Kakao Bank's Q3 net hits quarterly high on interest income

This undated photo shows a logo of Kakao Bank. Courtesy of Kakao Bank Online lender Kakao Bank said Wednesday its third-quarter net profit jumped over 30 percent from a year earlier on increased interest income and a steady increase in its customer base. Its net profit came to 124 billion won ($89.

63 million) in the July-September period, up 30.1 percent from the same period last year, the company said in a regulatory filing. The third-quarter earnings also mark the highest to date, it added.



Operating profit surged 36.2 percent on-year to 174 billion won over the cited period. Revenues also gained 14 percent on-year to 746 billion won.

The company attributed the sharp increase to a steady rise in interest income and expanded customers. Its interest income in the third quarter came in at 611 billion won, up 14 percent from a year earlier. In the first nine months of the year, the company's net profit jumped 27.

3 percent on-year to a record high of 356 billion won, with its interest income also spiking 20.9 percent to 1.79 trillion won over the cited period.

It added that its number of customers stood at 24.43 million as of end-September, up 2.15 million from a year earlier.

(Yonhap).