On May 29, Toss Bank announced that it recorded a net profit of 29.6 billion won in the first quarter of this year, a 58% increase compared to 18.7 billion won during the same period last year.
The total number of customers reached 14.87 million, up 19.3% from 12.47 million a year earlier. The bank surpassed 15 million customers at the end of April. The monthly active user count was 10.2 million at the end of March and increased to 11 million by the end of May.
In the first quarter, the loan balance stood at 15.5 trillion won, marking a 4.4% increase from the same period last year. Toss Bank explained that it has enhanced its risk management system based on its proprietary credit evaluation model (TSS 3.0) and specialized review models.
The loan portfolio has also diversified. The share of guaranteed loans in total loans reached 38.5%, up 12.9 percentage points from 25.6% a year earlier, driven by growth in loans for small business guarantees and rental deposits.
During the first quarter, Toss Bank launched loans for professionals and stable-rate rental loans, with plans to introduce mortgage loans later this year.
The total deposit balance was recorded at 29.0455 trillion won. In January, the bank launched dedicated accounts and card products for small business owners, expanding its deposit and loan offerings for this segment.
The non-interest income segment also saw a reduction in losses. The non-interest loss for the first quarter was 7 billion won, more than halving from 15.2 billion won in the same period last year.
As of the end of March, the cumulative sales amount for wealth management (WM) services reached 27.7 trillion won, an increase of about 4 trillion won compared to the end of last year. Toss Bank plans to expand its asset management services after obtaining a full license for fund sales brokerage this month.
The transaction volume of debit cards increased by 26% compared to the same period last year. The overseas remittance service launched in January also contributed to the improvement in non-interest income, according to the bank.
Financial health indicators have improved as well. The delinquency rate for the first quarter was 1.07%, down 0.19 percentage points from the same period last year. The non-performing loan (NPL) ratio decreased by 0.11 percentage points to 0.87%. The BIS capital adequacy ratio rose to 16.62%, up 0.72 percentage points from 15.90% a year earlier. The loan loss reserve ratio increased by 35.19 percentage points to 320.81% compared to the same period last year.
In the inclusive finance sector, the share of loans to low- and medium-credit borrowers in the first quarter was recorded at 34.75%. The supply of policy financial products for the underprivileged, such as the Sunshine Loan Bank and the Saitdol Loan, amounted to 457.4 billion won in the first quarter, bringing the cumulative supply to 2.5628 trillion won.
A Toss Bank official stated, "The quality growth of our loan portfolio and improvement in non-interest profitability have been reflected in our results, based on a large customer base. We will pursue responsible inclusive finance based on our strengthened financial health."
* This article has been translated by AI.
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