One Person Joined Toss Bank Every 6 Seconds... Q1 Recorded a 65.4 Billion KRW Deficit

[Asia Economy Reporter Bu Aeri] Toss Bank announced on the 31st that it recorded a net loss of 65.4 billion KRW in the first quarter.

According to Toss Bank, as of the end of the first quarter, the total loan balance was 2.59 trillion KRW, and the total deposit balance was 21 trillion KRW.

The net interest income recorded a loss of 2.9 billion KRW. Compared to the 11.3 billion KRW loss recorded during the first three months after its launch in October last year, the loss significantly decreased. Toss Bank explained, "As new loans increased, we set aside 23.4 billion KRW in loan loss provisions to strengthen soundness."

Toss Bank stated that it surpassed 3.3 million registered customers within eight months of its launch, and for the first time among internet-only banks, the proportion of loans to low- and medium-credit customers exceeded 35%.

As of the 30th of this month, a total of 3.31 million customers have registered and used Toss Bank, meaning a new customer joined Toss Bank every six seconds.

The user base is also expanding across all age groups. According to the bank, two out of five users are aged 40 or older, with customers in their 40s accounting for 24.2% and those aged 50 and above making up 18.6%.

In particular, the number of customers who opened Toss Bank accounts reached 3,003,600, which is 2.6 times higher compared to the end of last year (1,155,000).

The total amount of loans supplied to low- and medium-credit customers by Toss Bank over eight months reached 1.4185 trillion KRW (based on executed amount).

A Toss Bank official said, "We are rapidly resolving inclusive finance issues that have long been unsolved in the financial sector based on consumer-centered innovation, while growing steadily. We plan to continue embracing financial blind spots while maintaining soundness."

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