KB Financial Group, a major South Korean banking group, said Friday its net profit declined 7.3 percent on year in 2018, hit by outlays related to job cuts.
Net profit stood at 3.06 trillion won (US$2.72 billion) last year, KB Financial said in a regulatory filing. The profit fell below the market expectation of 3.31 trillion won.
(KB Kookmin Bank)
KB Financial said it spent 286 billion won in severance payments and 185 billion won in compensation as it carried out a voluntary retirement program late last year.
Its net interest income rose 8 percent on year to 8.9 trillion won last year, with its net interest margin at 1.99 percent in 2018.
Flagship KB Kookmin Bank posted a net profit of 2.2 trillion won last year, up 2.3 percent from a year earlier. (Yonhap)