Korea’s KB Financial Group Inc. posted record-high net earnings of 990.1 billion won ($879.3 million) in the second quarter thanks to unrelenting rise in consumer debt and a bullish stock market.

Its net income gained 14 percent from the previous quarter and 70.6 percent against the year-ago period, the group disclosed Thursday.

The group’s net profit for the six-month period reached 1.86 trillion won, up a whopping 65.3 percent from a year earlier in its best-ever result since it was transformed into a financial group holding system in 2008.

Profitability of the mainstay banking unit KB Kookmin Bank improved sharply. The non-banking entities also turned out better earnings.

KB Kookmin Bank earned a net 1.21 trillion won for the combined first six months, its best performance in five years.

KB Securities Co. saw its net earnings rise a staggering 355.1 percent to 129.7 billion won while KB Kookmin Card Co. kept profit unchanged from a year ago at 153.5 billion won.

In the second quarter alone, KB Insurance Co. earned a net 161.7 billion won and KB Capital Co. 62.9 billion won.

Shares of KB Financial Group closed Thursday up 1.41 percent at 57,400 won.

By Park Yoon-ye

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