[밸류업 2라운드]① KB금융, 초격차 동인은 '자사주 수익률'

KB Finance's strategic shift from competing on dividend distribution rates to ensuring sustainable shareholder returns reflects a maturation of Korea's value-up competition among financial groups. The company now prioritizes capital efficiency metrics—ROE, CET1 ratios, and risk-weighted asset management—over simple payout ratio benchmarks, indicating that competitive advantage depends on earnings quality and capital management rather than distribution size alone. This transition demonstrates that market expectations have evolved from one-time capital returns to predictable, repeatable shareholder value creation strategies.