KB Financial Group said Thursday that its net profit for the second quarter stood at 339.6 billion won ($291 million), down 43.9 percent from the previous quarter, due to the expenses spent on mass voluntary retirement.
Its quarterly sales and operating profits were 5.4 trillion won and 397.9 billion won, respectively down 5.34 percent and 24.27 percent from the same period last year.
In half-year net profit, KB Financial achieved 944.6 billion won, up 25.7 percent from the previous year, handing back the market champion position to rival Shinhan Financial Group, which recorded 1.3 trillion won. In the first quarter, KB had won back its former No. 1 title for the first time in six years, by recording 605 billion won in net profits.
“The key factor (for the net profit fall) was the one-time expenses spent on voluntary retirements and group restructuring,” the group said through data release.
KB Koomin Bank, the group’s flagship bank, spent 345.4 billion won in May to cover the retirements of 1,122 senior employees.
(tellme@heraldcorp.com)