SEOUL, Online lender Kakao Bank said Wednesday its net profit rose 9.1 percent on-year to 111.2 billion won (US$81.8 million) in the first quarter, thanks to robust sales of home-backed loans. Operating profit rose 8.8 percent won to 148.4 billion won over the cited period, the bank said in a regulatory filing. The bank attributed the on-year increase to a rise in loans on its program to refinance existing loans at lower interest rates. "(The bank) achieved a high market share in the home-backed loan refinancing service that began in January last year, proving the competitiveness of its platform in the loan-exchange market," a company official said. As of March 25, the internet-only bank provided 952.7 billion won in replacement loans for home-backed loans, accounting for 31 percent of the total 3.12 trillion won in the local market. Its market share in refinancing loans for home lease deposits stood at 46 percent. Its loan delinquency rate, on the other hand, has been on a steady decline, from 0.58 per cent at the end of March 2023 to 0.52 percent three months later, 0.49 percent at end-2023 and 0.47 percent at end-March 2024. Its overall deposits stood at 53 trillion won as of end-March, up 5.8 trillion won from three months earlier, with its demand deposits surging more than 4 trillion won over the cited period.
Menu