KakaoBank logo / Courtesy of KakaoBank
Leading online lender KakaoBank said Wednesday it posted record earnings in the first quarter due to one-off income.
Net profit during the January-March period rose 36.3 percent from a year earlier to a record high of 187.3 billion won ($128.4 million), the company said in a regulatory filing.
Its operating profit fell 13.89 percent on-year to 157.6 billion won over the cited period. Revenue increased 4.43 percent to 819.3 billion won.
The company attributed its strong earnings to one-off income from the recent listing of Indonesian digital bank Superbank, in which Kakao Bank participated as a key investor.
Its non-interest income totaled 302.9 billion won, while interest income amounted to 819.3 billion won.
As of end-March, the number of the bank's customers had stood at 27.27 million. Its monthly active users reached 20.32 million.
Source: Korea Times News
