
KakaoBank’s headquarters in Seongnam, Gyeonggi Province / Yonhap
KakaoBank recorded an working revenue of 606.9 billion received ($418 million) and a internet revenue of 440.1 billion received final 12 months, pushed by progress in non-interest revenue, charges and platform companies. This marks an all-time excessive, representing year-over-year will increase of 26.8 % and 24 %, respectively, the corporate mentioned Wednesday.
For the fourth quarter alone, the nation’s largest internet-only financial institution reported an working revenue of 115 billion received and a internet revenue of 84.5 billion received.
The financial institution attributed the outcomes to balanced progress throughout all sectors, together with deposits and loans in addition to price and platform income, pushed by elevated buyer influx and expanded visitors.
Particularly, non-interest revenue, excluding mortgage curiosity income, totaled 889.1 billion received, marking a 25.6 % improve from the earlier 12 months. This accounted for 30 % of the financial institution’s whole working income.
The rise in non-interest revenue was attributed to the expansion of its mortgage comparability and funding providers. On the again of those two segments, the agency’s price and platform income reached 301.7 billion received final 12 months.
Within the fourth quarter alone, the quantity of loans executed by 60 associate monetary establishments after being in contrast on the financial institution’s app reached 1.11 trillion received, greater than six instances the quantity recorded a 12 months earlier.
Within the asset administration sector, the corporate generated 530.7 billion received, additional driving the expansion of non-interest revenue.
The financial institution, in the meantime, minimized the rise in mortgages by managing family lending consistent with the coverage path of monetary authorities.
Within the fourth quarter, family mortgage balances grew by solely 84 billion received, in comparison with the earlier quarter, an identical degree to the 80 billion received improve within the third quarter. This marks a big decline from the second quarter, when family mortgage balances surged by 953 billion received from the primary quarter.
“Regardless of our steady family mortgage administration, we have now continued inclusive financing efforts to boost monetary accessibility for mid-to-low credit score debtors,” a KakaoBank official mentioned.
As of final 12 months, the common steadiness of mid-to-low credit score loans stood at roughly 4.9 trillion received, accounting for 32.4 % of whole loans.
The financial institution’s buyer base is rising quickly as effectively. As of December, it had 24.88 million prospects, with 2.04 million new prospects becoming a member of in 2024.
Month-to-month lively customers reached 18.9 million, whereas weekly lively customers hit 13.6 million, marking the very best visitors ranges within the financial institution’s historical past.
The corporate set the dividend per share for the 2024 fiscal 12 months at 360 received. The entire dividend payout has doubled from the earlier 12 months to 171.5 billion received, bringing the whole shareholder return ratio to 39 %.
This 12 months, the agency plans to launch a conversational AI monetary calculator, a non-public label bank card for enterprise homeowners and a cell ID.