Toss Bank Suffers Loss in H1 on Increased Loan-loss Reserves | Be Korea-savvy

Toss Bank Suffers Loss in H1 on Increased Loan-loss Reserves


This file photo, taken June 9, 2021, shows Toss' headquarters in southern Seoul. (Yonhap)

This file photo, taken June 9, 2021, shows Toss’ headquarters in southern Seoul. (Yonhap)

SEOUL, Aug. 31 (Korea Bizwire)Toss Bank, one of the country’s internet-only banking services, on Wednesday said it suffered a massive loss in the first half of the year due to increased loan-loss reserves and other costs.

Net loss came to 124.3 billion won (US$92.7 million) on a consolidated basis in the January-June period, the company said in a statement.

Toss Bank launched in October last year as the third and last comer to the online-only banking sector.

Toss Bank attributed the first-half loss to increased costs. In the six-month period, the bank set aside 67.3 billion won as loan-loss reserves.

Most major lenders in South Korea increased such provisions this year amid a slowdown in economic growth in the face of the Bank of Korea’s aggressive interest rates hikes.

As of end-August, the number of Toss Bank customers had come to 4.4 million.

(Yonhap)

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