KakaoBank’s Q2 Net Profit Increases Due to Accelerated Credit Growth

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This file photo, taken on August 5, 2021, features the KakaoBank Corp. logo.  at its headquarters in Seongnam, south of Seoul.  (Yonhap)

This file photo, taken on August 5, 2021, features the KakaoBank Corp. logo. at its headquarters in Seongnam, south of Seoul. (Yonhap)

KakaoBank Corp., a major South Korean digital-only bank, said on Tuesday that its net profit more than doubled in the second quarter from a year earlier, posting robust earnings after it went public earlier this month.

Net income for the April-June period was 69.29 billion won ($ 58.85 million), compared with a profit of 26.78 billion won the previous year, according to official records.

Revenue rose 29.3 percent to 253.62 billion won over the same period, while operating income increased 204 percent to a record 79.79 billion won.

The online lender, which became the most valuable financial firm in South Korea after being publicly listed on the local stock exchange on August 6, called the growth in customer numbers improved profits.

KakaoBank said it had 16.71 million customers in the second quarter of this year, up 2.9 million from the previous year, thanks to an increase in users in the 40-50 age group.

The company’s net interest income for the April-June period reached 141.5 billion won, up 44 percent from the previous year, thanks to increased loans.

KakaoBank is backed by Kakao Corp., the operator of the country’s dominant messaging app KakaoTalk. Cocoa owns 27% of the company’s shares.

KakaoBank’s shares rose 14.1% to 87,400 won on the main stock exchange, well above the broader Kospi’s 0.89% loss. The company reported earnings for the second quarter after the market closed. (Yonhap)



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