[Concall] KT "K Bank, First Quarterly Profit... Expanding Partnerships with Cryptocurrency Exchanges"

Q2 Earnings Conference Call

[Asia Economy Reporter Cha Min-young] KT stated during the 2021 Q2 KT earnings conference call held on the afternoon of the 10th that its financial subsidiary K-Bank's success was "thanks to leveraging the internet bank's unique low-cost, high-efficiency structure through apartment mortgage loans and partnerships with cryptocurrency exchanges."

Earlier, K-Bank recorded a provisional net profit of 3.9 billion KRW in Q2 of this year, marking its first quarterly profit since its launch in 2017 after four years. Considering the net loss of 12.3 billion KRW in Q1, the cumulative loss for the first half of the year stands at 8.4 billion KRW.

KT added, "We aim to achieve a lock-in effect through efforts to improve application (app) convenience, asset management, and deposit attraction," and "We expect to attract customers who are familiar with the mobile environment."

They continued, "In credit strategies, we will diversify the portfolio with products such as secured loans and mid-interest loans, and enhance customer service (CS) to sustain credit growth through risk management," emphasizing, "Besides considering new products, we will leap forward as a financial asset management platform for customers through partnerships with cryptocurrency exchanges and asset management companies."

Meanwhile, KT is pursuing an initial public offering (IPO) of K-Bank targeting 2023. KT stated, "We will actively promote group company IPOs as well," citing K-Bank and Studio Genie as examples.

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