Toss Bank suffers losses in 2022 on increased loan-loss reserves

This May 26, 2019 file photo shows the headquarters of Toss Bank in Seoul, Korea. Yonhap

Toss Bank, the country's third internet-only banking firm, said Friday it suffered a loss last year due to increased loan-loss reserves.

Toss Bank, which went into operation in October 2021, reported a net loss of 264.4 billion won ($203.3 million) in 2022, the lender said in a statement.

Toss Bank attributed its net losses to its 186 billion-won loan-loss reserves.

The bank said it is likely to swing back into the black in the second half of the year, citing fast-growing profitability.

Its net interest income came to 217.5 billion won in 2022, amid the central bank's monetary tightening.

As of end-2022, the number of Toss Bank customers came to 5.4 million, which grew to 6.05 million as of end-March, bank data showed. (Yonhap)