KakaoBank Corp. builds a customer base of nearly 28 million, posts cumulative net profit of 469.8 billion won through Q3

[Financial News] KakaoBank Corp. has driven net profit growth by expanding its lending, deposit and platform businesses on the strength of a customer base approaching 28 million. Deposits surpassed 70 trillion won for the first time, while loans to sole proprietors supported lending growth amid efforts to manage household loans.
On the 4th, KakaoBank Corp. disclosed that its cumulative net profit for the first three quarters of this year was 469.8 billion won, up 25.2% from the same period last year. Net profit for the third quarter alone was 141.7 billion won, a 27.2% increase year on year.
This growth was built on its customer base. At the end of the third quarter this year, the bank had 27.94 million customers, with 1.7 million new customers joining over the past year. Monthly active users (MAU) in the third quarter reached 20.57 million, a record high.
KakaoBank Corp.’s share of the population in each age group (penetration rate) rose across all age groups. An analysis found that three out of four (75%) customers who newly joined KakaoBank Corp. over the past year were minors or aged 50 and older.
KakaoBank Corp. said, “Improving access to investment and payment services and introducing financial services for everyday life that customers need contributed to high customer engagement.”
At the end of the third quarter, KakaoBank Corp.’s deposit balance stood at 71.805 trillion won, surpassing 70 trillion won for the first time. The key driver of deposit growth was the bank’s flagship deposit product, the Group Savings Account. The number of Group Savings Account users and the balance were 13.3 million and 12.1 trillion won, respectively.
KakaoBank Corp. plans to strengthen its deposit product portfolio by launching a new product this month, the “Stealth Account,” based on the concept of “a secret account only I know about.” It is also broadening its customer base to include diverse groups such as foreign nationals and teenagers. After recently launching services for foreign nationals who have lived in Korea long term, the bank will also expand dedicated services for teenage customers next year.
KakaoBank Corp.’s loan balance at the end of the third quarter was 48.6 trillion won. Loans to sole proprietors accounted for more than half (58%) of the increase in the bank’s total loan balance this year.
KakaoBank Corp. plans to launch a refinancing product this month that will allow customers with sole-proprietor loans from other financial institutions to switch to a real estate-backed loan from KakaoBank Corp. It also plans to develop differentiated corporate banking services in phases for small and midsize corporations, including deposits, loans and payments. Following the launch of non-face-to-face final-payment loans for property purchases last September, the bank will diversify its loan products with new offerings such as interim-payment loans next year.
Alongside inclusive finance, the bank also maintained sound asset quality. In the third quarter, the delinquency rate and the ratio of substandard-and-below loans were 0.49% and 0.53%, respectively, improving by 0.02 and 0.01 percentage points from the previous quarter.
Building on steady earnings growth, KakaoBank Corp. is strengthening its competitiveness through external growth drivers such as mergers and acquisitions (M&A), and securing new sources of growth, including global business expansion, to accelerate its transformation into a comprehensive financial platform. In June, KakaoBank Corp. signed a stock purchase agreement to acquire a 100% stake in Mastern Capital. Its global expansion in key Asian markets, including Indonesia, Thailand and Mongolia, is also progressing smoothly.
KakaoBank Corp. is making its key financial services—including transfers, deposits, payments and investments—more convenient for customers by incorporating artificial intelligence (AI). It plans to launch an “AI Spending Analysis” service in December, offering customers the experience of “spending managed by AI.” From the end of the year, it will accelerate personalization of its AI services. Its goal is to evolve beyond financial services that customers seek out when they need them into an “AI financial assistant” that proactively offers help tailored to their circumstances and needs.
In line with its “growth-focused value-up strategy,” announced in 2024, KakaoBank Corp. is continuing to grow with the goals of reaching 100 trillion won in assets by next year and a 15% return on equity (ROE) by 2030. It plans to raise the shareholder return ratio on this fiscal year’s earnings to 50%, pursuing sustainable growth alongside enhanced shareholder value.
A KakaoBank Corp. official said, “Despite an uncertain external environment, we are continuing balanced growth across all business areas, supported by our customer base and platform capabilities.” The official added, “We will continue to expand inclusive finance on the foundation of stable growth and, through the adoption of AI technology and global expansion, become a comprehensive financial platform that customers choose first.”
[email protected] Lee Hyun-jung Reporter