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    Miseon Lee • Citigroup Inc.

    Miseon Lee's questions to KB Financial Group Inc (KB) leadership

    Miseon Lee's questions to KB Financial Group Inc (KB) leadership • Q3 2024

    Question

    Miseon Lee from Citi Securities posed three questions: the competitive strengths and weaknesses of the value-up program, strategies for top and bottom-line growth, and the Net Interest Margin (NIM) outlook for the current and next year, including rate cut assumptions.

    Answer

    An executive explained the program's strengths are its sustainability and predictability, enabled by a high CET1 ratio. For growth, they expect lower interest rates to boost non-interest income from capital markets, offsetting potential dips in interest income. Bank CFO Hee Jong-Min added that the Q3 bank NIM was 1.71% and is expected to remain steady in Q4, with next year's quarterly NIM projected to be similar to this year's levels.

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    Miseon Lee's questions to KB Financial Group Inc (KB) leadership • Q1 2024

    Question

    Miseon Lee of Citi Securities asked for the logic behind setting the annual dividend at KRW 1.2 trillion, noting it represents only a small increase from the previous year, and questioned its relation to EPS growth.

    Answer

    An executive explained that the KRW 1.2 trillion figure was based on a starting dividend payout ratio similar to last year's 25%. The amount represents a modest 'level-up' from the KRW 1.17 trillion paid last year and KRW 1.15 trillion the year prior, reflecting a policy of consistent, gradual increases in consideration of market consensus.

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