Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
K bank logs record net profit in Q3
A signboard of online lender K bank is seen on a building in Seoul in this file photo taken in July 2021. Korea Times file
By Yi Whan-woo
By Yi Whan-woo
Online lender K bank posted a record net profit of 25.6 billion won ($18.2 million) in the third quarter of this year amid a surge in interest margins, the company announced on Monday.
It said net profit for the July-September period was up 52.4 percent from a year earlier and that it remained in the black for the fifth straight quarter.
Cumulative net profit for the first three quarters combined amounted to 71.4 billion won, which is up more than eightfold from the same period of 2021.
The bank assessed the increased earning is driven by expanded customer benefits in the midst of toughened economic circumstances for retail customers.
It noted the number of its customers reached 8.01 million by the end of the third quarter, up from 7.83 million three months earlier.
Customer deposits increased by 12.18 trillion won year-on-year to 13.49 trillion won in the third quarter, while lending increased from 8.73 trillion won to 9.78 trillion won during the cited period.
The net interest margin (NIM), a key barometer of profitability, increased 1.42 percent year-on-year to 2.44 percent in the third quarter.