KakaoBank posts record cumulative earnings on robust fee-based services, platform business

KakaoBank, the nation’s largest internet-only lender, recorded its highest-ever cumulative earnings, with net profit surpassing 370 billion won ($256 million) in the first three quarters of this year, the company said Wednesday. Despite a decline in interest income caused by the government’s tighter controls on household lending, the bank offset the impact through growth in fee-based and platform revenues. For the July-September period, the bank reported a net profit of 111.4 billion won, down 10.3 percent from 124.2 billion won a year earlier. Still, cumulative net profit for the first three quarters rose 5.5 percent year-on-year to 375.1 billion won, marking a new record for the company. “We broadened both our lending and deposit portfolios, along with noninterest income streams, driven by continued customer growth and increasing platform traffic,” a KakaoBank official said. In the first three quarters, the bank’s operating revenue totaled 2.33 trillion won, with interest income reaching 1.49 trillion won, a 3.1 percent decrease from 1.54 trillion won a year earlier. AlthoughWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times