K Bank reports record net profit of 45.7 billion won in first half

K Bank reported a record net profit of 45.7 billion won ($34.9 million) in the first half, according to the bank on Tuesday. This is a turnaround from a net loss of 8.4 billion won in the first half of 2021.

The office building of K Bank in Jung District, central Seoul [K BANK]

K Bank reported a record net profit of 45.7 billion won ($34.9 million) in the first half, according to the bank on Tuesday. This is a turnaround from a net loss of 8.4 billion won in the first half of 2021.

The rise in the number of customers, amount of loans, savings and deposits contributed to the increase in the figure. The number of customers rose 660,000 on year.

The total amount of loans rose 1.64 trillion won on year in the first half, while that of savings and deposits rose 860 billion won in the same period.

“We were able to log a record net profit in the first half as we tried to provide more products and services catering to customers’ demands,” said a spokesperson for K Bank.

“We will further strengthen our profit model by releasing new products in the latter half and partnering with more companies to raise competitiveness as a digital financial platform.”

BY CHO JUNG-WOO [cho.jungwoo1@joongang.co.kr]