KB Financial Group Inc (KB) stock surged 6.13% in Friday's trading session, following the announcement of strong first-quarter results from its subsidiary, KB Bank. The impressive performance comes despite recent management changes at the bank.
KB Bank reported a significant turnaround in its financial performance, posting a net profit of 342.26 billion won in the first quarter of 2025, compared to a loss of 1.24 trillion won in the same period last year. This remarkable improvement was primarily driven by a 92.96% year-on-year reduction in operating expenses and an 11.5% increase in net interest income.
However, the positive financial news was accompanied by the announcement of management changes at KB Bank. Two key executives, CEO Woo Yeul Lee and Director Helmi Fahrudin, have submitted their resignations. While the reasons for their departures were not disclosed, the bank assured stakeholders that operations would continue normally. The resignations are subject to approval at the upcoming shareholders' meeting.
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