KakaoBank beats expectations with 78.72 billion won net in Q3

Internet-only KakaoBank reported 78.72 billion won ($55 million) in net profit in the third quarter

KakaoBank sign at its office [KAKAOBANK]

Internet-only KakaoBank reported 78.72 billion won ($55 million) in net profit in the third quarter, beating the market consensus of 75.4 billion won compiled by FnGuide, according to the bank’s preliminary earnings Wednesday.

The figure was up 51 percent from a year earlier.

The bank’s revenue was 411.85 billion won, up 49 percent on year.

On the same day, Kakao Pay reported 4.65 billion won in net loss in the third quarter, more than double the 1.89 billion won in net loss in the same period a year earlier.

BY JIN MIN-JI [jin.minji@joongang.co.kr]