Kakao Bank announced on the 3rd that it achieved an all-time high of 88.4 billion won in operating profit in the first quarter of this year. This is an increase of 63.8% compared to the same period last year. Net profit for the first quarter was KRW 66.8 billion, up 43.2% from the same period last year.
Kakao Bank explained that the expansion of customers to all age groups, increased interest income and growth of the platform business drove profitability. As of the end of the first quarter, the number of customers of Kakao Bank stood at 18.61 million, an increase of 620,000 from the end of last year. In particular, 70% of new customers in the first quarter were in their 40s or older. The number of customers who use the mini service for teenagers is 1.28 million, an increase of 130,000 from the previous quarter.
As of the end of the first quarter, the balance of receipts stood at 334 trillion won, an increase of 3.15.3 trillion won in the first quarter. Among them, low-cost deposits (including Safebox) account for 59.7%. The loan balance is 25.96 trillion won. Kakao Bank analyzed that despite a decrease in high-credit loans, it recorded growth thanks to an increase in loans to low-medium and low-credit users and deposits for monthly rentals.
Kakao Bank CEO Yoon Ho-young said in a conference call on the same day, “As virtual assets are considered to be the main assets of customers, we are positively reviewing how to provide virtual assets in the form of services or businesses.” CEO Yoon also said, “From the fourth quarter of this year, we are preparing to enter the corporate loan market by launching a loan product for individual business owners.”
