South Korea’s internet banks post ₩447 billion first-half profit, up 15.1%

  • Three internet-only banks recorded combined first-half net profit of ₩447 billion.
  • 15.1% year-on-year growth lifted the banks’ combined first-half earnings.
  • KakaoBank and Toss Bank set records, while K Bank’s profit declined.

South Korea’s three internet-only banks generated combined net profit of ₩447 billion (approximately $327.0 million) in the first half of this year, a 15.1% increase from a year earlier. KakaoBank led the group with ₩328 billion in profit, up 24.4%, while Toss Bank posted a record ₩58.9 billion, up 45.8%. K Bank was the only decliner, with profit falling 28.6% to ₩60.1 billion as gains from loan receivable sales that had supported last year’s results diminished. The main dividing line was non-interest income: KakaoBank expanded platform and fee revenue, while Toss Bank sharply reduced losses in the segment. K Bank’s non-interest income plunged 68.2%, more than offsetting a 19.6% rise in interest income. The profit gap between K Bank and Toss Bank narrowed from ₩43.8 billion last year to ₩1.2 billion. Asset-quality indicators improved at KakaoBank and Toss Bank but deteriorated at K Bank. All three banks exceeded the 30% target for new credit loans to mid-to-low credit borrowers in the second quarter, although their shares declined from the previous quarter as total lending grew.

The information on this website is generated using AI and we cannot guarantee its accuracy. Please use it as reference information only.