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Finance

Korea online-only banks near 60 million customers as focus shifts from scale to profitability

South Korea’s three online-only banks have more than 58 million customers and are nearing 60 million, helped by mobile-based services. Customer growth has not automatically translated into stable profitability, and the key second-half task is diversifying revenue. KakaoBank, K Bank and Toss Bank are expanding products, partnerships and new customer segments. They also face pressure to sustain lending to mid- to low-credit borrowers while managing asset quality and non-interest income.

Finance

Regional financial holdings post mixed Q1 net profit results despite asset growth

BNK, JB and iM financial holding groups posted asset growth in the first quarter, but their profit structures diverged. Combined net profit rose 9.9 percent from a year earlier to 532 billion won. BNK’s profit jumped 26.9 percent, while JB and iM were little changed. Differences emerged in non-interest income, expenses and asset quality indicators. All three saw capital units strengthen their role in earnings and expanded shareholder return policies.

Finance

K-Bank posts 33.2 billion won Q1 net profit on corporate loan growth

K-Bank said on Wednesday its first-quarter net profit rose more than twofold from a year earlier to 33.2 billion won, helped by expanded corporate lending. Interest income rose 15.4 percent to 125.2 billion won and net interest margin increased to 1.57 percent from 1.41 percent. Asset quality indicators improved, while its BIS ratio stood at 21.47 percent at end-March. Customers reached 16.07 million.