Leading online lender KakaoBank reported record first-quarter earnings on Wednesday due to one-off income. Net profit for January-March rose 36.3 percent year-on-year to 187.3 billion won ($128.4 million). The company attributed the gain to its investment in Indonesian digital bank Superbank's recent listing.
KakaoBank announced its first-quarter results in a regulatory filing on Wednesday. Net profit for 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.
Operating profit fell 13.89 percent on-year to 157.6 billion won, while 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 KakaoBank participated as a key investor. Non-interest income totaled 302.9 billion won, while interest income amounted to 819.3 billion won.
As of end-March, the bank's customers numbered 27.27 million, with monthly active users reaching 20.32 million.
