KakaoBank logs $93M net profit in second quarter

A KakaoBank sign shown at the company headquarters in Pangyo, Gyeonggi [KAKAO BANK]

KakaoBank logged 81.98 billion won ($93 million) in net profit in the second quarter of 2023, beating the market consensus, according to its regulatory filing released on Wednesday.

Net profit for the internet-only bank in the April-June period was up 44 percent on year and surpassed the 76.8 billion won in market consensus compiled by the market tracker FnGuide.

Its net profit in the first half of the year stood at 183.84 billion won, up 48.48 percent over the same period and boosted by the growth in loan balance.

The company’s operating profit in the first half of the year was a record 248.2 billion won, up 52.46 percent on year.

Increase in loan balance for unsecured, housing rent and mortgage attributed to the growth, the bank said. The number of its monthly active users hit 17 million in the second quarter, up around 4 percent from a quarter earlier.

KakaoBank plans to expand loan extension in the second half of the year by refining its credit rating model and introducing a loan comparison service.

The bank vowed to expand loan extension in the second half and generate profit from the platform business.

KakaoBank’s stocks fell 5.23 percent to close at 28,100 won on Wednesday despite the strong earnings. The company stock hovers below the offered price by around 28 percent.

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