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MarketScreener Homepage  >  Equities  >  Korea Stock Exchange  >  KB Financial Group Inc.    A105560   KR7105560007

KB FINANCIAL GROUP INC.

(A105560)
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KB Financial : 2020 3rd Quarter Earnings Release

10/22/2020 | 04:05am EST

3Q20 Business Results

October, 2020

Contents

  1. 3Q20 Financial Highlights
  1. 3Q20 Financial Analysis III. 3Q20 Asset Quality
    IV. 3Q20 Financial Highlights of Major Subsidiaries

V. Appendix

Disclaimer Statement

  1. The consolidated financial information of KB Financial Group Inc. (the "Group") presented herein is based on the Korean International Financial Reporting Standards(K-IFRS). It is currently being reviewed by the Group's independent auditor, and accordingly, is subject to change.
  2. The consolidated financial reports presented herein is based on Korean IFRS9(K-IFRS9). Note that the financial results for years before 2017 contained herein have not been restated retrospectively.
  3. From 2018, for better peer comparison purpose, the Group reclassified certain interest income out of Net Gain/Loss on Financial Assets at FVPL under Other Operating Profit to Interest Income under Net Interest Income. Note that beginning from the financial results for 2017 contained herein have been restated retrospectively.
  4. As KB Insurance and KB Capital became wholly-owned subsidiaries of the Group as of July 7, 2017, the financial results of KB Insurance and KB Capital have been fully consolidated in the Group's financial statements since 3Q17.
  5. As Prudential Life Insurance became wholly-owned subsidiary of the Group as of August 31, 2020, the financial results have been fully consolidated in the Group's financial statements since 3Q20(one month period of September).
  6. Total may not sum due to rounding.
Major non-recurringitems 2)

I. 3Q20 Financial Highlights _ Overview

Group Profitability Overview

bn won, %

3Q20

3Q19

YoY

3Q20

2Q20

QoQ

(Cumulative)

(Cumulative)

Net Interest Income

7,143.4

6,868.6

4.0

2,460.2

2,334.0

5.4

Net Fee & Commission Income

2,170.5

1,716.5

26.4

789.2

711.2

11.0

Other Operating Profit

-67.3

49.1

N.A.

-17.7

227.7

N.A.

Gross Operating Income

9,246.6

8,634.2

7.1

3,231.7

3,272.9

-1.3

G&A Expenses

4,646.2

4,456.7

4.3

1,600.6

1,586.4

0.9

Provision for Credit Losses

754.3

459.9

64.0

214.6

296.0

-27.5

Net Operating Profit

3,846.1

3,717.6

3.5

1,416.5

1,390.5

1.9

Net Non-Operating Profit

120.4

67.3

78.9

154.4

-14.3

N.A.

Profit for the Period

2,925.6

2,778.1

5.3

1,194.2

992.5

20.3

Profit attributable to

2,877.9

2,777.1

3.6

1,166.6

981.8

18.8

controlling interests

Group Net Profit 1) (bn won)

5-Year CAGR 19%

Highlights

Net Profit for 3Q20

1,166.6 bn

(+18.8% QoQ)

Increased 18.8% mostly driven by net interest and fee income growth & bargain purchase gain in addition to base effect from 2Q sizable preemptive provisions

Cumulative Interest Income for 3Q20

7,143.4 bn

(+4.0% YoY)

Continued modest growth of 4.0% YoY backed by consolidation of PRASAC(MDI Cambodia) as well as loan book momentum of the Bank and Card

Cumulative Net Profit for 3Q20

2,877.9 bn

(+3.6% YoY)

Increased 3.6% YoY mainly due to modest growth of interest income and significant increase of fee income, and highlighted solid earnings fundamental

Cumulative Fee Income for 3Q20

2,170.5 bn

(+454.0bn YoY)

Significantly expanded by 454bn YoY, largely supported by fee income growth of securities business

3,311

3,312

3,061

2,144

+5.1%

2,861

1,698

2,722

1,401

2,878

2,777

2014

2015

2016

2017

2018

2019

3Q19

3Q20

(Cumulative)

(Cumulative)

Cumulative Credit Cost for 3Q20

0.25%

(0.20% on recurring basis)

Even after sizable preemptive provisioning, maintained stable level of credit cost under prudent risk management

  • Non-recurringitems for 3Q20 (before tax)

Prudential Life Insurance

Added as subsidiary upon full

acquisition(31 Aug.)

Consolidated financial results for

3Q20(for 1 month of Sep.) with bargain purchase gain

  • Net profit for 3Q20: W11bn
  • Bargain purchase gain: W145bn

Note 1) Based on profit attributable to controlling interests

  1. Major non-recurring items (after tax)
    3Q19(Cumulative): Large-scale reversals of provisioning(W74bn), ERP costs(W48bn), etc.
    3Q20(Cumulative): PEF related losses including TRS valuation losses (W29bn),
    CVA net losses(W12bn), Provisioning for receivables from brokerage business(W14bn), Large-scale of provisioning(W94bn), Provisioning for potential reimbursement related to investor's losses in PEF(W21bn) and non-recurring items in 3Q20 as stated at the bottom of the right side
  • Bargain purchase gain related to the acquisition of Prudential Life: W145bn
  • Disposal gain on overseas real estate investment: W42bn
  • Gain on sale of loans: W15bn

2

I. 3Q20 Financial Highlights _ Key Financial Indicators (1)

Group ROA·ROE (%)

Loans in Won Growth (tn won, %)

NIM (%)

11.49

10.15

10.11

10.01

7.64

9.98

3.0

4.2

2.4

1.7

+8.6%292

269

280

287

292

269

134

133

121

128

1.88

1.83

1.96

1.74

1.73

1.77

0.81

9.76

5.53

0.72

0.75

0.56

0.70

0.41

2.5

5.5

4.2

0.8

148

152

154

158

3.4

3.2

1.0

2.4

1.61

1.56

1.69

1.50

1.49

1.52

4Q19

1Q20

2Q20

3Q20

3Q19

3Q20

(Cumulative)(Cumulative)

ROA

ROE

ROE(Excl. Non-recurring items)

2019

2020.9

'19.12

'20.3

'20.6

'20.9

Household

Corporate

Total Growth(QoQ)

Household Growth(QoQ)

Corporate Growth(QoQ)

4Q19

1Q20

2Q20

3Q20

3Q19

3Q20

(Cumulative)(Cumulative)

Group NIM

Bank NIM

Assured solid

Stable interest income stream

fundamental & profitability

led by solid loan growth

Prudent NIM management

  • Cumulative ROE and ROA for 3Q20 recorded 9.76% and 0.70%, respectively
  • Disregarding major one-off factors such as bargain purchase gain and 2Q20 large-scale preemptive provisionings, cumulative ROE for 3Q20 marked 10.01%, demonstrating solid fundamental and profitability
  • Proved KB's diversified non-banking business portfolio and competency in asset management
  • Loans in Won of the Bank continued quality growth by 8.6% YTD and 1.7% QoQ, amounting to W292tn
  • Household loans increased 6.7% YTD and 2.4% QoQ mostly driven by Jeonse and unsecured loans
  • Growth of corporate slowed down QoQ with 1.3% of stable increase of SME lendings mostly led by SOHO while large corporate lendings decreased by 1.9%
  • 3Q20 Group NIM and Bank NIM recorded 1.73% and 1.49%, respectively
  • Despite lowered asset yields reflecting decline of market rates, 3Q20 Bank NIM fell by only 1bp, which is largely attributable to decreased funding cost from expanded low-cost deposits
  • While trying to secure proper margins, KB aims to diversify revenue sources and growth engines

3

I. 3Q20 Financial Highlights _ Key Financial Indicators (2)

Group Cost-Income Ratio(CIR) (%)

Credit Cost Ratio(CCR) (%)

Group BIS Ratio (Basel III, %)

70.2

55.2

57.4

51.8

54.5 54.9

50.5 50.9

50.3

48.3

0.29

0.25

0.25

0.22

0.20

0.21

0.20

0.22

0.14

0.12

0.11

0.05

0.11

0.12

0.04

0.04

15.27

15.23

14.60

14.48

14.08

14.24

14.69

14.60

14.37

13.97

13.86

13.29

13.65

14.60

13.32

14.25

13.97

13.58

13.02

13.08

12.91

2016 2017

CIR

2018 2019 3Q20

(Cumulative)

CIR(Excl. non-recurring items)

2016

2017

2018

2019

1Q20

2Q20

3Q20

Group CCR

Bank CCR

Cumulative

2016

2017

2018

2019

'20.3

'20.6

'20.9(e)

BIS

Tier1

CET1

Improving cost efficiency

  • 3Q20 Group CIR recorded 49.5%, and 50.3% on cumulative basis
  • Cumulative CIR for 3Q20, excluding non-recurring factors such as digitalization-related costs, decreased to 48.3%, demonstrating downward trend
  • Pursue further improvement with an effort to expand revenue sources and save costs

Maintained solid asset quality against economic headwind

  • 3Q20 Group CCR recorded 0.22%, and 0.25% on cumulative basis, demonstrating KB's high level of risk management
  • Cumulative CCR for 3Q20, excluding non- recurring factors such as sizable preemptive provisionings in 2Q20, continued to secure stable level of 0.20%
  • Maintained conservative asset quality management against prolonged COVID-19 pandemic and economic downturn

Industry-highest capital adequacy

  • 3Q20 Group BIS and CET1 ratios are expected to improve to 14.69%, 13.08% respectively
  • Maintained the industry-highest level of capital adequacy, even after the acquisition of Prudential Life, on the back of the early adoption of the Basel III as well as accumulation of earnings and strategic capital management
  • 3Q20 Bank BIS and CET1 ratios are expected to record 17.22%, 15.08% respectively

4

II. 3Q20 Key Takeaways _ Prudential Life Insurance

"Best-in-Class" Life Insurance Service Provider

PAI and Mid to Long-term Strategy

Life Insurance Services Delivering Changes for Better World

Industry-leading Financial Position

Prudential

Industry Average, (%)

The industry- highest

461.8

423.7

456.4

RBC ratio

('18 →'20.6)

271.2

284.6

292.6

Post-

Acquisition Integration

'Smooth settle down Value-up' under group umbrella

  • Operate independently to ensure smooth transition
  • Maximize Prudential Life's full potential as a financially strong insurance company with the best Life Planner network and the most stable investment portfolio

Market-leading

83.4

86.9

87.9

13th policy persistency rate

('18 →'20.6)

80.7

82.5

80.1

Prevailing loss ratio

82.9

86.2

85.3

over market

Mid to

· Reinforce customer-centricity

Long-term

· Establish a premium business model connecting Prudential Life

Strategy

Planners with KB's diverse financial services

· Elevate customer satisfaction through digital innovation

Acquisition Effect and Potential Synergy

('18→'20.6)

53.6

52.3

51.8

Stable investment

yield

3.5

3.9

(Average of recent 3 years)

Outstanding Sales Professionals, Life Planner ®

Diversified portfolio

2019

3Q201)

30.8%

40.3%

69.2%

59.7%

Banking

Non-banking (based on net profit)

1) Including 3Q20 cumulative net profit of Prudential

Scale-up of insurance business

9%

12%

out of total group asset

7%

11%

out of group net profit

5th largest life insurance company

(based on sum of net profits of Prudential Life and KB Life in 2019)

Superior 13th registration settlement rate

Prudential

13th registration settlement rate: 52.8%

Industry 52.8%

The first life insurer in Korea to introduce the financial insurance experts

Average

system(Life Planner®) with professional training system

41.2%

The highest ratio of certified insurance consultants for 13 consecutive years

  • The ratio of certified insurance consultants: 32.5%
    2,054 (as of 2019) most qualified sales professionals providing the best life insurance services

Expected Synergy

Sales Channel Maximize synergy between KB Life's strong bancassurance channel and Prudential Life's Life Planner network

Cross-Sell Utilize Prudential Life Planners as outbound marketing channel to widen cross-selling opportunities in investment and wealth management products, as well as other insurance products

Premium Services Provide a group-wide network of premium services in real estate, tax management, and legal services to Prudential Life's affluent customer base of 650 thousand customers

Asset Management Enhance the group's asset management business based on increased AUM from Prudential Life

5

II. 3Q20 Financial Analysis _ Net Interest Income

Group Net Interest Income

bn won, %

3Q20

3Q19

YoY

3Q20

2Q20

QoQ

(Cumulative)

(Cumulative)

Interest Income

10,800.5

11,012.0

-1.9

3,578.8

3,601.7

-0.6

Loans

9,110.2

9,253.9

-1.6

3,031.6

-1.4

3,075.6

Financial Investments

1,471.7

1,535.3

-4.1

480.9

479.2

0.4

Others

218.6

222.8

-1.9

66.3

46.9

41.4

Interest Expense

3,657.1

4,143.4

-11.7

1,118.6

1,267.7

-11.8

Deposits

2,252.4

2,650.9

-15.0

677.3

-13.9

786.2

Debts & Debentures

1,337.5

1,396.8

-4.2

423.4

460.2

-8.0

Others

67.2

95.7

-29.8

17.9

21.3

-16.0

Net Interest Income

7,143.4

6,868.6

4.0

2,460.2

2,334.0

5.4

Net Interest Income (bn won)

8,905

9,197

8,247

457

478

7,143

1,230

6,869

6,403

534

1,168

+4.0%

370

6,203

616

341

520

1,084

616

939

487

465

530

915

981

542

464

980

599

465

377

24

73

401

4,712

4,829

5,565

6,101

6,364

4,747

4,993

2015

2016

2017

2018

2019

3Q19

3Q20

(Cumulative) (Cumulative)

Bank

Securities

Insurance

Card

Others(Incl. adjustment for consolidation)

Note) Based on each subsidiary's Net Interest Income on the financial statements for group reporting

Loan Growth (tn won, %)

280

287

292

269

258

260

261

8.6

6.8

4.5

0.9

1.4

4.2

3.0

2.4

1.7

0.3

0.7

0.5

'19.3

'19.6

'19.9

'19.12

'20.3

'20.6

'20.9

Bank Loans in Won

Growth(QoQ)

Growth(YTD)

NIM (%)

1.98 1.97

1.94

1.94

1.71

1.83

1.70

1.88

1.77

1.67

1.74

1.73

1.67

1.56

1.52

1.61

1.50 1.49

1Q19

2Q19

3Q19

4Q19

1Q20

2Q20

3Q20

Group NIM

Bank NIM

Cumulative

6

II. 3Q20 Financial Analysis _ Net Non-Interest Income

Group Net Non-Interest Income

Fee Income Contribution (Cumulative)

bn won, %

3Q20

3Q19

YoY

3Q20

2Q20

QoQ

(Cumulative)

(Cumulative)

Net Fee & Commission Income

2,170.5

1,716.5

26.4

789.2

711.2

11.0

Credit Card Fees

374.4

289.8

29.2

128.0

133.9

-4.4

37.0%

Trusts

358.8

410.5

-12.6

122.9

99.4

23.6

Agent Activity Fees

147.9

123.7

19.6

51.0

46.9

8.7

49.1%

3Q19

50.9%

3Q20

(Incl. Bancassurance)

Represent Securities

126.5

111.6

13.4

44.7

41.4

8.0

63.0%

(Incl. ITC Products)

Banking Activity Fees

142.6

163.6

-12.8

46.5

46.2

0.6

Securities Business

588.4

321.2

83.2

250.5

193.1

29.7

Others

431.9

296.1

45.9

145.6

150.3

-3.1

Bank

Non-Bank

Other Operating Income

-67.3

49.1

N.A.

-17.7

227.7

N.A.

Note) Based on simple arithmetic sum of each subsidiary's Net Fee & Commission Income

Net Non-Interest Income

2,103.2

1,765.6

19.1

771.5

938.9

-17.8

on the financial statements for group reporting

Net Fee & Commission Income (bn won)

Composition of Fee Income (Cumulative, bn won)

2,243

2,355

2,050

229

380

+26.4% 2,171

240

1,535

1,585

265

262

1,717

405

133

273

172

212

552

626

580

271

109

92

173

680

98

193

426

1,156

1,088

1,125

1,123

1,133

813

847

2015

2016

2017

2018

2019

3Q19

3Q20

(Cumulative)

(Cumulative)

Bank

Securities

Card

Others(Incl. adjustment for consolidation)

69

173

291

113

428

Bank

Non-Bank

140

170

215

253

148

200

Bancassurance

Mutual Fund Sales, etc.

Brokerage

Credit Card

Trusts

Trusts

Banking Activities

IB

Others

Credit Card Services Others(Incl. FX, etc.)

Note) Based on each subsidiary's Net Fee & Commission Income on the financial statements for group reporting

Note) Based on simple arithmetic sum of each subsidiary's Net Fee & Commission Income on the financial statements for group reporting

7

II. 3Q20 Financial Analysis _ G&A Expenses & Provision for Credit Losses

Group G&A Expenses

bn won, %

3Q20

3Q19

YoY

3Q20

2Q20

QoQ

(Cumulative)

(Cumulative)

Employee Benefits

2,877.5

2,796.8

2.9

1,007.8

991.2

1.7

Depreciation & Amortization

634.2

558.3

13.6

217.9

204.6

6.5

Administrative Expenses

958.7

937.3

2.3

320.9

321.1

-0.1

Others

175.8

164.3

7.0

54.0

69.5

-22.3

G&A Expenses

4,646.2

4,456.7

4.3

1,600.6

1,586.4

0.9

Group Provision for Credit Losses

bn won, %

3Q20

3Q19

YoY

3Q20

2Q20

QoQ

(Cumulative)

(Cumulative)

Provision for Loan Losses

712.8

452.7

57.5

214.9

254.4

-15.5

Provision for Guarantees

-26.1

8.2

N.A.

-18.5

-7.1

N.A.

Provision for Unused Commitments

67.6

-3.4

N.A.

16.7

50.4

N.A.

Provision for Financial Guarantee Liabilities

0.0

2.4

N.A.

1.5

-1.7

N.A.

Provision for Credit Losses

754.3

459.9

64.0

214.6

296.0

-27.5

G&A Expenses & CIR (bn won, %)

Provision for Credit Losses & CCR (bn won, %)

61.3

70.2

55.2

54.5

54.9

51.6

0.44

50.3

57.4

0.25

56.0

51.8

50.9

0.22

0.20

0.21

0.20

0.19

50.5

49.8

48.3

1,037

6,271

5,919

5,229

5,629

4,524

5,787

4,457

4,646

754

5,284

5,485

674

670

548

4,135

4,188

4,279

4,462

539

460

2015

2016

2017

2018

2019

3Q19

3Q20

2015

2016

2017

2018

2019

3Q19

3Q20

(Cumulative) (Cumulative)

(Cumulative)

(Cumulative)

G&A Expenses

Non-recurring items

CIR

CIR(Excl. non-recurring items)

Provision for Credit Losses

CCR

Note) Non-recurring items include ERP, digitalization costs, etc.

8

II. 3Q20 Financial Analysis _ Financial Position Overview

Group Financial Position

tn won, %

2020.9

2020.6

QoQ 2019.12

YTD

Assets

605.5

569.5

6.3

518.5

16.8

Cash & Due from Financial Institutions

25.4

22.5

12.9

20.8

22.1

FVTPL1) Assets

58.8

58.7

0.2

53.5

9.9

Financial Investments

96.7

74.8

29.3

71.8

34.7

Loans

378.1

367.9

2.8

339.7

11.3

Property & Equipment

8.6

7.9

8.9

7.9

8.9

Other Assets

37.9

37.7

0.5

24.8

52.8

Liabilities

563.4

529.2

6.5

479.4

17.5

FVTPL1) Liabilities

13.3

13.4

-0.7

15.4

-13.6

Deposits

338.0

327.7

3.1

305.6

10.6

Debts

47.8

46.9

1.9

37.8

26.5

Debentures

60.3

57.4

5.1

50.9

18.5

Other Liabilities

104.0

83.8

24.1

69.7

49.2

Shareholder's Equity

42.1

40.3

4.5

39.1

7.7

Share Capital

2.1

2.1

-

2.1

-

Hybrid Securities

1.2

0.8

50.0

0.4

200.0

Capital Surplus

16.7

16.7

0.0

17.1

-2.3

Accumulated Other

0.4

0.3

33.3

0.3

33.3

Comprehensive Income

Retained Earnings

21.9

20.8

5.3

19.7

11.2

Treasury Shares

-1.1

-1.1

N.A.

-1.1

N.A.

Non-Controlling Interests

0.9

0.7

28.6

0.6

50.0

Group Total Assets 2)

908.4

873.5

4.0

789.8

15.0

AUM 3)

302.7

304.7

-0.7

271.1

11.7

Note 1) Fair Value Through Profit or Loss

  1. Based on simple arithmetic sum of each subsidiary's total assets on the financial statement for group reporting and AUM
  2. Including the Bank's trust asset not subject to group reporting

Group Assets (tn won)

605.5

518.5

25.9

479.6

24.4

23.7

24.3

436.8

22.2

23.0

38.1

36.6

19.5

20.5

55.8

375.7

34.8

47.8

17.7

329.1

20.4

32.4

45.1

16.6

15.8

37.4

16.1

32.4

387.4

437.0

6.1

329.8

357.0

307.1

290.3

2015

2016

2017

2018

2019

2020.9

Bank

Securities

Insurance

Card

Prudential

Others(Incl. adjustment for consolidation)

Note) Based on each subsidiary's total assets on the financial statements for group reporting

Group AUM (tn won)

271.1

302.7

252.7

234.9

28.4

29.0

216.6

30.8

83.3

25.8

22.4

59.2

51.0

50.6

52.7

120.4

135.9

19.1

123.3

131.8

115.2

97.8

47.5

19.6

43.3

47.6

51.7

54.5

34.2

43.7

2015

2016

2017

2018

2019

2020.9

Bank Trust

Securities

Asset Management

Real Estate Trust & others

9

II. 3Q20 Financial Analysis _ Assets & Liabilities

Bank Loans in Won

tn won, %

2020.9

2020.6

QoQ

2019.12

YTD

Household

157.8

154.1

2.4

147.9

6.7

Mortgage

83.3

82.1

1.5

77.2

7.9

General

74.5

72.0

3.5

70.7

5.4

[Home Equity]

30.7

31.0

-1.0

31.8

-3.5

Corporate

134.3

133.2

0.8

121.1

10.9

SME

113.1

111.6

1.3

103.3

9.5

[SOHO]

75.1

74.0

1.5

69.2

8.5

Large Corp, etc.

21.2

21.6

-1.9

17.8

19.1

Total

292.1

287.2

1.7

269.0

8.6

Loan Portfolio (tn won, %)

207.3

220.6

234.9

257.4

269.0

292.1

7.3

7.6

6.8

7.0

6.6

8.2

13.0

12.1

12.4

12.6

12.7

12.9

23.3

24.4

25.6

25.5

25.7

25.7

29.9

29.4

28.8

27.7

26.3

25.5

25.8

26.5

26.4

27.2

28.7

28.5

2015

2016

2017

2018

2019

2020.9

Mortgage

General

SOHO

SME(Excl. SOHO)

Large Corp, etc.

Bank Deposits & Debentures in Won

tn won, %

2020.9

2020.6

QoQ

2019.12

YTD

Deposits

302.9

297.9

1.7

281.6

7.6

Core Deposits

146.6

139.8

4.9

124.5

17.8

Time & Savings

153.0

153.6

-0.4

152.9

0.1

[Time Deposits]

140.2

141.0

-0.6

139.3

0.6

CD, RP, etc.

3.3

4.5

-26.7

4.2

-21.4

Debentures

16.9

15.5

9.0

13.0

30.0

Total

319.8

313.4

2.0

294.6

8.6

Card Assets

tn won, %

2020.9

2020.6

QoQ

2019.12

YTD

Credit Card

18.4

17.7

4.0

18.6

-1.1

Credit Sales

11.9

11.3

5.3

12.0

-0.8

[Installments]

5.2

5.0

4.0

5.1

2.0

Card Loans

5.4

5.3

1.9

5.3

1.9

Cash Advance

1.1

1.1

0.0

1.2

-8.3

Factoring, etc.

4.0

3.7

8.1

3.3

21.2

Total

22.4

21.4

4.7

21.9

2.3

10

III. 3Q20 Asset Quality _ Group Overview

Group Asset Quality

Precautionary & Below Ratio / NPL Ratio (%)

bn won, %

2020.9

2020.6

QoQ

2019.12

YTD

Total Loans for NPL Classification

362,674.6

355,479.6

2.0

334,552.5

8.4

Precautionary

2,439.7

2,440.4

0.0

2,608.4

-6.5

Substandard

770.1

761.6

1.1

662.5

16.2

Doubtful

576.8

600.7

-4.0

700.9

-17.7

Estimated Loss

308.6

355.5

-13.2

288.4

7.0

Substandard & Below Loans(NPL) (A)

1,655.5

1,717.8

-3.6

1,651.8

0.2

NPL Ratio

0.46%

0.48%

-0.02%p

0.49%

-0.03%p

1.39 1.40 1.38

0.60

0.59

0.55

1.27

1.26

1.17

1.13

0.49

0.50

0.48

0.46

Loan Loss Reserves (B)

2,455.9

2,480.7

-1.0

2,430.0

1.1

NPL Coverage Ratio (B/A)

148.3%

144.4%

3.9%p

147.1%

1.2%p

Reserves for Credit Lossess (C)

2,702.9

2,612.7

3.5

2,555.2

5.8

NPL Coverage Ratio[(B+C)/A]

311.6%

296.5%

15.1%p

301.8%

9.8%p

Note) Based on simple arithmetic sum of each subsidiary's figures

Credit Cost Ratio (%)

'19.3

'19.6

'19.9

'19.12

'20.3

'20.6

'20.9

Precautionary & Below Ratio

NPL Ratio

NPL Coverage Ratio( ) (%)

2.23 2.06 2.15 2.14

0.21

0.15

0.21

0.25

0.05

-0.03

0.06

0.08

2.03

1.96

1.05

0.25

0.29

0.22

0.11

0.12

0.14

288.0

268.6

262.4

246.6

263.4

249.6

249.8

147.1

141.4

144.4

148.3

138.2

135.6

132.8

130.2

134.5

140.4

120.2

118.1

126.7

115.3

1Q19

2Q19

3Q19

4Q19

1Q20

2Q20

3Q20

Group Bank Card

'19.3

'19.6

'19.9

'19.12

'20.3

'20.6

'20.9

Group

Bank

Card

11

III. 3Q20 Asset Quality _ Bank & Card

Bank Asset Quality

bn won, %

2020.9

2020.6

QoQ

2019.12

YTD

Total Loans for NPL

312,718.4

307,691.5

1.6

288,896.7

8.2

Classification

Precautionary

1,038.0

1,058.9

5.0

1,249.2

-16.9

Substandard

603.9

619.1

-2.5

590.4

2.3

Doubtful

257.9

269.5

-4.3

350.2

-26.4

Estimated Loss

131.3

132.3

-0.8

116.6

12.6

NPL Ratio

0.32%

0.33%

-0.01%p

0.37%

-0.05%p

NPL Coverage Ratio

140.4%

134.5%

5.9%p

130.2%

10.2%p

Delinquency Ratio (%)

1.24

1.23

1.20

1.32

1.25

1.16

1.24

1.11

0.35

0.24

0.23

0.27

0.26

0.29

0.24

0.24

2016

2017

2018

'19.3

'19.6

'19.9

'19.12

'20.3

Bank

Card

1.08

0.99

0.21 0.20

'20.6 '20.9

Card Asset Quality

NPL Ratio (%)

bn won, %

2020.9

2020.6

QoQ

2019.12

YTD

Total Loans for NPL

22,394.7

21,446.6

4.4

21,922.4

2.2

Classification

Precautionary

824.9

759.7

8.6

875.1

-5.7

Substandard

4.4

4.1

6.9

3.6

22.2

1.30

1.40

1.38

0.74

0.58

0.48

1.46

1.46

1.49

0.47 0.45 0.41

1.51 1.48

1.37

1.17

0.37 0.36 0.33 0.32

Doubtful

182.5

206.0

-11.4

223.0

-18.2

Estimated Loss

75.6

106.7

-29.1

73.0

3.6

NPL Ratio

1.17%

1.48%

-0.31%p

1.37%

-0.20%p

NPL Coverage Ratio

288.0%

249.8%

38.2%p

263.4%

24.6%p

Provision for Loan Losses

bn won, %

3Q20

3Q19

YoY

3Q20

2Q20

QoQ

(Cumulative)

(Cumulative)

Bank

279.6

59.1

373.1

107.5

93.4

15.1

Household

202.0

174.8

15.6

44.6

90.0

-50.4

Corporate

77.6

-115.7

N.A.

62.9

3.4

1,750.0

Card

271.9

316.9

-14.2

58.2

104.7

-44.4

2016

2017

2018

'19.3

'19.6

'19.9

'19.12

'20.3

'20.6

'20.9

Bank Card

Bank Credit Cost Ratio (%)

0.22

0.16

0.14

0.19

0.19

0.18

0.24

0.16

0.10

0.13

0.11

0.11

0.12

0.14

0.05

0.04

0.05

0.06

0.08

-0.03

0.11

0.01

0.01

0.03

0.01

-0.06

-0.06

-0.08

-0.04

-0.20

2016

2017

2018

1Q19

2Q19

3Q19

4Q19

1Q20

2Q20

3Q20

Total

Household

Corporate

12

3Q19 3Q20
(Cumulative) (Cumulative)
Major non-recurringitems

IV. 3Q20 Financial Highlights of Major Subsidiaries _ KB Kookmin Bank

Profitability Overview 1)

Net Interest Income & NIM (bn won, %)

bn won, %

3Q20

3Q19

YoY

3Q20

2Q20

QoQ

(Cumulative)

(Cumulative)

Net Interest Income

4,992.9

4,747.4

5.2

1,717.2

1,638.2

4.8

Net Fee & Commission Income

813.2

846.7

-4.0

270.2

257.2

5.1

Other Operating Profit

-9.9

-96.2

N.A.

-18.8

135.8

N.A.

Gross Operating Income

5,796.2

5,497.9

5.4

1,968.6

2,031.2

-3.1

G&A Expenses

2,815.2

2,721.0

3.5

939.9

988.1

-4.9

Provision for Credit Losses

333.4

55.5

500.7

117.4

139.4

-15.8

Net Operating Profit

2,647.6

2,721.4

-2.7

911.3

903.7

0.8

Net Non-Operating Profit

-69.2

3.1

N.A.

-43.4

9.4

N.A.

Profit for the Period 2)

1,882.4

2,006.7

-6.2

635.6

660.5

-3.8

Note 1) Based on financial statements for group reporting 2) Profit attributable to controlling interests

Net Profit (bn won)

2,259 2,439

2,175

-1.2%1,954

1,979

1,107 964

2,007 1,882

2015 2016 2017 2018 2019

Note) Major non-recurring items (after tax)

3Q19(Cumulative): Reversals of provisioning(W77bn), ERP costs(W35bn),

Additional provisioning in response to changes in retail credit scoring system(W14bn) 3Q20(Cumulative): Preemptive provisioning based on FLC(W115bn),

Large-scale reversals of provisioning(W55bn), CVA net losses(W12bn)

1.71

1.71

1.67

1.69

1.61

1.58

1.52

6,364

6,101

4,712

4,829

5,394

4,747

4,993

2015

2016

2017

2018

2019

3Q19

3Q20

Net Interest Income

NIM

(Cumulative) (Cumulative)

Net Fee & Commission Income (bn won)

1,156

1,088

1,225

1,123

1,133

266

208

242

253

57

228

847

101

47

66

813

79

148

176

147

129

160

157

225

204

200

51

173

239

222

98

69

235

195

210

148

113

173

182

165

140

306

287

308

148

241

182

237

170

2015

2016

2017

2018

2019

3Q19

3Q20

(Cumulative) (Cumulative)

Trusts

Banking Activities

Card Services

Mutual Fund Sales

Bancassurance

FX, etc.

CIR (bn won, %)

CCR (bn won, %)

49.5

0.12

48.6

0.03

333

2,721

2,815

56

3Q19

3Q20

3Q19

3Q20

(Cumulative) (Cumulative)

(Cumulative) (Cumulative)

G&A Expenses

CIR

Provision for Credit Losses

CCR

13

IV. 3Q20 Financial Highlights of Major Subsidiaries _ KB Securities

Profitability Overview 1)

Net Fee & Commission Income (bn won)

bn won, %

3Q20

3Q19

YoY

3Q20

2Q20

QoQ

(Cumulative)

(Cumulative)

Net Fee & Commission Income

680.1

426.3

59.5

280.9

224.9

24.9

Brokerage

427.8

184.2

132.2

183.0

146.6

24.8

Investment Banking

214.6

185.6

15.6

84.7

63.3

33.8

Financial Products

42.2

50.5

-16.4

14.8

13.3

11.3

Others

-4.5

6.0

N.A.

-1.7

1.7

N.A.

Interest Income

377.1

400.7

-5.9

132.7

120.2

10.4

Trading

-6.5

5.9

N.A.

26.5

91.6

-71.1

G&A Expenses

588.1

556.4

5.7

205.4

201.0

2.2

Provision for Credit Losses

23.5

10.0

135.0

-0.3

3.0

N.A.

Net Operating Profit

439.1

266.5

64.8

235.0

232.7

1.0

Net Non-Operating Profit

26.7

43.5

-38.6

47.4

-23.6

N.A.

Profit for the Period 2)

338.5

224.7

50.6

209.7

150.2

39.6

Note 1) Based on financial statements for group reporting 2) Profit attributable to controlling interests

Net Profit (bn won)

361

272

258

+60.5%

179

339

225

2017

2018

2019

3Q19

3Q20

(Cumulative)

(Cumulative)

Major non-recurring items

Note) Major non-recurring items (after tax)

3Q20(Cumulative): PEF related losses including TRS valuation losses (W29bn), Provisioning for receivables from brokerage business(W14bn)

Provisioning for potential reimbursement related to investors' losses in PEF(W21bn), Disposal gain on overseas real estate investment(W30bn), Gains on sale of loans(W11bn)

552

625

580

680

56

37

48

68

426

215

215

216

267

56

353

186

288

245

428

184

2017

2018

2019

3Q19

3Q20

(Cumulative)

(Cumulative)

Brokerage

IB

Sales of Financial Products, etc.

Retail AUM (tn won)

94

83

74

69

61

64

31

30

29

28

15

20

46

44

45

41

53

63

2017

2018

2019

'20.3

'20.6

'20.9

Brokerage

WM

Assets under WM

tn won, %

2020.9

2019

2018

3.2%

Bonds

18.0

14.1

10.3

21.8%

Trusts

6.9

6.1

4.2

Funds

5.7

6.7

4.1

ELS/DLS

1.0

1.5

1.8

57.0%

18.0%

Total

31.6

28.4

20.4

Bonds

Trusts

Funds

ELS/DLS

14

IV. 3Q20 Financial Highlights of Major Subsidiaries _ KB Insurance

Profitability Overview 1)

bn won, %

3Q20

3Q19

YoY

3Q20

2Q20

QoQ

(Cumulative)

(Cumulative)

Direct Premium Written

8,195.8

7,668.7

6.9

2,728.8

2,729.5

0.0

Net Premium Earned

7,109.6

6,858.5

3.7

2,405.4

2,369.4

1.5

Loss Ratio

85.4%

84.8%

0.6%p

85.2%

84.4%

0.8%p

Expense Ratio

20.8%

22.4%

-1.6%p

21.1%

20.7%

0.4%p

Underwriting Profit

-442.2

-495.0

N.A.

-152.0

-120.1

N.A.

Investment Income

647.5

736.0

-12.0

198.2

193.5

2.4

Profit for the Period 2)

186.6

233.9

-20.2

42.6

66.8

-36.2

RBC Ratio

187.9%

193.7%

-5.8%p

187.9%

187.7%

0.2%p

Note 1) Based on financial statements for group reporting 2) Profit attributable to controlling interests

Net Profit & EV 1) (bn won)

7,937

330

6,807

6,607

2624,712

Direct Premium Written

bn won

3Q20

2019

2018

(Cumulative)

Long Term

5,437.7

7,083.3

6,883.2

Protection

4,986.5

6,361.5

6,014.0

Savings

451.2

721.8

869.2

Auto

1,934.4

2,206.7

2,035.3

General

823.7

982.8

931.7

Total

8,195.8

10,272.8

9,850.2

Asset Portfolio

bn won

2020.9

2019

2018

Cash & Due

294.8

559.2

746.1

Securities

22,515.8

20,633.0

18,741.2

Bonds

12,510.8

10,715.7

9,871.9

F/C Securities

3,544.6

4,243.2

4,365.1

Equities, etc.

6,460.4

5,674.1

4,504.1

Loans

6,836.8

6,872.1

6,873.7

Real Estate

923.8

943.1

968.0

Total

30,571.2

29,007.4

27,329.0

10.1%

23.6%

5.5%60.8%

LT(Protection) LT(Savings)

Auto General

3.0%

1.0%

22.4%

40.9%

21.1%

11.6%

Cash & Due

Bonds

F/C Securities

Equities, etc.

Loans

Real Estate

3,152

234

234

187

88.3

Loss Ratio (%)

92.0

88.0

86.1

97.4

88.1

2017

2018

2019

3Q19 2)

3Q20 2)

(Cumulative)

(Cumulative)

Net Profit

EV

83.4

84.2

82.2

84.0

80.7

71.3

71.0

2017

2018

86.6

85.1

84.7

75.7

74.9

2019 1Q20

84.4 85.2 85.2

84.2 84.6

82.0

2Q20 3Q20

Note 1) EVs are based on identical assumptions sets

Total

Long Term

Auto

General

2) EVs are figures as of the end of September of each year

15

IV. 3Q20 Financial Highlights of Major Subsidiaries _ KB Kookmin Card

Profitability Overview 1)

Card Transaction Volume (tn won)

bn won, %

3Q20

3Q19

YoY

3Q20

2Q20

QoQ

(Cumulative)

(Cumulative)

Operating Revenue

2,979.1

2,908.4

2.4

992.5

997.7

-0.5

Card

2,611.2

2,571.1

1.6

874.2

876.5

-0.3

Installment & Lease Financing

80.1

53.5

49.7

30.8

25.3

21.7

Others

287.8

283.8

1.4

87.5

95.9

-8.8

Operating Expense

1,984.1

1,974.1

0.5

677.5

656.5

3.2

Interest Expense

272.1

260.9

4.3

92.6

88.6

4.5

Commissions & Other Expenses

1,712.0

1,713.2

-0.1

584.9

567.9

3.0

Gross Operating Income

995.0

934.3

6.5

315.0

341.2

-7.7

G&A Expenses

349.3

306.0

14.2

120.6

117.0

3.1

Provision for Credit Losses

296.9

324.8

-8.6

68.9

111.9

-38.4

Net Operating Profit

348.8

303.5

14.9

125.5

112.3

11.8

Net Non-Operating Profit

-3.3

-4.3

N.A.

-1.5

-1.0

N.A.

Profit for the period 2)

255.2

251.0

1.7

91.4

81.7

11.9

Note 1) Based on financial statements for group reporting 2) Profit attributable to controlling interests

Net Profit (bn won)

355

317

297

317

287

255

251

2015

2016

2017

2018

2019

3Q19

3Q20

(Cumulative) (Cumulative)

33.0

35.0

36.0

36.7

34.1

35.7

36.4

8.9

8.3

8.6

9.0

8.2

8.4

8.7

24.7

26.4

27.0

27.8

25.9

27.3

27.7

1Q19

2Q19

3Q19

4Q19

1Q20

2Q20

3Q20

Card Assets

Credit Card

Check Card

bn won

2020.9

2019

2018

17.9%

Credit Card

18,387.8

18,591.9

17,309.3

Credit Sales

11,917.5

12,038.2

11,110.0

[Installments]

5,215.9

5,127.4

4,793.7

24.2%

53.2%

5,411.8

5,345.4

4,942.2

Card Loans

Cash Advance

1,058.5

1,208.2

1,257.1

4.7%

Others

4,002.9

3,312.6

2,154.5

Credit Sales

Cash Advance

Total

22,390.7

21,904.5

19,463.8

Card Loans

Factoring, etc.

Funding

bn won

2020.9

2019

2018

5.1%

10.3%

Borrowings

846.3

1,129.2

620.1

Debentures

14,058.4

13,353.2

12,083.6

ABS

1,706.1

1,460.3

970.0

Total

16,610.8

15,942.7

13,673.7

84.6%

Borrowings

Debentures

ABS

16

IV. 3Q20 Financial Highlights of Major Subsidiaries _ Prudential Life Insurance

Profitability Overview 1)

bn won, %

3Q20

3Q19

YoY

3Q20

2Q20

QoQ

(Cumulative)

(Cumulative)

Net Interest Income

27.2

-

-

27.2

-

-

Net Fee & Commission Income

-0.8

-

-

-0.8

-

-

Other Operating Profit

21.4

-

-

21.4

-

-

Gross Operating Income

47.8

-

-

47.8

-

-

G&A Expenses

31.9

-

-

31.9

-

-

Provision for Credit Losses

0.3

-

-

0.3

-

-

Net Operating Profit

15.6

-

-

15.6

-

-

Net Non-Operating Profit

0.0

-

-

0.0

-

-

Profit for the Period 2)

11.1

-

-

11.1

-

-

RBC Ratio

486.4%

-

-

486.4%

-

-

Note 1) Based on financial statements for group reporting 2) Profit attributable to controlling interests

Net Profit 1) (bn won)

242

176

164

146

141

2017

2018

2019

3Q19

3Q202)

(Cumulative)

(Cumulative)

Note 1) Based on financial statements of Prudential Life Insurance, for better comparison purposes, which differs from the financial results for group reporting contained in Profitability Overview

2) Including disposal gain on private placement bonds W143bn(after tax)

New Business APE (Annualized Premium Equivalent)

0.2%

bn won

3Q20

2019

2018

(Cumulative)

Protection

87.6

129.7

115.7

47.0%

Annuities

78.1

122.6

91.9

Savings

0.3

0.6

1.9

52.8%

Total

166.0

252.9

209.6

Invested Assets

Protection

Annuities

Savings

bn won

2020.9

2019

2018

5.3% 0.5%

3.4%

Cash & Due

595.5

241.4

67.6

1.7%

Securities

15,958.5

15,091.5

13,814.2

4.4%

Bonds

14,878.6

14,197.6

13,168.8

F/C Securities

779.7

585.7

268.5

Equities, etc.

300.2

308.2

376.9

Loans

938.5

995.2

956.6

84.6%

Real Estate

91.6

93.2

95.2

Total

17,584.1

16,421.3

14,933.6

Cash & Due

Bonds

F/C Securities

Equities, etc.

Loans

Real Estate

Mortality Margin & Loss Ratio (%, bn won)

58.3

55.4

54.4

53.6

52.3

40.5

147

157

168

38

54

41

2017

2018

2019

1Q20

2Q20

3Q20

Mortality Margin

Loss Ratio

17

V. Appendix _ Overview of Group Subsidiaries 1) (3Q20)

bn won

Ownership

Total Assets

Shareholder's Equity

Profit for the Period

ROA2)

ROE2)

KB Kookmin Bank

100.0%

437,038.8

29,512.7

1,882.4

0.61%

8.67%

KB Securities

100.0%

55,843.0

4,998.3

338.5

0.84%

9.47%

KB Insurance

100.0%

38,082.9

4,114.1

186.6

0.67%

6.23%

KB Kookmin Card

100.0%

24,292.3

4,201.9

255.2

1.46%

8.33%

Prudential Life Insurance

100.0%

24,408.3

2,535.9

11.1

1.50%3)

10.93%3)

KB Asset Management

100.0%

413.3

205.4

39.4

14.01%

27.78%

KB Capital

100.0%

12,326.6

1,410.2

114.8

1.32%

12.17%

KB Life Insurance

100.0%

10,213.7

631.4

9.2

0.12%

1.97%

KB Real Estate Trust

100.0%

420.4

318.3

55.5

18.94%

24.79%

KB Savings Bank

100.0%

1,700.7

222.0

13.2

1.17%

8.14%

KB Investment

100.0%

850.8

231.2

16.5

2.78%

10.11%

KB Data Systems

100.0%

42.7

20.8

0.1

0.31%

0.63%

KB Credit Information

100.0%

28.3

15.2

0.3

1.42%

2.67%

Note 1) Based on each subsidiary's financial statements for group reporting 2) Annualized 3) Based on separate financial statements of Prudential Life Insurance

18

V. Appendix _ Condensed Income Statement by Subsidiaries

bn won

Group

3Q20(Cumulative)

KB Kookmin

KB Securities

KB Insurance

KB Kookmin

Prudential Life

KB Asset

KB Capital

KB Life

Others 1)

Bank

Card

Insurance

Management

Insurance

Net Interest Income

7,143.4

4,992.9

377.1

464.5

938.9

27.2

2.2

241.8

109.6

-10.8

Net Fee & Commission Income

2,170.5

813.2

680.1

-127.7

273.4

-0.8

92.9

380.1

-11.2

70.5

Other Operating Profit

-67.3

-9.9

-6.5

525.2

-217.3

21.4

2.2

-293.2

-36.9

-52.3

Gross Operating Income

9,246.6

5,796.2

1,050.7

862.0

995.0

47.8

97.3

328.7

61.5

7.4

G&A Expenses

4,646.2

2,815.2

588.1

622.4

349.3

31.9

43.2

82.3

50.5

63.3

Provision for Credit Losses

754.3

333.4

23.5

-6.3

296.9

0.3

0.0

93.5

-0.9

13.9

Net Operating Profit

3,846.1

2,647.6

439.1

245.9

348.8

15.6

54.1

152.9

11.9

-69.8

Net Non-Operating Profit

120.4

-69.2

26.7

11.0

-3.3

0.0

-0.5

1.5

0.0

154.2

Profit for the Period

2,925.6

1,904.1

338.5

186.6

254.9

11.1

39.4

116.4

9.2

65.4

Profit attributable to

2,877.9

1,882.4

338.5

186.6

255.2

11.1

39.4

114.8

9.2

40.7

controlling interests

bn won

Group

3Q19(Cumulative)

KB Kookmin

KB Securities

KB Insurance

KB Kookmin

Prudential Life

KB Asset

KB Capital

KB Life

Others 1)

Bank

Card

Insurance

Management

Insurance

Net Interest Income

6,868.6

4,747.4

400.7

464.8

915.1

-

0.7

232.6

121.5

-14.2

Net Fee & Commission Income

1,716.5

846.7

426.3

-114.4

173.2

-

85.1

247.0

-12.8

65.4

Other Operating Profit

49.1

-96.2

5.9

588.1

-154.0

-

5.7

-185.3

-37.9

-77.2

Gross Operating Income

8,634.2

5,497.9

832.9

938.5

934.3

-

91.5

294.3

70.8

-26.0

G&A Expenses

4,456.7

2,721.0

556.4

644.2

306.0

-

42.2

78.9

49.0

59.0

Provision for Credit Losses

459.9

55.5

10.0

-15.1

324.8

-

0.0

82.2

-2.4

4.9

Net Operating Profit

3,717.6

2,721.4

266.5

309.4

303.5

-

49.3

133.2

24.2

-89.9

Net Non-Operating Profit

67.3

3.1

43.5

14.1

-4.3

-

-0.4

1.5

0.1

9.7

Profit for the Period

2,778.1

2,006.7

224.7

234.2

251.0

-

35.9

102.3

18.2

-94.9

Profit attributable to

2,777.1

2,006.7

224.7

233.9

251.0

-

35.9

100.7

18.2

-94.0

controlling interests

Note 1) Includes financial results of the holding company, the other subsidiaries and adjustment for consolidation

19

Disclaimer

KB Financial Group Inc. published this content on 22 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 October 2020 08:04:08 UTC


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Financials
Sales 2020 12 318 B 11,2 B 11,2 B
Net income 2020 3 453 B 3,13 B 3,13 B
Net Debt 2020 - - -
P/E ratio 2020 5,10x
Yield 2020 4,87%
Capitalization 17 183 B 15 535 M 15 585 M
Capi. / Sales 2020 1,39x
Capi. / Sales 2021 1,35x
Nbr of Employees 25 428
Free-Float 92,5%
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Technical analysis trends KB FINANCIAL GROUP INC.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus BUY
Number of Analysts 25
Average target price 55 556,00 KRW
Last Close Price 44 050,00 KRW
Spread / Highest target 45,3%
Spread / Average Target 26,1%
Spread / Lowest Target -2,38%
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Managers and Directors
NameTitle
Jong-Kyoo Yoon Chairman & Chief Executive Officer
Ki-Hwan Kim Chief Financial Officer & Senior Executive VP
Woo-Yeol Lee Chief Information Technology Officer
Woo Yeul Lee Chief Information Technology Officer
B Solomon Stuart Independent Director
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