Kakao Bank’s Q3 Net Profit Surges Over 30% on Interest Income Growth.

Seoul: Online lender Kakao Bank reported on Wednesday that its net profit for the third quarter exceeded 30 percent growth compared to the previous year, driven by increased interest income and a growing customer base. The company's net profit reached 124 billion won (US$89.9 million) during the July-September period, marking a 30.1 percent increase from the same period last year, as detailed in a regulatory filing. According to Yonhap News Agency, the third-quarter earnings represent the highest quarterly net profit achieved by Kakao Bank to date. Operating profit also saw a significant increase, surging 36.2 percent year-on-year to 174 billion won during the cited period. In addition, the company's revenues rose by 14 percent year-on-year, reaching 746 billion won. The company attributes this impressive growth to a consistent rise in interest income and an expansion of its customer base. Throughout the first three quarters of the year, Kakao Bank's net profit increased by 27.3 percent year-on-year, settin g a record high of 356 billion won. Interest income during this period also experienced a notable increase of 20.9 percent year-on-year, totaling 1.79 trillion won. As of the end of September, Kakao Bank reported having 24.43 million customers.