Toss Bank Records First Annual Profit in History... Net Income of 45.7 Billion Won

Six Consecutive Quarters of Profit

Toss Bank announced on the 31st that it recorded an annual net profit of 45.7 billion KRW last year. This marks the first annual profit since its launch. Having achieved its first quarterly profit turnaround in Q3 2023, Toss Bank also recorded six consecutive quarters of profitability.

All key financial indicators, including asset size, profitability, soundness, and stability, improved simultaneously. Total assets increased by about 4 trillion KRW compared to the previous period (25.7 trillion KRW), reaching 29.7 trillion KRW. Despite having no secured loans and a high proportion of loans to low- and medium-credit borrowers, the delinquency rate decreased by 0.13 percentage points from 1.32% in the previous period to 1.19%. The ratio of non-performing loans also remained stable at 0.94%.

At the end of last year, the allowance for loan losses based on non-performing loan assessment criteria was 385.6 billion KRW, an increase of 62.4 billion KRW from the previous period (323.2 billion KRW), securing a total loan loss provision coverage ratio of 281.87%. The Basel III (BIS) ratio improved to 15.90% from 12.80% in the previous period, enhancing capital adequacy.

Toss Bank Headquarters, Gangnam-gu, Seoul. Photo by Jinhyung Kang aymsdream@

Loan balances stood at 14.6 trillion KRW, and deposit balances at 27.5 trillion KRW, increasing by 2.2 trillion KRW and 3.8 trillion KRW respectively compared to the previous period. Notably, the balance of Jeonse and monthly rent deposit loans surged by 575% from 400 billion KRW in the previous period to 2.3 trillion KRW.

Savings deposits grew to 10.9 trillion KRW, nearly doubling from 5.5 trillion KRW in the previous period, driven by the popularity of products such as the ‘automatic daily compound interest’ and installment savings accounts. The net interest margin (NIM) consistently remained above 2%, standing at 2.53%.

As of the end of last year, Toss Bank’s customer base reached 11.78 million, a 32.6% increase from 8.88 million in the previous period.

Lee Eun-mi, CEO of Toss Bank, stated, “Toss Bank’s achievement of its first annual profit in 2024 proves to the market that we have laid the foundation for sustainable innovation through both quantitative and qualitative growth. We will not forget that this achievement would have been impossible without the support and trust of our customers, and we will continue to do our best to expand the horizons of banking experience through innovation and boundless inclusion.”

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