KakaoBank Achieves Record-High Net Profit of 263.7 Billion KRW in First Half, Up 14% Year-on-Year

Record-Breaking First Half Net Profit of 263.7 Billion KRW
Non-Interest Income Surges, Customer Base Expands

KakaoBank achieved a record-breaking net profit of 263.7 billion KRW in the first half of this year, marking its highest performance to date.

On August 6, KakaoBank announced that its net profit for the second quarter reached 126.3 billion KRW, a 5.1% increase from the same period last year (120.2 billion KRW). The net profit for the first half of this year amounted to 263.7 billion KRW, up 14% from the first half of last year (231.4 billion KRW), setting a new half-year record.

Of KakaoBank's operating revenue for the first half (1.5625 trillion KRW), interest income accounted for 999.9 billion KRW, a 2.0% decrease from the first half of last year (1.0204 trillion KRW). This was due to an overall decline in market interest rates, despite an increase in outstanding loans. The net interest margin (NIM) for the second quarter was 1.92%, down 0.17 percentage points from the previous quarter. Non-interest income for the first half was 562.6 billion KRW, a sharp 30.4% increase from the first half of last year (431.5 billion KRW).

A KakaoBank representative explained, "Platform capabilities have been strengthened across various sectors such as lending, investment, and payment services, and revenue from firm banking, open banking, and advertising has grown evenly."

KakaoBank's fee and platform revenue for the first half reached 153.5 billion KRW, up 8.3% from the same period last year. The proportion of non-interest income in operating revenue also expanded to 36%.

KakaoBank's customer base continues to grow. As of the end of the second quarter, the number of customers stood at 25.86 million, with 19.9 million monthly active users (MAU).

As of the end of the second quarter, deposit balances amounted to 63.7 trillion KRW, while loan balances reached 44.8 trillion KRW.

KakaoBank plans to fully launch services utilizing artificial intelligence (AI) technology and expand its global presence.

A KakaoBank representative stated, "Based on stable growth, we will practice inclusive finance and introduce innovative new services to become the leading comprehensive financial platform chosen by customers."

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