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Investing.com - BofA Securities has reiterated its Buy rating on KB Financial Group (KS:105560) (NYSE:KB) with a price target of KRW145,000.00, following the company’s second-quarter 2024 earnings report.
KB Financial Group reported a net profit of 1.738 trillion won for the second quarter, representing a 2.4% increase quarter-over-quarter while remaining flat year-over-year. The results exceeded Bloomberg consensus estimates of 1.632 trillion won and BofA’s projection of 1.667 trillion won.
BofA highlighted KB’s ability to generate strong non-interest income during periods of lower interest rates, and noted signs of improvement in the company’s overseas business operations that could support recurring earnings.
The bank reported a Common Equity Tier 1 (CET1) ratio of 13.74% and announced share buybacks worth 850 billion won for the second half of 2025, representing 0.24% of risk-weighted assets. Combined with the 820 billion won in buybacks announced for the first half of 2025, KB Financial’s total buyback program for 2025 will reach approximately 1.7 trillion won, a record amount for Korean banking.
BofA projects that KB Financial’s total shareholder returns, including dividends, will approach 50% for 2025, with total return yields at 7.1%, which the firm considers attractive.
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