K-Bank Q3 70 Billion Won Loss... Deficit Narrowed, Loans and Soundness Increased

[Asia Economy Reporter Kim Hyo-jin] K-Bank, the first internet-only bank in Korea, recorded a loss of approximately 70 billion KRW in the third quarter.

However, supported by strong loan demand, the loan balance increased by 67% in just three months, and the soundness indicators also improved significantly.

K-Bank announced on the 30th that it posted a net loss of 70.3 billion KRW in the third quarter. Compared to the same period last year, the loss decreased by 3.9 billion KRW.

Total assets in the third quarter grew to 3.2799 trillion KRW, about 1.6 times the previous quarter's 2.0605 trillion KRW. The loan balance reached 2.106 trillion KRW, up 67% from 1.2591 trillion KRW in the previous quarter.

As of the third quarter, K-Bank's delinquency rate stood at 1.22%, a significant improvement compared to 1.97% in the first quarter and 2.36% in the second quarter.

The ratio of non-performing loans (NPLs) also decreased by 1.09 percentage points, from 2.7% to 1.61%.

A K-Bank official explained, "With the resumption of lending, the denominator?the loan balance?increased, leading to a rapid improvement in soundness indicators."

K-Bank expects that as the scale of deposits and loans grows, profitability indicators will gradually improve as well.

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