~ 2,090,558
* Due to the retirement of shares deducted through retained earnings, it is different from the total par value of<br>the shares issued.
--- ---

14.1.2 Changes in shares for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In number of shares) 2024 2023
Beginning 378,663,825 389,634,335
Increase 5,000,000 —
Decrease (6,448,135 ) (7,285,996 )
Ending 377,215,690 382,348,339

32

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

14.2 Hybrid Securities

Details of hybrid securities classified as equity as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won)

Hybrid<br><br><br>securities Issuance date Maturity Interest rate (%)<br>as of<br>September 30, 2024 September 30,<br>2024 December 31,<br>2023
The<br>1-1^st^* May 2, 2019 Perpetual bond 3.23 ~~W~~ — ~~W~~ 349,204
The 1-2^nd^ May 2, 2019 Perpetual bond 3.44 49,881 49,881
The 2-1^st^ May 8, 2020 Perpetual bond 3.30 324,099 324,099
The 2-2^nd^ May 8, 2020 Perpetual bond 3.43 74,812 74,812
The 3-1^st^ Jul. 14, 2020 Perpetual bond 3.17 369,099 369,099
The 3-2^nd^ Jul. 14, 2020 Perpetual bond 3.38 29,922 29,922
The 4-1^st^ Oct. 20, 2020 Perpetual bond 3.00 433,918 433,918
The 4-2^nd^ Oct. 20, 2020 Perpetual bond 3.28 64,843 64,843
The 5-1^st^ Feb. 19, 2021 Perpetual bond 2.67 419,056 419,056
The 5-2^nd^ Feb. 19, 2021 Perpetual bond 2.87 59,862 59,862
The 5-3^rd^ Feb. 19, 2021 Perpetual bond 3.28 119,727 119,727
The 6-1^st^ May 28, 2021 Perpetual bond 3.20 165,563 165,563
The 6-2^nd^ May 28, 2021 Perpetual bond 3.60 109,708 109,708
The 7-1^st^ Oct. 8, 2021 Perpetual bond 3.57 208,453 208,453
The 7-2^nd^ Oct. 8, 2021 Perpetual bond 3.80 59,834 59,834
The 8-1^st^ Feb. 16, 2022 Perpetual bond 4.00 442,955 442,955
The 8-2^nd^ Feb. 16, 2022 Perpetual bond 4.30 155,626 155,626
The 9-1^st^ May 12, 2022 Perpetual bond 4.68 478,814 478,814
The 9-2^nd^ May 12, 2022 Perpetual bond 4.97 19,906 19,906
The 10-1^st^ Aug. 26, 2022 Perpetual bond 4.90 407,936 407,936
The 10-2^nd^ Aug. 26, 2022 Perpetual bond 5.15 70,819 70,819
The 10-3^rd^ Aug. 26, 2022 Perpetual bond 5.30 19,944 19,944
The 11-1^st^ Feb 3, 2023 Perpetual bond 4.90 548,666 548,666
The 11-2^nd^ Feb 3, 2023 Perpetual bond 5.03 49,871 49,871
The 12 Feb 28, 2024 Perpetual bond 4.39 399,045 —
~~W~~ 5,082,359 ~~W~~ 5,032,518
* As a result of exercising the call option for the Company’s write-down contingent convertible bonds on<br>May 2, 2024, ~~W~~ 350,000 million was fully redeemed before maturity.
--- ---

The above hybrid securities are early redeemable by the Company after 5 or 7 or 10 years from the issuance date.

33

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

14.3 Capital Surplus

Details of capital surplus as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30,<br>2024 December 31,<br>2023
Paid-in capital in excess of par value ~~W~~ 13,190,275 ~~W~~ 13,190,275
Other capital surplus 1,448,502 1,465,893
Gains on sales of treasury shares 90,621 86,646
Consideration for exchange right of exchangeable bonds — 11,933
~~W~~ 14,729,398 ~~W~~ 14,754,747

14.4 Accumulated Other Comprehensive Income (Loss)

Details of accumulated other comprehensive income (loss) as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30,<br>2024 December 31,<br>2023
Remeasurements of net defined benefit liabilities ~~W~~ (6,746 ) ~~W~~ (6,809 )

14.5 Retained Earnings

14.5.1 Details of retained earnings as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30,<br>2024 December 31,<br>2023
Legal reserves ~~W~~ 1,219,809 ~~W~~ 1,007,686
Voluntary reserves 982,000 982,000
Regulatory reserve for credit losses 4,061 9,340
Unappropriated retained earnings 2,478,123 2,337,872
~~W~~ 4,683,993 ~~W~~ 4,336,898

With respect to the allocation of net profit earned in a fiscal term, the Company must set aside in its legal reserve an amount equal to at least 10% of its profit after tax as reported in the financial statements, each time it pays dividends on its net profits earned until its legal reserve reaches the aggregate amount of its share capital in accordance with Article 53 of the Financial Holding Company Act. The reserve is not available for the payment of cash dividends, but may be transferred to share capital, or used to reduce accumulated deficit.

34

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

14.5.2 Regulatory reserve for credit losses

Measurement and disclosure of regulatory reserve for credit losses are required in accordance with Articles 26 through 28 of the Regulations on Supervision of Financial Holding Companies.

14.5.2.1 Details of regulatory reserve for credit losses as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30, 2024 December 31, 2023
Amounts before appropriation ~~W~~ 4,061 ~~W~~ 9,340
Amounts estimated to be appropriated (reversed) 1,107 (5,279 )
~~W~~ 5,168 ~~W~~ 4,061

14.5.2.2 Regulatory reserve for credit losses estimated to be appropriated (reversed) and adjusted profit after provision (reversal) of regulatory reserve for credit losses for the three-month and nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won, except for per share amounts) 2024 2023
Three<br>months Nine<br>months Three<br>months Nine<br>months
Regulatory reserve for credit losses estimated to be appropriated (reversed) ~~W~~ 273 ~~W~~ 1,107 ~~W~~ 177 ~~W~~ (4,337 )
Adjusted profit (loss) after provision (reversal) of regulatory reserve for credit losses ^1,2^ (60,437 ) 2,048,258 (78,803 ) 1,994,135
Adjusted basic earnings (loss) per share after provision (reversal) of regulatory reserve for<br>credit losses ^1^ (160 ) 5,389 (204 ) 5,176
Adjusted diluted earnings (loss) per share after provision (reversal) of regulatory reserve for<br>credit losses ^1^ (158 ) 5,324 (197 ) 5,061
^1^ Adjusted profit (loss) after provision (reversal) of regulatory reserve for credit losses is not based on<br>Korean IFRS. It is calculated by reflecting provision (reversal) of regulatory reserve for credit losses before tax to the net profit for the period.
--- ---
^2^ After deducting dividends on hybrid securities
--- ---

35

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

14.6 Treasury Shares

Changes in treasury shares for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won except for number of shares)

2024
Beginning Acquisition Disposal Retirement Ending
Number of treasury shares * 24,847,247 6,448,135 (5,000,000 ) (9,982,649 ) 16,312,733
Carrying amount ~~W~~ 1,165,837 ~~W~~ 490,679 ~~W~~ (234,600 ) ~~W~~ (515,177 ) 906,739
2023
--- --- --- --- --- --- --- --- --- --- --- ---
Beginning Acquisition Disposal Retirement Ending
Number of treasury shares 19,262,733 7,285,996 — (5,385,996 ) 21,162,733
Carrying amount ~~W~~ 836,188 ~~W~~ 373,695 ~~W~~ — ~~W~~ (242,096 ) 967,787
* 5 million treasury shares deposited at the Korea Securities Depository for the exchange of exchangeable<br>bonds were disposed on February 14, 2024, due to the exercise of exchange right.
--- ---

The Company retired 5,584,514 shares (~~W~~ 300,000 million) and 4,398,135 shares (~~W~~ 320,000 million) of the treasury shares on August 14, 2024, each acquired in accordance with the resolution of the Board of Directors on July 25, 2023, and February 7, 2024, respectively. Additionally, in accordance with the resolution of the Board of Directors on July 23, 2024, the Company plans to acquire shares worth ~~W~~ 400,000 million of treasury stocks through a trust contract by March 4, 2025, and plans to retire the shares after the termination of the trust contract.

15. Dividends

The annual dividends to the shareholders of the Company for the year ended December 31, 2023, amounting to ~~W~~ 587,006 million (~~W~~ 1,530 per share) were declared at the annual general shareholders’ meeting on March 22, 2024 and paid in April 11, 2024. According to the resolution of the Board of Directors on April 25, 2024, the quarterly dividends per share of ~~W~~ 784 (total dividends: ~~W~~ 300,087 million) with dividend record date of March 31, 2024 were paid on May 9, 2024, and the resolution of the Board of Directors on July 23, 2024, the quarterly dividend per share of ~~W~~ 791 (total dividend: ~~W~~ 299,999 million) with dividend record date of June 30, 2024 were paid on August 8, 2024. Meanwhile, the annual dividends and quarterly dividends paid in 2023 for the year ended December 31, 2022, were ~~W~~ 564,970 million (~~W~~ 1,450 per share) and ~~W~~ 586,931 million (~~W~~ 510 per share), respectively.

Additionally, in accordance with the resolution of the Board of Directors on July 23, 2024, the Company plans to acquire ~~W~~ 400,000 million of treasury stocks through a trust contract by March 4, 2025, and plans to retire the shares after the termination of the trust contract.

36

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

16. Net Interest Expense

Details of interest income, interest expense, and net interest expense for the three-month and nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024 2023
Three months Nine months Three months Nine months
Interest income
Due from financial institutions ~~W~~ 4,174 ~~W~~ 14,099 ~~W~~ 4,255 ~~W~~ 13,937
Loans measured at amortized cost 4,801 14,207 4,139 10,529
Loans measured at fair value through profit or loss 714 2,117 696 2,494
Others 356 1,985 143 422
10,045 32,408 9,233 27,382
Interest expense
Borrowings 8,610 16,414 807 807
Debentures 16,766 57,340 23,645 75,215
Others 11 33 6 19
25,387 73,787 24,458 76,041
Net interest expense ~~W~~ (15,342) ~~W~~ (41,379) ~~W~~ (15,225) ~~W~~ (48,659)

17. Net Fee and Commission Expense

Details of fee and commission income, fee and commission expense, and net fee and commission expense for the three-month and nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024 2023
Three<br>months Nine<br>months Three<br>months Nine<br>months
Fee and commission income
Fees earned in Korean won ~~W~~ 387 ~~W~~ 1,381 ~~W~~ 407 ~~W~~ 1,188
Fee and commission expense
Fees paid in Korean won 1,434 5,811 2,419 7,376
Fees paid in foreign currency 146 329 127 287
1,580 6,140 2,546 7,663
Net fee and commission expense ~~W~~ (1,193) ~~W~~ (4,759) ~~W~~ (2,139) ~~W~~ (6,475)

37

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

18. Net Gains or Losses on Financial Instruments at Fair value through Profit or Loss

Net gains or losses on financial instruments at fair value through profit or loss include dividend income, gains or losses arising from changes in fair value, and gains or losses arising from sales and redemptions.

Details of net gains or losses on financial assets at fair value through profit or loss for the three-month and nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024 2023
Three months Nine months Three months Nine months
Gains on financial instruments at fair value through profit or loss
Dividend income from financial assets at fair value through profit or loss ~~W~~ 16,642 ~~W~~ 43,648 ~~W~~ 13,608 ~~W~~ 38,786
Gains on valuation of financial assets at fair value through profit or loss 10,179 26,359 858 27,952
Gains on disposal of financial assets at fair value through profit or loss — 148 — 678
26,821 70,155 14,466 67,416
Losses on financial instruments at fair value through profit or loss
Losses on valuation of financial assets at fair value through profit or loss — — 4,648 5,928
— — 4,648 5,928
Net gains on financial instruments at fair value through profit or loss ~~W~~ 26,821 ~~W~~ 70,155 ~~W~~ 9,818 ~~W~~ 61,488

38

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

19. Net Other Operating Income and Expenses

Details of other operating income and expenses for the three-month and nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024 2023
Three months Nine Months Three months Nine months
Other operating income
Dividend income from subsidiaries ~~W~~ — ~~W~~ 2,243,250 ~~W~~ — ~~W~~ 2,192,380
— 2,243,250 — 2,192,380
Net other operating income ~~W~~ — ~~W~~ 2,243,250 ~~W~~ — ~~W~~ 2,192,380

20. General and Administrative Expenses

20.1 Details of general and administrative expenses for the three-month and nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024 2023
Three months Nine Months Three months Nine months
Expenses related to employee
Employee benefits – salaries ~~W~~ 8,416 ~~W~~ 25,657 ~~W~~ 9,721 ~~W~~ 29,194
Employee benefits – others 1,112 3,450 1,109 3,368
Post-employment benefits – defined benefit plans 409 1,236 395 1,192
Post-employment benefits – defined contribution plans — 4 — 1
Share-based payments 2,783 11,729 4,134 7,020
12,720 42,076 15,359 40,775
Depreciation and amortization 1,410 4,325 1,354 4,071
Other general and administrative expenses
Travel 158 528 198 947
Communications 222 796 228 799
Tax and dues 50 400 70 407
Publication 71 230 76 262
Rental expense 592 1,729 543 1,598
Vehicle 39 99 43 111
Service fees 3,912 11,667 2,469 11,492
Advertising 40 547 112 627
Training 392 867 276 1,000
Others 2,239 6,611 2,327 6,847
7,715 23,474 6,342 24,090
~~W~~ 21,845 ~~W~~ 69,875 ~~W~~ 23,055 ~~W~~ 68,936

39

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

20.2 Share-based Payments

Share-based payments plan for executives and employees of the Company and its subsidiaries as of September 30, 2024, are as follows:

20.2.1 Stock grants linked to long-term performance

(In number of shares) Grant date Number of grantedshares ^1^ Vesting conditions ^2^
KB Financial Group Inc.
Series 34 Feb. 1, 2022 644 Services fulfillment, market performance ^3^ 30%, and non-market performance<br>^4^ 70%
Series 36 Jan. 1, 2023 26,071 Services fulfillment, market performance ^3^ 0~30%, and non-market performance ^4^ 70~100%
Series 37 Apr. 1, 2023 2,087 Services fulfillment, market performance ^3^ 30%, and non-market performance<br>^4^ 70%
Series 38 Nov. 21, 2023 55,547 Services fulfillment, market performance ^3^ 35%, and non-market performance<br>^5^ 65%
Series 39 Jan. 1, 2024 93,935 Services fulfillment, market performance ^3^ 0~30%, and non-market performance ^4^ 70~100%
Series 40 Feb. 1, 2024 511 Services fulfillment, market performance ^3^ 30%, and non-market performance<br>^4^ 70%
Series 41 Apr. 6, 2024 6,270 Services fulfillment, market performance ^3^ 30%, and non-market performance<br>^4^ 70%
Series 42 Apr. 26, 2024 616 Services fulfillment, market performance ^3^ 0%, and <br>non-market performance ^4^ 100%
Deferred grant in 2015 2,123 Satisfied
Deferred grant in 2020 284 Satisfied
Deferred grant in 2021 9,060 Satisfied
Deferred grant in 2022 26,240 Satisfied
Deferred grant in 2023 85,309 Satisfied
308,697
Kookmin Bank
Series 85 Jan. 1, 2022 6,740 Services fulfillment, market performance ^3^ 0~30%, and non-market performance ^4^ 70~100%<br> <br>Services fulfillment,<br>market performance ^3^ 30%, and non-market performance ^6^ 70%
Series 86 Feb. 1, 2022 1,525 Services fulfillment, market performance ^3^ 0~30%, and non-market performance ^4^ 70~100%
Series 90 Jul. 18, 2022 3,716 Services fulfillment, market performance ^3^ 0~30%, and non-market performance ^4^ 70~100%
Series 91 Aug. 24, 2022 7,277 Services fulfillment, market performance ^3^ 0~30%, and non-market performance ^4^ 70~100%
Series 92 Jan. 1, 2023 153,444 Services fulfillment, market performance ^3^ 0~30%, and non-market performance ^4^ 70~100%
Series 94 Apr. 1, 2023 5,997 Services fulfillment, market performance ^3^ 0~30%, and non-market performance ^4^ 70~100%
Series 96 Jan. 1, 2024 371,616 Services fulfillment, market performance ^3^ 0~30%, and non-market performance ^4^ 70~100%<br> <br>Services fulfillment,<br>market performance ^3^ 30%, and non-market performance ^6^ 70%
Series 97 Feb. 1, 2024 2,556 Services fulfillment, market performance ^3^ 0~30%, and non-market performance ^4^ 70~100%
Series 98 Apr. 22, 2024 2,959 Services fulfillment, market performance ^3^ 0~30%, and non-market performance ^4^ 70~100%

40

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

20.2.1 Stock grants linked to long-term performance (cont’d)

(In number of shares) Grant date Number of grantedshares ^1^ Vesting conditions ^2^
Series 99 Jul. 5, 2024 4,926 Services fulfillment, market performance ^3^ 0~30%, and non-market performance ^4^ 70~100%
Series 100 Jul. 18, 2024 2,406 Services fulfillment, market performance ^3^ 0~30%, and non-market performance ^4^ 70~100%
Series 101 Aug, 24, 2024 4,450 Services fulfillment, market performance ^3^ 0~30%, and non-market performance ^4^ 70~100%
Deferred grant in 2021 52,347 Satisfied
Deferred grant in 2022 58,485 Satisfied
Deferred grant in 2023 138,055 Satisfied
Deferred grant in 2024 5,260 Satisfied
821,759
Other subsidiaries
Stock granted in 2012 160 Services fulfillment, market performance ^3^ 0~50%, and non-market performance ^4^ 50~100%
Stock granted in 2013 219
Stock granted in 2014 1,028
Stock granted in 2015 1,287
Stock granted in 2016 234
Stock granted in 2017 5,834
Stock granted in 2018 13,883
Stock granted in 2019 18,106
Stock granted in 2020 53,629
Stock granted in 2021 52,505
Stock granted in 2022 146,378
Stock granted in 2023 386,058
Stock granted in 2024 322,593
1,001,914
2,132,370
^1^ Granted shares represent the total number of shares initially granted to executives and employees who have<br>residual shares as of September 30, 2024 (Deferred grants are residual shares vested as of September 30, 2024).
--- ---
^2^ Executives and employees were given the right of choice about the timing of the deferred payment (after the<br>date of retirement), payment ratio, and payment period. Accordingly, a certain percentage of the granted shares is deferred for up to five years after the date of retirement after the deferred grant has been confirmed.
--- ---
^3^ Relative TSR (Total Shareholder Return): [(Fair value at the end of the contract - Fair value at the beginning<br>of the contract) + (Total amount of dividend per share paid during the contract period)] / Fair value at the beginning of the contract
--- ---
^4^ Performance results of company and employee
--- ---
^5^ EPS (Earnings Per Share), Asset Quality, HCROI (Human Capital Return On Investment), Non-bank segment profit
--- ---
^6^ EPS, Asset Quality
--- ---

The stock grant linked to long-term performance is an incentive plan that sets, on grant date, the maximum number of shares that can be awarded. Actual shares to be granted is determined in accordance with achievement of pre-set performance targets over the vesting period.

41

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

20.2.2 Stock grants linked to short-term performance

(In number of shares) Estimated number of vestedshares * Vesting<br><br><br>conditions
KB Financial Group Inc.
Stock granted in 2015 1,078 Satisfied
Stock granted in 2016 2,076 Satisfied
Stock granted in 2020 156 Satisfied
Stock granted in 2021 11,857 Satisfied
Stock granted in 2022 29,285 Satisfied
Stock granted in 2023 41,923 Satisfied
Stock granted in 2024 19,340 Proportional to service period
Kookmin Bank
Stock granted in 2016 706 Satisfied
Stock granted in 2021 43,194 Satisfied
Stock granted in 2022 107,840 Satisfied
Stock granted in 2023 178,583 Satisfied
Stock granted in 2024 70,070 Proportional to service period
Other subsidiaries
Stock granted in 2015 2,672 Satisfied
Stock granted in 2016 12,312 Satisfied
Stock granted in 2017 26,375 Satisfied
Stock granted in 2018 64,040 Satisfied
Stock granted in 2019 56,724 Satisfied
Stock granted in 2020 75,969 Satisfied
Stock granted in 2021 234,222 Satisfied
Stock granted in 2022 349,858 Satisfied
Stock granted in 2023 575,294 Satisfied
Stock granted in 2024 124,536 Proportional to service period
2,028,110
* Executives and employees were given the right of choice about the timing of the deferred payment (after the<br>date of retirement), payment ratio, and payment period. Accordingly, a certain percentage of the granted shares is deferred for up to five years after the date of retirement after the deferred grant has been confirmed.
--- ---

Share-based payments arrangement for subsidiaries was transferred to the Company in 2010, and the related compensation cost paid to the executives and employees of subsidiaries is reimbursed by subsidiaries. The accrued expenses for share-based payments as of September 30, 2024 and December 31, 2023, are ~~W~~ 266,403 million and ~~W~~ 202,249 million, respectively, and the receivables to be reimbursed by subsidiaries for the compensation costs as of September 30, 2024 and December 31, 2023, are ~~W~~ 242,960 million and ~~W~~ 184,433 million, respectively. And compensation costs from share-based payments amounting to ~~W~~ 11,729 million and ~~W~~ 7,020 million were recognized for the nine-month periods ended September 30, 2024 and 2023, respectively.

42

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

21. Income Tax Benefit (Expense)

Details of income tax benefit (expense) for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024 2023
Income tax payable ~~W~~ — ~~W~~ —
Changes in deferred tax assets and liabilities 1,599 (7,360 )
Origination and reversal of temporary differences 1,599 (7,360 )
Income tax recognized directly in equity 211 (13 )
Remeasurements of net defined benefit liabilities 22 (13 )
Consideration for exchange right of exchangeable bonds 189 —
Income tax benefit (expense) ~~W~~ 1,810 ~~W~~ (7,373 )

22. Earnings per Share

22.1 Basic Earnings per Share

Basic earnings per share is calculated from the earnings attributable to ordinary shares.

22.1.1 Weighted average number of ordinary shares outstanding

(In number of shares) 2024 2023
Three months Nine months Three months Nine months
Number of issued ordinary shares 393,528,423 393,528,423 403,511,072 403,511,072
Number of treasury shares* (16,312,733 ) (16,312,733 ) (21,162,733 ) (21,162,733 )
Weighted average number of ordinary shares outstanding 378,880,364 380,100,693 383,565,730 385,292,960
* The initial dates of treasury shares retired during the current and previous quarters are August 14, 2024,<br>and April 4, 2023, respectively.
--- ---

22.1.2 Basic earnings per share

(In Korean won except for number of shares) 2024
Three months Nine months
Profit (loss) for the period ~~W~~ (10,529,942,287 ) ~~W~~ 2,199,528,961,923
Deduction: Dividends on hybrid securities (49,634,075,000 ) (150,164,725,000 )
Profit (loss) attributable to the ordinary equity holders (A) (60,164,017,287 ) 2,049,364,236,923
Weighted average number of ordinary shares outstanding (B) 378,880,364 380,100,693
Basic earnings (loss) per share (A/B) ~~W~~ (159 ) ~~W~~ 5,392
(In Korean won except for number of shares) 2023
--- --- --- --- --- --- ---
Three months Nine months
Profit (loss) for the period ~~W~~ (29,834,967,601 ) ~~W~~ 2,126,643,020,471
Deduction: Dividends on hybrid securities (48,070,325,000 ) (136,844,725,000 )
Profit (loss) attributable to the ordinary equity holders (A) (77,905,292,601 ) 1,989,798,295,471
Weighted average number of ordinary shares outstanding (B) 383,565,730 385,292,960
Basic earnings (loss) per share (A/B) ~~W~~ (203 ) ~~W~~ 5,164

43

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

22.2 Diluted Earnings per Share

Diluted earnings per share is calculated through increasing the weighted average number of ordinary shares outstanding by the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares. The Company has dilutive potential ordinary shares such as stock grants and ordinary share exchange right of exchangeable bonds.

A calculation is done to determine the number of shares that could have been acquired at fair value (determined as the average market share price for the year) based on the monetary value of stock grants. The number of shares calculated above is compared with the number of shares that would have been issued assuming the settlement of stock grants.

Exchangeable bonds are included in potential ordinary shares from the exercisable date of the exchange right, and interest expense after tax for the period is added to profit for diluted earnings per share.

22.2.1 Adjusted profit for diluted earnings per share

(In Korean won) 2024
Three months Nine months
Profit (loss) attributable to the ordinary equity holders * ~~W~~ (60,164,017,287 ) ~~W~~ 2,049,364,236,923
Adjustment:
Interest expense on exchangeable bonds — 306,631,690
Adjusted profit (loss) for diluted earnings (loss) per share ~~W~~ (60,164,017,287 ) ~~W~~ 2,049,670,868,613
(In Korean won) 2023
--- --- --- --- --- ---
Three months Nine months
Profit (loss) attributable to the ordinary equity holders * ~~W~~ (77,905,292,601 ) ~~W~~ 1,989,798,295,471
Adjustment:
Interest expense on exchangeable bonds 618,000,813 1,833,850,237
Adjusted profit (loss) for diluted earnings (loss) per share ~~W~~ (77,287,291,788 ) ~~W~~ 1,991,632,145,708
* The amount is after deducting dividends on hybrid securities.
--- ---

22.2.2 Weighted average number of ordinary shares outstanding for diluted earnings per share

(In number of shares) 2024 2023
Three months Nine months Three months Nine months
Weighted average number of ordinary shares outstanding 378,880,364 380,100,693 383,565,730 385,292,960
Adjustment:
Stock grants 3,633,208 3,848,545 3,804,449 4,064,265
Exchangeable bonds — 802,920 5,000,000 5,000,000
Adjusted weighted average number of ordinary shares outstanding for diluted earnings (loss) per<br>share 382,513,572 384,752,158 392,370,179 394,357,225

44

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

22.2.3 Diluted earnings per share

(In Korean won except for number of shares) 2024
Three months Nine months
Adjusted profit (loss) for diluted earnings (loss) per share ~~W~~ (60,164,017,287 ) ~~W~~ 2,049,670,868,613
Adjusted weighted average number of ordinary shares outstanding for diluted earnings (loss) per<br>share 382,513,572 384,752,158
Diluted earnings (loss) per share ~~W~~ (157 ) ~~W~~ 5,327
(In Korean won except for number of shares) 2023
--- --- --- --- --- ---
Three months Nine months
Adjusted profit (loss) for diluted earnings (loss) per share ~~W~~ (77,287,291,788 ) ~~W~~ 1,991,632,145,708
Adjusted weighted average number of ordinary shares outstanding for diluted earnings (loss) per<br>share 392,370,179 394,357,225
Diluted earnings (loss) per share ~~W~~ (197 ) ~~W~~ 5,050

23. Statement of Cash Flows

23.1 Details of cash and cash equivalents as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30,<br>2024 December 31,<br>2023
Due from financial institutions ~~W~~ 659,832 ~~W~~ 256,337
Deduction:
Restricted due from financial institutions (3 ) (3 )
Due from financial institutions with original maturities over three months (80,000 ) (140,000 )
(80,003 ) (140,003 )
~~W~~ 579,829 ~~W~~ 116,334

45

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

23.2 Cash inflows and outflows from income tax, interest, and dividends for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) Activity 2024 2023
Income tax paid Operating ~~W~~ 5,741 ~~W~~ 4,310
Interest received Operating 28,522 20,985
Interest paid Operating 93,419 78,379
Dividends received Operating 2,292,312 2,227,367
Dividends paid Financing 1,337,256 1,093,748

24. Contingent Liabilities and Commitments

24.1 Commitments made with financial institutions as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30, 2024 December 31, 2023
Amount ofcommitments Amount<br>borrowed Amount ofcommitments Amountborrowed
General loan Hana Bank ~~W~~ 200,000 ~~W~~ — ~~W~~ 200,000 ~~W~~ —
General loan Shinhan Bank 200,000 — 200,000 —
General loan NongHyup Bank 300,000 — 300,000 —

24.2 Other Matters (including litigation)

The Company has one pending lawsuit as a defendant with aggregate claims amount of ~~W~~ 0.1 million, which arose in the normal course of management activities, as of September 30, 2024.

25. Related Party Transactions

According to Korean IFRS No.1024, the Company includes subsidiaries and key management personnel (including family members) in the scope of related parties. The Company discloses balances (receivables and payables) and other amounts arising from transactions with related parties in the notes to the financial statements. Refer to Note 9 for details of subsidiaries. Key management personnel include the executives of the Company, their close family members, and the companies where the executives and/or their close family members have control or joint control.

46

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

25.1 Details of significant profit or loss arising from transactions with related parties for the nine-month periods ended September 30, 2024 and 2023 are as follows:

(In millions of Korean won)
Subsidiaries Profit or loss 2024 2023
Kookmin Bank Interest income ~~W~~ 10,524 ~~W~~ 10,770
Fee and commission income 981 978
Net other operating income ^1^ 1,467,896 1,346,582
General and administrative expenses 8,781 8,698
KB Securities Co., Ltd. Fee and commission income 70 66
Net gains on financial assets at fair value through profit or loss 34,879 19,765
Net other operating income ^1^ 150,000 100,000
General and administrative expenses 544 243
KB Insurance Co., Ltd. Fee and commission income 75 111
General and administrative expenses 1,313 1,217
Net other operating income ^1^ 249,974 349,990
KB Kookmin Card Co., Ltd. Fee and commission income 17 26
Net other operating income ^1^ 185,380 200,008
General and administrative expenses 289 293
Net non-operating income ^2^ 3 3,921
KB Life Insurance Co., Ltd. Fee and commission income 27 36
Net other operating income ^1^ 150,000 100,000
General and administrative expenses 745 761
KB Asset Management Co., Ltd. Net other operating income ^1^ 40,000 60,000
General and administrative expenses 58 —
KB Capital Co., Ltd Interest income 3,708 3,592
Fee and commission income 9 13
Net gains on financial assets at fair value through profit or loss 26,832 29,446
General and administrative expenses 91 —
Provision for credit losses 10 10
KB Real Estate Trust. Co., Ltd. Interest income 3,148 398
Net gains on financial assets at fair value through profit or loss 5,441 —
Net other operating income ^1^ — 35,000
General and administrative expenses 22 —
Provision (reversal) for credit losses (133 ) 60
KB Savings Bank Co., Ltd. Interest income 3,820 3,420
Fee and commission income 1 1
Net gains on financial assets at fair value through profit or loss 2,855 786
KB Investment Co., Ltd. Interest income 7,206 6,295
Provision (reversal) for credit losses (1 ) 176
KB Data System Co., Ltd. General and administrative expenses 2,887 2,176
Net other operating income ^1^ — 600
Other related parties Profit or loss 2024 2023
KB Credit Information Co., Ltd. ^3^ Interest income ~~W~~ — ~~W~~ 227
Net other operating income ^1^ — 200
Reversal for credit losses — (16 )

47

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

25.1 Details of significant profit or loss arising from transactions with related parties for the nine-month periods ended September 30, 2024 and 2023 are as follows: (cont’d)

^1^ Net other operating income includes dividend income from subsidiaries.
^2^ Includes ~~W~~ 3,917 million of gains on disposal of investments in KB Credit Information<br>Co., Ltd. for the nine-month period ended September 30, 2023.
--- ---
^3^ The Company sold the 100% shares of KB Credit Information Co., Ltd. to Kookmin Card Co., Ltd. on June 30,<br>2023.
--- ---

25.2 Details of significant outstanding balances of receivables and payables arising from transactions with related parties as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won)
Subsidiaries Assets or liabilities September 30,<br>2024 December 31,2023
Kookmin Bank Cash and due from financial institutions ~~W~~ 349,520 ~~W~~ 114,336
Other assets 434,194 308,475
Other liabilities 6,643 45
Property and equipment 591 1,055
KB Securities Co., Ltd. Financial assets at fair value through profit or loss 538,191 523,188
Other assets 117,468 92,212
Other liabilities 534 1
KB Insurance Co., Ltd. Other assets 26,351 21,170
Other liabilities 39,602 42,956
KB Kookmin Card Co., Ltd. Other assets 97,890 56,852
Other liabilities 979 730
KB Life Insurance Co., Ltd. Other assets 13,101 9,552
Other liabilities 52,854 132,548
KB Asset Management Co., Ltd. Other assets 22,540 11,508
Other liabilities 58 —
KB Capital Co., Ltd. Financial assets at fair value through profit or loss 494,160 488,175
Loans measured at amortized cost (gross amount) 200,000 200,000
Allowances for credit losses 522 522
Other assets 50,959 19,364
Other liabilities 99 —
KB Real Estate Trust Co., Ltd. Financial assets at fair value through profit or loss 152,516 —
Loans measured at amortized cost (gross amount) — 50,000
Allowances for credit losses — 131
Other assets 3,920 3,949
Other liabilities 2 8,910
KB Savings Bank Co., Ltd. Cash and due from financial institutions 80,000 140,000
Financial assets at fair value through profit or loss 53,114 48,980
Other assets 3,536 4,729
Other liabilities 955 2,599

48

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

25.2 Details of significant outstanding balances of receivables and payables arising from transactions with related parties as of September 30, 2024 and December 31, 2023, are as follows: (cont’d)

(In millions of Korean won)
Subsidiaries Assets or liabilities September 30,<br>2024 December 31,2023
KB Investment Co., Ltd. Loans measured at amortized cost (gross amount) 360,000 360,000
Allowances for credit losses 1,061 1,061
Other assets 6,202 8,579
KB Data Systems Co., Ltd. Property and equipment 76 —
Intangible assets 351 331
Other assets 3,782 1,972
Other liabilities 229 1,118
Other related parties Assets or liabilities September 30,<br>2024 December 31,2023
KB Credit Information Co., Ltd. ^*^ Other assets ~~W~~ — ~~W~~ 996
Other liabilities — 94
^*^ The Company sold the 100% shares of KB Credit Information Co., Ltd. to Kookmin Card Co., Ltd. on June 30,<br>2023.
--- ---

25.3 Right-of-use assets and lease liabilities with related parties as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30,<br>2024 December 31,2023
Subsidiary Kookmin Bank Right-of-use assets ~~W~~ 591 ~~W~~ 1,055

25.4 Credit card commitments provided from related parties as of September 30, 2024 and December 31, 2023, are as follows:

(In millions of Korean won) September 30,<br>2024 December 31,2023
Subsidiary KB Kookmin Card Co., Ltd. Lines of credit for credit card ~~W~~ 3,000 ~~W~~ 3,000

49

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

25.5 Share transactions with related parties for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024 2023
Subsidiary KB Securities Co., Ltd. Acquisition of hybrid securities ~~W~~ — ~~W~~ 100,000
KB Real Estate Trust Co., Ltd. Acquisition of hybrid securities 150,000 —
KB Real Estate Trust Co., Ltd. Issuance of ordinary share 150,000
Other related party KB Credit Information Co., Ltd. Disposal of shares — 23,620

25.6 Details of significant lending transactions with related parties for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024
Beginning Loan Collection Ending
Subsidiary KB Investment Co., Ltd. ~~W~~ 360,000 ~~W~~ — ~~W~~ — ~~W~~ 360,000
KB Capital Co., Ltd. 200,000 — — 200,000
KB Savings Bank Co., Ltd. ^1^ 70,000 — — 70,000
KB Real Estate Trust Co., Ltd. 50,000 105,000 (155,000 ) —
(In millions of Korean won) 2023
--- --- --- --- --- --- --- --- --- --- ---
Beginning Loan Collection Ending
Subsidiary KB Investment Co., Ltd. ~~W~~ 310,000 ~~W~~ 50,000 ~~W~~ — ~~W~~ 360,000
KB Capital Co., Ltd. 200,000 — — 200,000
KB Savings Bank Co., Ltd. ^1^ 70,000 — — 70,000
KB Real Estate Trust Co., Ltd. — 50,000 — 50,000
Other related party KB Credit Information Co., Ltd. ^2^ 13,500 — (13,500 ) —
^1^ Par value of subordinated bond issued by KB Savings Bank Co., Ltd. The difference between par value and fair<br>value at the acquisition date was accounted for as investments in subsidiaries.
--- ---
^2^ The Company sold the 100% shares of KB Credit Information Co., Ltd. to Kookmin Card Co., Ltd. on June 30,<br>2023.
--- ---

50

KB Financial Group Inc.

Notes to the Separate Interim Financial Statements

September 30, 2024 and 2023 (Unaudited), and December 31, 2023

25.7 Details of compensation to key management personnel for the nine-month periods ended September 30, 2024 and 2023, are as follows:

(In millions of Korean won) 2024
Short-term<br>employeebenefits Post-employmentbenefits Share-basedpayments Total
Registered directors (executive) ~~W~~ 696 ~~W~~ — ~~W~~ 2,654 ~~W~~ 3,350
Registered directors (non-executive) 510 — — 510
Non-registered directors 4,016 41 9,075 13,132
~~W~~ 5,222 ~~W~~ 41 ~~W~~ 11,729 ~~W~~ 16,992
(In millions of Korean won) 2023
Short-term<br>employeebenefits Post-employmentbenefits Share-basedpayments Total
Registered directors (executive) ~~W~~ 870 ~~W~~ 48 ~~W~~ 1,587 ~~W~~ 2,505
Registered directors (non-executive) 486 — — 486
Non-registered directors 5,340 198 5,433 10,971
~~W~~ 6,696 ~~W~~ 246 ~~W~~ 7,020 ~~W~~ 13,962

26. Events After the Reporting Period

According to the resolution of the Board of Directors on October 24, 2024, the quarterly dividend per share of ~~W~~ 795 (total dividend: ~~W~~ 299,886 million) with dividend record date of September 30, 2024, were paid on November 7, 2024. The Company’s financial statements as of September 30, 2024, do not reflect this dividend payable.

Additionally, in accordance with the resolution of the Board of Directors on October 24, 2024, the Company plans to acquire shares worth ~~W~~ 100,000 million of treasury stocks through a trust contract by April 30, 2025, and plans to retire the shares after the termination of the trust contract.

51

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