[Featured Stock] KakaoBank Surges Over 10% on Strong Q2 Earnings Expectations
[Asia Economy Reporter Ji Yeon-jin] On the 17th, KakaoBank's stock price surged more than 10% ahead of its Q2 earnings announcement.
As of 2:40 PM on the same day, KakaoBank was trading at 85,700 KRW on the KOSPI market, up 11.88% (9,100 KRW) compared to the previous trading day. KakaoBank showed strong performance from the early session and even jumped 13.5% during the trading hours. The stock price was driven up by net buying from institutional and foreign investors.
KakaoBank turned profitable in 2019. Last year, its profit increased to 113.6 billion KRW, showing a return on equity (ROE) of 5.7%.
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Kim Eun-gap, a researcher at IBK Investment & Securities, explained, "KakaoBank's net profit for Q1 2021 was 46.6 billion KRW, showing an increasing trend compared to 2020, and the annualized ROE based on net profit is 6.7%."
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