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Online Lenders Report Sharp Increase in Net Profit in Q3

Online Lenders Report Sharp Increase in Net Profit in Q3

SEOUL, Nov. 2 (Korea Bizwire) — South Korean internet-only banks said Tuesday their third-quarter profits sharply increased on robust growth in customers and deposits. K-Bank, controlled by a consortium of telecom giant KT Corp., Woori Bank and 19 other companies, saw its third-quarter earnings more than double from three months earlier. Net profit came to [...]

Number of Top Online Lender Kakao Bank Customers Passes 17 mln

Number of Top Online Lender Kakao Bank Customers Passes 17 mln

SEOUL, Sept. 23 (Korea Bizwire) — South Korea’s leading internet-only lender Kakao Bank said Thursday its customer number has surpassed the 17 million mark nearly four years after its launch. Kakao Bank, led by Kakao Corp., the operator of the country’s dominant messaging app KakaoTalk, said its customers numbered 17.17 million as of the end [...]

S. Korean Internet Banks Vying to Lure More Deposits

S. Korean Internet Banks Vying to Lure More Deposits

SEOUL, Sept. 15 (Korea Bizwire) — South Korean internet-only banks are ramping up efforts to attract more deposits in the wake of a newcomer’s entry into the fast-growing sector, industry sources said Wednesday. The heated race comes as the latecomer, Toss Bank, has begun receiving applications from customers even before its official launch scheduled for [...]

Kakao Bank Becomes Most Valuable Financial Firm in S. Korea on Stock Market Debut

Kakao Bank Becomes Most Valuable Financial Firm in S. Korea on Stock Market Debut

SEOUL, Aug. 6 (Korea Bizwire) — South Korean internet-only bank Kakao Bank Corp. made a splash in its stock market debut Friday, emerging as the country’s most valuable financial firm. After a weak start, shares of the online bank made steady gains throughout the session. It capped the first day at 69,800 won (US$61), soaring [...]

Kakao Bank’s IPO Subscription Draws Lukewarm Response from Retail Investors

Kakao Bank’s IPO Subscription Draws Lukewarm Response from Retail Investors

SEOUL, July 27 (Korea Bizwire) — South Korean internet-only bank Kakao Bank Corp. drew a tepid response from retail investors for its initial public offering (IPO), with deposits for the stock offering at a smaller-than-expected 58.3 trillion won (US$50.5 billion), according to its IPO managers Tuesday. During the two-day subscription, the subscription rate stood at [...]

Internet Banks Under Fire for Failing to Meet Their Original Purpose

Internet Banks Under Fire for Failing to Meet Their Original Purpose

SEOUL, Nov. 13 (Korea Bizwire) — South Korea’s internet banks, including Kakao Bank, are being blamed for failing to meet their original purpose of establishment despite the South Korean financial regulator’s strong desire and support in anticipation of innovation. During the parliamentary audit of the Financial Services Commission (FSC) held last month, Kakao Bank faced [...]

Online Lender Kakao Bank’s Q1 Net Almost Triples

Online Lender Kakao Bank’s Q1 Net Almost Triples

SEOUL, May 6 (Korea Bizwire) — South Korea’s top internet-only lender Kakao Bank said Wednesday its first-quarter net profit nearly tripled due mainly to increased interest income. Net profit came to 18.5 billion won (US$15.2 million) in the January-March period, up about 181 percent from a year earlier, the lender said in a regulatory filing. [...]

Regulator OKs Upping Kakao’s Stake in Internet Bank

Regulator OKs Upping Kakao’s Stake in Internet Bank

SEOUL, Jul. 24 (Korea Bizwire) — Kakao Corp., the operator of South Korea’s leading messenger app Kakao Talk, got a nod from the country’s financial regulator Wednesday to raise its stake in the Internet-only bank Kakao Bank. Kakao Bank, the country’s second Internet-only bank, began operations in July 2017 and quickly gained popularity among local [...]