KakaoBank 3Q Operating Profit 104.6 Billion KRW... Record High

[Asia Economy Reporter Bu Aeri] KakaoBank announced on the 2nd that its operating profit for the third quarter reached 104.6 billion KRW, marking the highest quarterly figure ever. This represents a 46.9% increase compared to the previous year. It is the first time that quarterly operating profit has surpassed the 100 billion KRW mark.

KakaoBank's third-quarter revenue was 411.8 billion KRW, and net profit was 78.7 billion KRW, increasing by 48.5% and 51.3% respectively compared to the same period last year.

KakaoBank's cumulative revenue for the first three quarters reached 1.1211 trillion KRW, and operating profit was 267.4 billion KRW, surpassing last year's performance within nine months. Last year's revenue was 1.0649 trillion KRW, and operating profit was about 256.9 billion KRW.

As of September, KakaoBank's deposit balance was approximately 34.6 trillion KRW, an increase of 4.6 trillion KRW compared to the end of last year (30 trillion KRW). Low-cost deposits steadily expanded, accounting for 62.1% of the total.

The loan balance during the same period was about 27.5 trillion KRW, up approximately 1.6 trillion KRW from the end of last year (25.9 trillion KRW). The bank stated that growth was driven by loans to low- and medium-credit borrowers as well as jeonse deposit and mortgage loans.

The balance of unsecured loans to low- and medium-credit borrowers was 3.0288 trillion KRW. The proportion of low- and medium-credit loans also rose by more than 6 percentage points from 17% at the end of last year to 23.2%.

The mortgage loan product launched by KakaoBank in February recorded a cumulative contract amount of 807 billion KRW through expansion of target customers and regions.

As of the end of September, KakaoBank's customer base numbered 19.78 million. KakaoBank explained that this is about 68% of the economically active population (29.09 million) as of September this year.

The age distribution of customers for the third quarter this year was 8% in their teens, 24% in their 20s, 25% in their 30s, 23% in their 40s, and 19% aged 50 and above.

Middle-aged and older customers continue to join. Half of the new KakaoBank subscribers this year are aged 40 or older.

A KakaoBank official said, "In the fourth quarter, we plan to further solidify our position as a financial platform through expansion of mortgage loan products, launch of banking services for individual business owners, and entry into the authentication business."

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