Kbank’s Q3 net profit nearly triples from 2023 figure

Kbank CI

Kbank, South Korea’s internet-only bank, reported a significant increase in net profit for the third quarter of 2024, fueled by a surge in lending activities. The bank’s net profit for the July to September period totaled 37 billion won ($26.4 million), nearly tripling the 13.2 billion won recorded in the same quarter of 2023, although falling short of the record 50.7 billion won achieved in the first quarter of 2024.

The bank’s cumulative net profit totaled 122.4 billion won for the first three quarters of 2024, marking a more than threefold increase from the 38.2 billion won reported during the same period during the previous year, setting a record for the bank. Deposit and loan balances stood at 22 trillion won and 16.2 trillion won respectively as of the end of September, reflecting on-year increases of 27.4 percent and 26.4 percent. Its cumulative interest income for the first three quarters of 2024 totaled 371.7 billion won, up 14 percent from the 325.2 billion won recorded a year ago.

Non-interest income also saw notable growth, reaching 44.7 billion won, approximately double the 23.3 billion won reported a year earlier. The bank’s delinquency rate improved to 0.88 percent by the end of the third quarter of 2024, marking a consecutive three-quarter decline from 0.96 percent at the end of the previous year. The bank said it plans to expand its business scope through a public listing in 2025.