KakaoBank second quarter net soars thanks to accelerated loan growth

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

KakaoBank Corp., a large digital-only South Korean bank, said on Tuesday that its net profit more than doubled in the second quarter from a year earlier, reporting solid earnings after it was released on the stock exchange earlier this month. this.

Net profit was 69.29 billion won ($ 58.85 million) in the April-June period, compared to a profit of 26.78 billion won the previous year, according to its regulatory record.

Revenue increased 29.3% to 253.62 billion won during the cited period, while operating profit rose 204% to a record high of 79.79 billion won.

The online lender, which became South Korea’s most valuable financial company after it went public on the local stock exchange on August 6, cited the growth in the number of clients for improved revenue.

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 the number of users in the 40s and 40s age groups. 50 years.

The company’s net interest income reached 141.5 billion won in the April-June period, up 44 percent from a year earlier, on loan growth.

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

KakaoBank shares jumped 14.1% to 87,400 won on the main exchange, far outpacing Kospi’s loss of 0.89%. The company released its second quarter results after the market closed. (Yonhap)

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