K Bank Reports 12.3 Billion KRW Net Loss in 1Q... Deficit Halved
[Asia Economy Reporter Ryu Tae-min] Internet-only bank K Bank announced on the 31st that its net loss for the first quarter of this year was 12.3 billion KRW, reducing the deficit to about half of the 24 billion KRW recorded in the same period last year.
In the first quarter of this year, K Bank's net interest income recorded 26.1 billion KRW, a 2.7-fold increase compared to 9.7 billion KRW in the same period last year. Net fee income also improved significantly, with losses shrinking from 2.9 billion KRW in the first quarter of last year to 80 million KRW in the first quarter of this year.
K Bank explained, "With the activation of deposit and withdrawal account services for the cryptocurrency exchange Upbit and the word-of-mouth spread of representative products such as 'Plus Box' and 'Apartment Mortgage Loans,' assets grew more than twice compared to the end of last year," adding, "Accordingly, various profitability indicators have also improved significantly."
As of the end of the first quarter, total assets stood at 9.4134 trillion KRW, rising to about 2.17 times the 4.3311 trillion KRW recorded at the end of December last year. Loan balances at the end of the first quarter were 3.831 trillion KRW, increasing by approximately 840 billion KRW compared to the end of last year, and deposit balances reached 8.7178 trillion KRW, up by 4.97 trillion KRW from the end of last year.
As of the end of March, the number of customers was 3.91 million, an increase of 1.72 million over three months.
The delinquency rate fell by 0.2 percentage points from 0.75% in the fourth quarter of last year to 0.55% in the first quarter. Compared to 1.97% in the first quarter of last year, this is a significant improvement.
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As of the end of March, the total capital ratio was 14.2%, down from 17.9% at the end of December last year. However, it is expected to rise to over 30% once a paid-in capital increase of about 1.25 trillion KRW is completed by the end of June this year.
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