Kakao Bank reports record 2024 profit as customer base grows

Online lender Kakao Bank said Wednesday its net profit hit a record high in 2024 on increased interest income and a steady rise in its customer base.

Its net profit came to 440 billion won ($299 million) last year, up 24 percent from a year earlier, the company said in a regulatory filing.

Operating profit surged 26.8 percent to 607 billion won over the cited period.

Revenue gained 18 percent on-year to 2.95 trillion won.

The company attributed the sharp increase in its earnings to a steady rise in interest income and more customers.

Its interest income came in at 2.06 trillion won, up 15.1 percent from a year earlier, and its noninterest income surged 26 percent on-year to 889 billion won.

It added its number of customers stood at 24.88 million as of end-December, up 2.04 million from a year earlier.

Its monthly active users hit 18.9 million, according to the bank.

Yonhap