Kbank, launched as Korea’s first internet-only lender in 2017, posted a document web revenue of 128.1 billion received ($87.84 million) final 12 months, the corporate introduced Tuesday.
It mentioned the 2024 web revenue exceeded the earlier document of 83.6 billion received set in 2022, and likewise grew greater than 10-fold from 12.8 billion received in 2023.
The corporate attributed its enterprise milestone to a rise in new shoppers over time.
Headquarters of internet-only lender Kbank in central Seoul / Courtesy of Kbank
Particularly, the quantity grew by 321,000 in 2024, marking the quickest tempo of development since 2021.
The corporate defined that the rise helped the corporate develop to greater than 10 million prospects.
“We have been capable of serve extra shoppers after enhancing enterprise portfolios, enhancing monetary soundness and bolstering our competitiveness out there,” Kbank mentioned.
“We’ll be extra dedicated to producing earnings persistently and sustaining sturdy monetary soundness to put the groundwork for accelerated development.”
As of 2024, Kbank had 12.74 million prospects whose deposits amounted to twenty-eight.57 trillion received. The quantity was up 49.8 % from 2023.
Over the identical interval, the excellent stability in credit score loans rose 17.6 % to 16.27 trillion received.
In consequence, the financial institution’s curiosity revenue jumped 6.9 % to 450.4 billion received within the 2023-24 interval.
The corporate mentioned it was dedicated to lending cash to those that had decrease credit score scores and had bother taking out loans from main offline banks.
The excellent stability in credit score loans, which have been supplied to prospects with low and reasonable scores, totaled 1.16 trillion received.
The quantity accounted for 34.1 % of the financial institution’s mixture excellent stability in credit score loans for all prospects, surpassing the agency’s aim of 30 %.
An affiliate of telecom big KT, Kbank has been mobilizing KT’s synthetic intelligence expertise to boost non face-to-face banking companies.
