Form 6-K

This Report on Form 6-K is incorporated by reference into the prospectus included in the Registration Statement on Form F-4 of Kookmin Bank (File No. 333-151207).

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2008

 

 

Kookmin Bank

(Translation of registrant’s name into English)

 

 

9-1, 2-Ga, Namdaemun-Ro, Jung-Gu, Seoul, Korea 100-703

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F            X            Form 40-F             

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):             

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):             

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submission to furnish a report or other document that the registration foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes                         No X

 

 

 


UNAUDITED NON-CONSOLIDATED FINANCIAL STATEMENTS

OF KOOKMIN BANK

KOOKMIN BANK

NON-CONSOLIDATED BALANCE SHEETS

AS OF JUNE 30, 2008 AND DECEMBER 31, 2007

 

     Korean Won
      2008    2007
     (In millions)

ASSETS

  

Cash and due from banks

   (Won) 6,602,042    (Won) 6,544,754

Securities

     33,653,467      30,777,359

Loans

     191,142,034      171,549,993

Tangible assets

     2,242,485      2,298,743

Other assets

     11,339,233      7,695,189
             
   (Won) 244,979,261    (Won) 218,866,038
             

LIABILITIES AND SHAREHOLDERS’ EQUITY

     

LIABILITIES:

     

Deposits

   (Won) 156,791,555    (Won) 138,858,691

Borrowings

     54,535,929      50,250,481

Other liabilities

     17,257,590      13,719,105
             
     228,585,074      202,828,277
             

SHAREHOLDERS’ EQUITY :

     

Common stock

     1,681,896      1,681,896

Capital surplus

     6,273,290      6,269,263

Accumulated other comprehensive income

     271,746      345,446

Retained earnings

     8,167,255      7,741,156
             
     16,394,187      16,037,761
             
   (Won) 244,979,261    (Won) 218,866,038
             


KOOKMIN BANK

NON-CONSOLIDATED STATEMENTS OF INCOME

FOR THE SIX MONTHS ENDED JUNE 30, 2008 AND 2007

 

     Korean Won
     2008    2007
     (In millions except per share amounts)

OPERATING REVENUE:

     

Interest income:

     

Interest on due from banks

   (Won) 1,460    (Won) 8,482

Interest on securities

     834,184      677,298

Interest on loans

     6,945,557      5,763,172

Other interest income

     19,041      17,934
             
     7,800,242      6,466,886
             

Gain on valuation and disposal of securities:

     

Gain on valuation of trading securities

     10,863      10,202

Gain on disposal of trading securities

     84,980      39,621

Gain on disposal of available-for-sale securities

     112,482      736,741

Reversal of impairment loss on available-for-sale securities

     17,837      23,726
             
     226,162      810,290
             

Gain on disposal of loans

     22,832      23,112
             

Foreign exchange trading income

     324,381      205,882
             

Commission income

     763,482      730,796
             

Fees and commissions from trust accounts

     46,055      46,649
             

Dividends income

     11,160      9,920
             

Other operating income:

     

Gain on derivatives trading

     3,040,450      1,137,855

Gain on valuation of derivatives

     2,998,833      578,579

Gain on valuation of fair value hedged items

     132,795      91,160

Other operating income

     17,444      81,026
             
     6,189,522      1,888,620
             

Total operating revenues

     15,383,836      10,182,155
             

OPERATING EXPENSES:

     

Interest expenses:

     

Interest on deposits

     2,931,120      1,924,147

Interest on borrowings

     1,367,224      1,101,816

Other interest expenses

     41,500      34,624
             
     4,339,844      3,060,587
             

Loss on valuation and disposal of securities:

     

Loss on valuation of trading securities

     28,520      21,646

Loss on disposal of trading securities

     40,452      17,491

Loss on disposal of available-for-sale securities

     12,187      9,940

Impairment loss on available-for-sale securities

     30,086      44,706
             
     111,245      93,783
             

Loss on valuation and disposal of loans:

     

Provision for possible loan losses

     409,104      191,606

Loss on disposal of loans

     123      —  
             
     409,227      191,606
             

Foreign exchange trading losses

     261,233      159,738
             

Commission expenses

     317,407      263,625
             

General and administrative expenses

     1,849,592      1,782,631
             


KOOKMIN BANK

NON-CONSOLIDATED STATEMENTS OF INCOME (CONTINUED)

FOR THE SIX MONTHS ENDED JUNE 30, 2008 AND 2007

 

     Korean Won
     2008    2007
     (In millions except per share amounts)

Other operating expenses:

     

Provision for acceptances and guarantees losses

   (Won) 15,451    (Won) 5,573

Loss on derivatives trading

     2,906,150      1,127,008

Loss on valuation of derivatives

     3,105,961      607,066

Loss on valuation of fair value hedged items

     11,681      20,364

Other operating expenses

     373,793      297,801
             
     6,413,036      2,057,812
             

Total operating expenses

     13,701,584      7,609,782
             

OPERATING INCOME

     1,682,252      2,572,373

NON-OPERATING REVENUE

     140,542      128,400

NON-OPERATING EXPENSES

     53,816      54,801
             

INCOME BEFORE INCOME TAX

     1,768,978      2,645,972

INCOME TAX EXPENSE

     493,125      1,227,174
             
     

NET INCOME

   (Won) 1,275,853    (Won) 1,418,798
             

BASIC NET INCOME PER SHARE (In currency units)

   (Won) 3,793    (Won) 4,218
             

DILUTED NET INCOME PER SHARE (In currency units)

   (Won) 3,789    (Won) 4,209
             


KOOKMIN BANK

NON-CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE SIX MONTHS ENDED JUNE 30, 2008 AND 2007

 

     Capital stock    Capital
surplus
   Capital
adjustments
   Accumulated
other
comprehensive
income
    Retained
earnings
    Total  
     (In millions)  

January 1, 2007

   (Won) 1,681,896    (Won) 6,258,297    (Won) —      (Won) 899,542     (Won) 6,215,222     (Won) 15,054,957  

Cumulative effect on accounting changes

     —        10,966      —        (10,966 )     —         —    
                                             
     1,681,896      6,269,263      —        888,576       6,215,222       15,054,957  

Dividend

     —        —        —        —         (1,227,784 )     (1,227,784 )
                                             

Balance after appropriations

     1,681,896      6,269,263      —        888,576       4,987,438       13,827,173  

Net income

     —        —        —        —         1,418,798       1,418,798  

Valuation of available-for-sale securities

     —        —        —        (481,623 )     —         (481,623 )

Valuation of held-to-maturity securities

     —        —        —        (38 )     —         (38 )

Valuation of securities using the equity method

     —        —        —        (5,629 )     (7,650 )     (13,279 )

Others

     —        —        —        —         (157 )     (157 )
                                             

June 30, 2007

   (Won) 1,681,896    (Won) 6,269,263    (Won) —      (Won) 401,286     (Won) 6,398,429     (Won) 14,750,874  
                                             

January 1, 2008

   (Won) 1,681,896    (Won) 6,258,297    (Won) —      (Won) 356,412     (Won) 7,741,156     (Won) 16,037,761  

Cumulative effect for accounting changes

     —        10,966      —        (10,966 )     —         —    
                                             
     1,681,896      6,269,263      —        345,446       7,741,156       16,037,761  

Dividend

     —        —        —        —         (824,129 )     (824,129 )
                                             

Balance after appropriations

     1,681,896      6,269,263      —        345,446       6,917,027       15,213,632  

Net income

     —        —        —        —         1,275,853       1,275,853  

Valuation of available-for-sale securities

     —        —        —        (52,927 )     —         (52,927 )

Valuation of held-to-maturity securities

     —        —        —        (7 )     —         (7 )

Valuation of securities using the equity method

     —        4,027      —        (20,766 )     (26,503 )     (43,242 )

Others

     —        —        —        —         878       878  
                                             

June 30, 2008

   (Won) 1,681,896    (Won) 6,273,290    (Won) —      (Won) 271,746     (Won) 8,167,255     (Won) 16,394,187  
                                             


KOOKMIN BANK

NON-CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2008 AND 2007

 

     Korean Won  
     2008     2007  
     (In millions)  

CASH FLOWS FROM OPERATING ACTIVITIES:

    

Net income

   (Won) 1,275,853     (Won) 1,418,798  
                

Adjustments to reconcile net income to net cash used in operating activities:

    

Loss on valuation of trading securities

     28,520       21,646  

Impairment loss on available-for-sale securities

     30,086       44,706  

Loss on valuation of securities accounted for using the equity method

     306       387  

Provision for possible loan losses

     409,104       191,606  

Depreciation and amortization

     205,209       186,774  

Loss on disposal of tangible assets

     597       714  

Loss on valuation of derivatives

     3,105,961       607,066  

Loss on valuation of fair value hedged items

     11,681       20,364  

Provision for severance benefits

     89,389       83,003  

Gain on valuation of trading securities

     (10,863 )     (10,202 )

Reversal of impairment loss on available-for-sale securities

     (17,837 )     (23,726 )

Gain on valuation of securities accounted for using the equity method

     (57,180 )     (56,930 )

Gain on disposal of tangible assets

     (3,448 )     (281 )

Gain on valuation of derivatives

     (2,998,833 )     (578,579 )

Gain on valuation of fair value hedged items

     (132,795 )     (91,160 )

Others, net

     5,712       179,188  
                
     665,609       574,576  
                

Changes in assets and liabilities resulting from operations:

    

Net decrease (increase) in trading securities

     803,686       (3,141,808 )

Net decrease (increase) in available-for-sale securities

     (2,096,419 )     26,192  

Net decrease (increase) in held-to-maturity securities

     (1,045,790 )     713,682  

Net increase in loans

     (20,026,879 )     (9,640,833 )

Net increase in accounts receivable

     (1,793,425 )     (1,496,466 )

Net decrease (increase) in accrued income

     59,304       (112,454 )

Net increase in prepaid expenses

     (31,676 )     (26,519 )

Net decrease (increase) in deferred income tax assets

     (20,057 )     (148,042 )

Net increase in accounts payable

     1,540,286       1,408,325  

Net increase in accrued expenses

     551,755       681,878  

Net increase in unearned revenues

     7,551       9,613  

Payment of severance benefits

     (20,004 )     (15,521 )

Net increase in severance insurance deposits

     (3,017 )     (2,688 )

Others, net

     (243,119 )     122,123  
                
     (22,317,804 )     (11,622,518 )
                

Net cash used in operating activities

     (20,376,342 )     (9,629,144 )
                


KOOKMIN BANK

NON-CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

FOR THE SIX MONTHS ENDED JUNE 30, 2008 AND 2007

 

     Korean Won  
     2008     2007  
     (In millions)  

CASH FLOWS FROM INVESTING ACTIVITIES:

    

Net decrease in restricted due from banks

   (Won) 336,654     (Won) 630,716  

Net decrease (increase) in securities accounted for using the equity method

     (419,502 )     14,187  

Disposal of tangible assets

     7,293       5,801  

Disposal of intangible assets

     —         75  

Purchase of tangible assets

     (93,641 )     (187,579 )

Purchase of intangible assets

     (32,998 )     (14,152 )

Net increase in guarantee deposits paid

     (32,678 )     (94,385 )

Net decrease in domestic exchange settlement debits

     41,333       235,795  
                

Net cash provided by (used in) investing activities

     (193,539 )     590,458  
                

CASH FLOWS FROM FINANCING ACTIVITIES:

    

Net increase in deposits

     17,933,842       1,544,059  

Net increase in borrowings

     4,330,689       7,685,776  

Net increase (decrease) in other liabilities

     (476,579 )     435,527  

Dividend

     (824,129 )     (1,227,784 )
                

Net cash provided by financing activities

     20,963,823       8,437,578  
                

NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS

     393,942       (601,108 )

CASH AND DUE FROM BANKS, BEGINNING OF PERIOD

     2,533,763       3,287,819  
                

CASH AND DUE FROM BANKS, END OF PERIOD

   (Won) 2,927,705     (Won) 2,686,711  
                


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Kookmin Bank
  (Registrant)
Date: August 14, 2008   By:  

/s/ Donald H. MacKenzie

  (Signature)
  Name:   Donald H. MacKenzie
  Title:   Senior EVP / CFO
    Executive Director