Kakao Bank Q3 net hits record high on interest income

All News 08:50 November 02, 2022

SEOUL, Nov. 2 (Yonhap) -- South Korean online lender Kakao Bank said Wednesday its third-quarter net profit hit a record high this year on growth in interest revenue.

Consolidated net profit stood at 78.7 billion won (US$55.4 million) in the July-September period, up 51.39 percent from a profit of 52 billion won a year earlier, the bank said in a regulatory filing.

Revenue jumped 48.5 percent to 411.8 billion won over the cited period, and operating income surged 47 percent to 105 billion won.

In the first three quarters combined, net profit rose 20.59 percent on-year to 202.5 billion won.

The net interest margin (NIM), a key barometer of profitability, stood at 2.56 percent in the third quarter, up from 1.98 percent a year ago.

The loan delinquency rate came to 0.36 percent in the third quarter, up from 0.21 percent the previous year.

Kakao Bank, the internet-only bank under mobile platform service provider Kakao Corp., has posted fast growth with a focus on household banking since its launch of banking operations in 2017. It was listed on the main KOSPI in August 2021.

Last week, Kakao Bank beefed up its product lineup and credit evaluation model to expand its banking share for individual entrepreneurs.