K Bank Q2 net profit ₩68.2 billion, record quarterly high…Non-interest income hits ₩19.7 billion
Summary
- K Bank stated that its net profit for Q2 this year reached ₩68.2 billion, setting a new record for quarterly performance.
- While net interest income decreased by ₩25.3 billion, a 16.2% increase in non-interest income helped drive strong results.
- Loan-loss expenses also dropped by 26.5%, positively contributing to the strong performance.
K Bank, an internet-only bank, announced on the 13th that it posted a net profit of ₩68.2 billion in the second quarter of this year. This represents a 96.3% increase compared to the same period last year (₩34.7 billion), marking the highest quarterly performance ever.
Net interest income dropped by ₩25.3 billion (19.7%) from ₩128.6 billion in Q2 last year to ₩103.3 billion in Q2 this year. Although the amount of loans increased by 10.8% over the period, profit fell due to worsened profitability from base rate cuts and increased interest expenses paid on KRW deposits from Upbit, Korea's largest cryptocurrency exchange.
In contrast, non-interest income rose by 16.2% from ₩16.9 billion in Q2 last year to ₩19.7 billion in Q2 this year. In addition, loan-loss expenses dropped by 26.5% from ₩56.2 billion to ₩41.3 billion during the same period, further driving the strong results.
Reporter Uijin Jeong justjin@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
![[Key Economic & Crypto Calendar for the Week Ahead] US December PCE Price Index, and More](https://media.bloomingbit.io/static/news/brief_en.webp?w=250)
![[Analysis] "Binance’s XRP holdings fall to a two-year low…a signal of easing sell-side pressure"](https://media.bloomingbit.io/PROD/news/ddf35c9e-c582-4b4d-95b6-0c5b1673198d.webp?w=250)
