Toss Bank said on Thursday its first-quarter net profit rose 58.3 percent from a year earlier to 29.6 billion won, from 18.7 billion won.

Total customers stood at 14.87 million in the first quarter, up 19.3 percent from 12.47 million a year earlier. It surpassed 15 million customers at the end of April. Monthly active users totalled 10.2 million at the end of March and rose to 11 million by the end of May.

Loans outstanding totalled 1.55 trillion won, up 4.4 percent from a year earlier. Guaranteed loans accounted for 38.5 percent of total loans outstanding, up 12.9 percentage points. Growth in guaranteed loans to individual business owners and loans backed by jeonse deposits affected the increase.

Deposits outstanding were tallied at 2.90 trillion won. Non-interest income posted a loss of 7.0 billion won, but the deficit narrowed 54 percent from a year earlier, when it was a loss of 15.2 billion won.

Asset quality indicators also improved. The first-quarter delinquency rate was 1.07 percent, down 0.19 percentage points from a year earlier. The non-performing loan ratio was 0.87 percent, down 0.11 percentage points over the same period.

The BIS capital ratio was 16.62 percent, up 0.72 percentage points from 15.90 percent a year earlier. The loan loss provision coverage ratio was 320.81 percent, up 35.19 percentage points from a year earlier.

The share of loans outstanding to mid- to low-credit borrowers was 34.75 percent. Supply of policy financing for ordinary people, including Sunshine Loan Bank and SaiDol loans, was tallied at 457.4 billion won in the first quarter. Cumulative supply was 2.56 trillion won.

A Toss Bank official said, "Based on a large customer base, qualitative growth in the loan portfolio and improved non-interest profitability led results."