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KakaoBank's Second-Quarter Net Profit Rises 11.5% on Higher Net Interest Income

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KakaoBank's Second-Quarter Net Profit Rises 11.5% on Higher Net Interest Income

KakaoBank's (KRX:323410) net profit increased 11.5% to 140.8 billion won in the second quarter, up about 12% from 126.3 billion won in the year-ago period, according to its earnings report released Wednesday.

Revenue rose 6.6% to about 829 billion won for the three months through June 30 from more than 778 billion won in the prior-year period.

Interest revenue jumped to 690.4 billion won from 604.1 billion won. Net interest income, as a difference of interest revenue and expenses, reached 402.3 billion won during the three months, up 26% from 318.6 billion won a year earlier.

Net interest margin came in at 2.13% in the quarter, up from 2% in the prior quarter and 1.92% in the year-ago period.

Fee and commission revenue grew to 88.7 billion won from 75.9 billion won. Other operating revenue halved to 49.9 billion won from 98.1 billion won.

Total expenses grew to 578.2 billion won during the quarter from 549.8 billion won in the prior-year period.

For the first half, net income rose 24% to 328 billion won, up 24% from 263.7 billion won in the prior-year period. Net interest income jumped 21% year over year to 775.7 billion won from 642.0 billion won a year earlier.

Total customers in the first half rose by 930,000 to 27.6 million from 26.7 million.

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