2004 1st Quarter Operating Results
2004-04-23On April 23, 2004, Kookmin Bank held an earnings conference and released its operating results for the first quarter of 2004.
The figures presented in this section have not been fully reviewed by our independent auditor yet, and therefore they are subject to changes in the due course of review process.
On September 30, 2003, Kookmin Bank merged with one of its major subsidiaries, Kookmin Credit Card Co. Under Korean GAAP, the merger was accounted for the transaction between the entities under common control and therefore the Bank recognized the assets and liabilities transferred at their carrying amounts in the accounts of Kookmin Credit Card Co. at the date of transfer.
However, for the purpose of comparison, we presented, hereunder, the pro-forma figures for the first quarter of 2003, which present simple arithmetic summation of the two entities’ past earnings and financial conditions, excluding inter-transaction as if the merger had been completed in September 30, 2002.
| (in trillion of Won) | As of the date indicated | ||
|---|---|---|---|
| March 31, 2004 | March 31, 2003 | % Change (YoY) | |
| Total Assets | 184.4 | 189.9 | (2.9) |
| Loans in Won | 126.4 | 120.1 | 5.2 |
| Total Liabilities | 175.6 | 180.2 | (2.6) |
| Deposits in Won | 133.0 | 126.8 | 4.9 |
| Total Stockholders' Equity | 8.8 | 9.7 | (9.3) |
| (in billions of Won) | For the 3 months period ended | ||
|---|---|---|---|
| 2004 | 2003 | % Change (YoY) | |
| Operating Income | 236.8 | 1,604.0 | △95.1 |
| Operating Income before Provisioning | 1,380.5 | 1,372.1 | 0.6 |
| Non-operating Income | 17.1 | 111.5 | (84.7) |
| Net Income | 169.1 | 41.1 | 311.4 |
| (in billions of Won) | As of the date indicated | ||
|---|---|---|---|
| March 31, 2004 | December 31, 2003 | % Change (QoQ) | |
| Total Loans for NPL Management | 142,972.5 | 140,768.6 | 1.6 |
| Substandard & Below Loans | 5,754.6 | 5,053.4 | 13.9 |
| Allowance for Loan Loss | 4,215.0 | 3,712.3 | 13.5 |
| Substandard & Below Ratio | 4.03% | 3.59% | 0.44%p |
| Coverage Ratio | 73.2% | 73.5% | (0.7%p) |
| Delinquency Ratio | 3.75% | 3.22% | 0.53%p |