KakaoBank Reports Net Profit of 13.7 Billion KRW Last Year... First Annual Surplus

[Asia Economy Reporter Kim Hyo-jin] Korea Kakao Bank (Kakao Bank) recorded an annual profit for the first time since its launch in 2017.

According to the banking sector on the 11th, Kakao Bank posted a net profit of 13.7 billion KRW last year, turning profitable. Kakao Bank recorded a net loss of 21 billion KRW in 2018.

The main reasons are analyzed to be a steady increase in net interest income and a reduction in the deficit of non-interest income due to expanded fee income.

As of the end of last year, Kakao Bank's total assets amounted to 22.7 trillion KRW, an 86% increase compared to the previous year. Deposits and loan balances were 20.7 trillion KRW and 14.9 trillion KRW, respectively. The number of customers is 11.28 million.

A Kakao Bank official said, "This year, we will continue to maintain profitability through the launch of new products and services such as credit card agency services and the implementation of open banking, as well as proactive soundness management."

This content was produced with the assistance of AI translation services.