Internet-only banks' productivity 2.4 times higher than traditional lenders

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Per capita productivity of employees at internet-only lenders was 2.4 times higher than their peers at traditional lenders in the first half, market data showed Tuesday.

The difference is ascribed to the small number of employees at three of the internet-only banks — KakaoBank, Kbank and Toss Bank averaging 800. This is far lower than at least 11,000 at the top five traditional lenders — KB Kookmin, Shinhan, Hana, Woori and NH NongHyup.

According to market data, per capita profit generated by the three internet-only banks excluding reserve contributions came to 381 million won ($284,000) as of end-June, up 38.5 percent from 275 million won for the same period the previous year.

The figure is far higher than the average 159 million won generated by their peers at the top five traditional lenders over the same period.

Toss Bank employees reported a per capita profit of 525 million won, up over 92 percent from 273 million won a year earlier. The figure for Kbank came to 340 million won, up 11 percent from 300 million won. KakaoBank registered 277 million won, up nearly 10 percent from 253 million won.

Among traditional lenders, Hana Bank logged the highest profit per employee at 188 million won as of end-June. The figure for Shinhan Bank was 177 million won, while Woori Bank's came to 169 million won. NH NongHyup Bank and KB Kookmin Bank registered 148 million won and 114 million won, respectively.

Hana Bank had the lowest number of employees at 11,748. KB Kookmin Bank had 15,943, while Shinhan Bank had 12,931. Woori Bank and NH Nonghyup Bank had 13,624 and 13,311, respectively.

Toss Bank had 545 employees and Kbank 569. KakaoBank had 1,555 employees.