Kakao Bank achieves record profit in 2024 due to growing customer base

Kakao Bank, an online lender in Seoul, reported a significant increase in its net profit for the year 2024 due to a rise in interest income and a growing customer base. The company disclosed in a regulatory filing that its net profit had reached 440 billion won ($299 million) last year, which marked a 24 percent surge compared to the previous year.

Operating profit also witnessed a substantial increase of 26.8 percent, reaching 607 billion won over the same period. Revenue showed a notable growth of 18 percent year-on-year, amounting to 2.95 trillion won. This surge in earnings was credited to the steady increase in interest income and a larger customer base, with interest income hitting 2.06 trillion won, up by 15.1 percent from the previous year, and noninterest income jumping by 26 percent to 889 billion won.

Kakao Bank’s customer base witnessed a significant expansion, reaching 24.88 million customers by the end of December, reflecting an increase of 2.04 million customers from the previous year. The bank also reported a rise in monthly active users, reaching 18.9 million.

The company’s success story continues as it maintains its upward trajectory in the wake of increased profits and a growing customer base. This promising performance solidifies Kakao Bank’s position in the online lending space and underscores its ability to meet the evolving needs of its customer base.

In conclusion, Kakao Bank’s impressive financial results for the year 2024 reflect its commitment to innovation and customer satisfaction. With a strong focus on enhancing its services and expanding its reach, the bank has successfully navigated the competitive landscape of online lending and positioned itself as a key player in the industry.