S. Korean online Lender K-Bank’s net soars to ₩24.5 billion in Q1

South Korean online lender K-Bank’s net profit soared to 24.5 billion won in the first quarter, higher than its net income of 22.5 billion won for all of 2021, bolstered by higher interest income from a continued rise in the number of customers and loans and deposits.

In the three-month period, the online lender's interest income hit an all-time high of 82.4 billion won.

As of the end of March, the company had 7.5 million clients, up from 7.17 million three months prior.

Over the same period, customer deposits increased by 220 billion won to 11.54 trillion won, while outstanding loans increased by 720 billion won to 7.81 trillion won.

K-Bank, South Korea's first internet-only bank, launched in 2017, is owned by a partnership that includes KT Corp., Woori Bank, and 19 other companies.