카카오뱅크 has achieved a cumulative net profit of 469.8 billion won for the third quarter of this year, marking its highest performance to date. Interest income from loans increased by 18.2% compared to the same period last year, while the proportion of non-interest income in total operating revenue decreased to 33.9%. Kakao Bank plans to raise this proportion to 40% by 2030.
According to the financial sector on November 4, Kakao Bank's cumulative net profit for the third quarter increased by 25.2% compared to the previous year. The net profit for the third quarter alone was 141.7 billion won, up 27.2% year-on-year. During the same period, operating profit rose to 191.8 billion won, a 26.9% increase.
The gap in net profit between Kakao Bank and K Bank has widened. K Bank reported a cumulative net profit of 102.1 billion won for the third quarter, a slight decrease from 103.4 billion won in the same period last year. The cumulative net profit gap between the two banks has expanded from 271.7 billion won last year to 367.7 billion won this year, an increase of 96 billion won.
Kakao Bank's loan growth was driven by loans to individual business owners. As of the end of the third quarter, the total loan balance reached 48.595 trillion won, a 7.4% increase from the previous year. The balance of loans to individual business owners was 4.036 trillion won, an increase of 349 billion won from the previous quarter. So far this year, loans to individual business owners have accounted for 58% of the total loan growth.
Interest income from loans reached 582 billion won, an 18.2% increase compared to the same period last year. Non-interest income also rose to 298.8 billion won, a 9.7% increase, but did not match the growth rate of interest income. The share of non-interest income in total operating revenue decreased from 35.6% in the third quarter of last year to 33.9% this year, a decline of 1.7 percentage points.
Kakao Bank plans to increase its corporate customer base and diversify its revenue sources. The goal is to raise the proportion of corporate loans in total loans to 18% by 2030. Next year, it plans to launch joint corporate loans with Busan Bank and introduce corporate banking services by 2028.
Additionally, Kakao Bank intends to enter the auto financing and leasing business through its acquisition of Mastern Capital, which was pursued in June. Following this, it aims to expand into corporate finance and investment finance, with long-term plans to explore opportunities in credit card and securities industries.
Kwon Tae-hoon, Chief Financial Officer of Kakao Bank, stated during the third-quarter earnings conference call, "In addition to the Mastern Capital M&A, we plan to approach the credit card and securities industries from a long-term perspective. As the major shareholder eligibility issue has not been fully resolved, we will monitor the court's decision while seeking possible opportunities."
According to the financial sector on November 4, Kakao Bank's cumulative net profit for the third quarter increased by 25.2% compared to the previous year. The net profit for the third quarter alone was 141.7 billion won, up 27.2% year-on-year. During the same period, operating profit rose to 191.8 billion won, a 26.9% increase.
The gap in net profit between Kakao Bank and K Bank has widened. K Bank reported a cumulative net profit of 102.1 billion won for the third quarter, a slight decrease from 103.4 billion won in the same period last year. The cumulative net profit gap between the two banks has expanded from 271.7 billion won last year to 367.7 billion won this year, an increase of 96 billion won.
Kakao Bank's loan growth was driven by loans to individual business owners. As of the end of the third quarter, the total loan balance reached 48.595 trillion won, a 7.4% increase from the previous year. The balance of loans to individual business owners was 4.036 trillion won, an increase of 349 billion won from the previous quarter. So far this year, loans to individual business owners have accounted for 58% of the total loan growth.
Interest income from loans reached 582 billion won, an 18.2% increase compared to the same period last year. Non-interest income also rose to 298.8 billion won, a 9.7% increase, but did not match the growth rate of interest income. The share of non-interest income in total operating revenue decreased from 35.6% in the third quarter of last year to 33.9% this year, a decline of 1.7 percentage points.
Kakao Bank plans to increase its corporate customer base and diversify its revenue sources. The goal is to raise the proportion of corporate loans in total loans to 18% by 2030. Next year, it plans to launch joint corporate loans with Busan Bank and introduce corporate banking services by 2028.
Additionally, Kakao Bank intends to enter the auto financing and leasing business through its acquisition of Mastern Capital, which was pursued in June. Following this, it aims to expand into corporate finance and investment finance, with long-term plans to explore opportunities in credit card and securities industries.
Kwon Tae-hoon, Chief Financial Officer of Kakao Bank, stated during the third-quarter earnings conference call, "In addition to the Mastern Capital M&A, we plan to approach the credit card and securities industries from a long-term perspective. As the major shareholder eligibility issue has not been fully resolved, we will monitor the court's decision while seeking possible opportunities."
* This article has been translated by AI.
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