SEOUL, May 3 (Yonhap) -- KakaoBank Corp., a South Korean internet-only bank, Tuesday reported a 43.2 percent jump in its first-quarter earnings as its customer base continued to expand amid the coronavirus pandemic.
Net income came to 66.80 billion won (US$52.8 million) in the January-March period, compared with 46.66 billon won tallied a year earlier, the company said in a regulatory filing.
Operating profit also surged 63.8 percent on-year to a record quarterly high of 88.41 billion won, with sales advancing 50.5 percent over the same period to 338.44 billion won.
The robust earnings came as the number of its customers increased by some 620,000 on-quarter to 18.61 million at the end of March.
Market watchers said growing demand for mobile banking amid the protracted pandemic also played a role in boosting KakaoBank's earnings in the latest quarter.
As of end-March, KakaoBank held 33.04 trillion won in deposits, while its outstanding credit came to 25.97 trillion won.
Sales from its platform business grew 38.5 percent on-year to 25.3 billion won and revenue from transaction fees also rose 18.8 percent to 47.7 billion won, the company said.
Display, electronics makers dealt blow by COVID-19 lockdowns in China
S. Korean firms in delicate balancing act over U.S. economic framework
(News Focus) BOK expected to seek further rate hikes but place more weight on growth: experts
Yoon to seek small gov't stance to spur economic growth
Having passed major regulatory hurdle for Intel deal, SK hynix eyes economies of scale, sharper competitive edge