KB Kookmin Card's 9-Month Net Profit Up 18.2% to 331.7 Billion Won; Delinquency Rate at 1.02%

Delinquency rate falls for second consecutive quarter

KB Kookmin Card said on Oct. 29 that its cumulative net income for the first three quarters of this year rose 18.2% year over year to 331.7 billion won.

KB Kookmin Card headquarters in Jongno-gu, Seoul. Kookmin Card

Net income for the third quarter was 112.8 billion won, up 13.5 billion won (13.6%) from the same period a year earlier. Compared with the previous quarter, it increased by 1.4 billion won (1.3%).

KB Kookmin Card said it improved profitability through cost efficiency measures and stronger sales capabilities despite a challenging business environment, including rising funding costs.

The delinquency rate was 1.02%, an improvement of 0.05 percentage points from the previous quarter. The rate has declined for two consecutive quarters.

The non-performing loan (NPL) ratio was 1.00%, up 0.07 percentage points from 0.93% in the previous quarter. Compared with 1.11% a year earlier, it was down 0.11 percentage points.

A KB Kookmin Card representative said, "In the fourth quarter, we plan to proactively respond to external uncertainties, including rising funding costs and an economic slowdown, while strengthening cost efficiency and risk management. We will maintain a balance between profitability and financial soundness through systematic risk management and improved capital efficiency."

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